CryptoQuant: Whales Return to Buying BTC

Major Bitcoin (BTC) holders have resumed accumulating the asset after several months of selling, as revealed by analysis from CryptoQuant. This shift occurred amid the cryptocurrency's recovery from lows around $62,000 to highs around $87,000, with the asset also rising above its 365-day moving average. Additional market and on-chain signals also indicate an improving situation. The Bull Score index from CryptoQuant, which combines ten market and on-chain metrics, rose from 20 at the end of July to 90 as of September 26. Currently, the index stands at 80, which the company believes signals the early stages of a potential bull cycle. Whale holdings, excluding exchanges and mining pools, now hold 3.03 million BTC, marking their highest combined balance since November 21, 2025. Their monthly accumulation rate has reached the fastest level since February 11, 2026. Long-term data also shows a change in whale behavior after their holdings began to decline in September 2025. The annual dynamics of whale balances have returned close to zero and risen above their 365-day moving average, indicating strengthening accumulation.

Bitcoin-based ETF flows provide additional evidence of renewed demand. Spot Bitcoin exchange-traded funds in the US have shown approximately 2,300 BTC net inflow since the beginning of 2026, equivalent to about $1.5 billion. This occurs amid previous outflows totaling 83,000 BTC, amounting to approximately $5.1 billion. Data from the cryptocurrency lending platform CoinRabbit also confirms changes in the activity of major holders.

Smaller borrowers demonstrated a different picture, as retail clients with loans under $100,000 reduced their total borrowings by 17% in September. However, their average loan size increased, highlighting differences in behavior between large and small clients. These figures collectively suggest that some major holders may be using cryptocurrency as collateral to obtain liquidity rather than selling the asset, although the data cannot confirm their intentions. These developments also align with broader market condition assessments from CryptoQuant.