Whales Return as Prices Slide Bitcoin's largest holders have quietly rebuilt their positions over the past two months, adding roughly 43,000 $BTC worth approximately $2.75 billion at current
Bitcoin's largest holders have quietly rebuilt their positions over the past two months, adding roughly 43,000 $BTC worth approximately $2.75 billion at current prices, according to on-chain data from CryptoQuant. The figures exclude exchanges and mining pools, isolating what the analytics firm considers genuine investor demand.
Accumulation accelerated starting in June 2026, coinciding with Bitcoin's price dropping below the $60,000 threshold. That dip appears to have acted as a trigger: after months of net selling, large holders began absorbing supply in size once prices stabilized near that level.
Bitcoin whale balances, excluding exchanges and mining pools, have climbed to about 3.06 million BTC after bottoming near 2.87 million BTC in December 2025.The data also excludes exchange-traded funds and digital asset treasury companies, CryptoQuant head of research Julio Moreno confirmed.
Whale balances remain below the 2025 bull-market peak of about 3.23 million BTC, leaving room for further accumulation, according to CryptoQuant.Moreno has characterized the current positioning as reflecting "the final phase of the cycle's decline," with the 30-day growth rate for whale holdings remaining positive for much of 2026.
Large crypto holders are accumulating Bitcoin as prices remain under pressure, CryptoQuant said, adding that this suggests the bear market is likely in its final stage, though prices may fall further before a clear bottom is confirmed.
Rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders, CryptoQuant noted in its latest Smart Money report. The renewed buying follows a sustained slump that pushed retail traders to the sidelines and drained capital from broader crypto funds.
Separate analysis from 10x Research suggests Bitcoin could confirm a transition out of the bear market if it achieves a sustained monthly close above $63,000.
Sources:The Block: CryptoQuant says bitcoin, ether and XRP whales are accumulating, signaling a late-stage bear marketCrypto Briefing: Bitcoin whale holdings surpass 3M BTC amid price pressureCrypto Economy: CryptoQuant says whales boost Bitcoin, Ethereum, XRP during weakness
