Large Bitcoin holders are buying again after months of selling, according to CryptoQuant. Whale balances sit at their highest since November 2025, and big borrowers are taking on more BTC-backed debt.
Large Bitcoin holders have resumed accumulation after months of selling, according to a CryptoQuant analysis. Bitcoin recovered from lows near $62,000 to highs around $87,000 and moved above its 365-day moving average.
CryptoQuant's Bull Score Index combines ten market and on-chain indicators. It climbed from 20 in late July to 90 on September 26 and now stands at 80, which the firm says signals the early stages of a potential bull cycle.
Whale balances reach their highest since November 2025
Whale wallets, excluding exchanges and mining pools, hold 3.03 million BTC, their highest combined balance since November 21, 2025. Their monthly accumulation rate has also reached its fastest pace since February 11, 2026.
However, whale holdings began contracting in September 2025. The annual change in whale balances has since returned close to zero and moved above its 365-day moving average, which suggests accumulation is strengthening.
Bitcoin ETF flows point the same way. U.S. spot Bitcoin exchange-traded funds have recorded approximately 2,300 BTC in net inflows so far in 2026, worth around $1.5 billion. That follows earlier outflows that reached 83,000 BTC, valued at approximately $5.1 billion.
Large borrowers add Bitcoin-backed debt
Data from crypto lending platform CoinRabbit shows changing activity among large holders. In September, borrowers with BTC-backed loans above $10 million increased their total USDT borrowing by 83%, following a 9% decline in July. Their average loan size also rose 33% after falling 8% in August.
Smaller borrowers moved differently. Retail customers with loans below $100,000 cut their total borrowing by 17% in September, though their average loan size increased.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
