Bitcoin’s largest holders are reaccumulating coins after a period of heavy distribution. Whale balances increased by 46,000 BTC, turning one-year net change positive for the first time since Q4 2025. Dolphin addresses, including ETFs and treasury entities, reduced holdings to 589,000 BTC.
Whale addresses saw a 220,000 BTC decline in one-year net change, marking the steepest negative shift since early 2023. However, this trend reversed with an uptick of 46,000 BTC in one-year change, pushing the metric back into positive territory for the first time since November 2025.
Dolphin addresses experienced a sustained slowdown in demand, with holdings declining to 589,000 BTC. This marks a nearly 38% drawdown from the peak. Whale and dolphin accumulation cycles have been structurally misaligned, with whale accumulation historically preceding key upside moves.
While dolphin flows have had a greater price impact this cycle, the recent whale rebound could be a potential early structural signal. Whale and dolphin holdings have seen significant fluctuations, with whale accumulation historically preceding key rallies.

Read more at Cointelegraph: BTC Whales Turn Net Positive After Fastest Selloff In Years Ends