BTC Whales Turn Net Positive After Fastest Selloff In Years Ends
Bitcoin whale addresses have turned net positive in one-year holdings after the sharpest selloff since early 2023, while mid-sized holders are still reducing exposure.Summary
Data indicates that Bitcoin's largest holders, or 'whales' (addresses holding 1,000 to 10,000 BTC), are reaccumulating coins. After a significant drawdown where their one-year net change fell by 220,000 BTC last week—the steepest negative shift since early 2023—whales added 46,000 BTC this week, pushing their one-year net change positive for the first time since Q4 2025.
Conversely, 'dolphin' addresses (100–1,000 BTC), which include ETFs and corporate treasuries, continue to reduce exposure. Their one-year holdings have dropped to 589,000 BTC, a nearly 38% decline from their October 2025 peak, signaling a sustained slowdown in demand from this cohort.
While dolphin flows have had a greater price impact this cycle due to their scale, historical patterns suggest that whale accumulation often precedes major upside moves, positioning this recent whale rebound as a potential early structural signal.
(Source：Cointelegraph)