Large Bitcoin (BTC) holders have been steadily increasing their holdings in recent months, with their total balances returning to levels last seen before the October 10, 2025 market crash.
At the same time, data from cryptocurrency exchanges shows that whale-related outflows are averaging 3.5% of BTC held on the exchange over a 30-day rolling period, which is the highest level since delayed 2024.
BTC whale sanctuaries return to pre-October peak
Bitcoin wallets or “whales” holding 1,000 to 10,000 BTC have rebuilt reserves over the last three months. Cohorts increased their total balance to 3.09 million from 2.86 million BTC as of December 10, 2025, an addition of 230,000 BTC that brings the balance back to pre-October 2025 levels.
The economics of crypto analysts he said the complete depletion of whale reserves has been reversed in the last 30 days with the accumulation of 98,000 BTC. The broader distribution phase began in August 2025 (after BTC reached $124,000), after which Bitcoin struggled to sustain much higher growth.
Data from the BTC spot market supports recovery. Throughout 2026, average BTC order size ranged from 950 BTC to 1,100 BTC, representing the most consistent stretch of big-ticket activity since September 2024.
Similar clusters appeared during the February-March 2025 correction. During this phase, most of the activity was retail orders, while enormous blocks appeared more sporadically and in smaller clusters.
Related: ‘Resilient’ Bitcoin Holders Defend BTC, But Bear Level Is 20% Lower: Glassnode
BTC exchange flows skyrocketed to the highest levels in 14 months
CryptoQuant analyst in March reported Over the last 30 days, $8.24 billion in whale BTC flows have flowed into Binance, which is the highest level in 14 months. Retail flows reached $11.91 billion and flattened over the same period. The retail-to-whale ratio is currently 1.45 and continues to decline as deposits become larger.
Parallel to these inflows, Glassnode data shows that gross whale withdrawals from the exchange are averaging 3.5% of the total supply of BTC on the exchange over a 30-day period, which is the fastest pace since November 2024.
Based on current exchange balances, this means approximately 60,000-100,000 BTC has been withdrawn over the past month.
While gross inflows to exchanges have also increased, the elevated withdrawal rate suggests that a significant portion of incoming BTC is offset by powerful outgoing transfers, leaving net exchange balances relatively stable.
Related: Quantum Anxiety Isn’t Behind Bitcoin’s 46% Drop in Value, Developer Claims
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