Bitcoin whale holdings return to positive after fastest sell-off since early 2023

Data shows Bitcoin addresses holding 1,000–10,000 BTC — so-called whales — added 46,000 BTC this week, moving their one-year net change back into positive territory for the first time since November 2025.

CryptoQuant data previously showed the one-year net change for these whale addresses had declined by 220,000 BTC, the steepest negative shift since early 2023 after a cycle high of 400,000 BTC in December 2024. The recent 46,000 BTC uptick represents a 21% increase in the one-year change, a modest rebound notable after the fastest distribution phase of the current cycle.

Mid-sized "dolphin" addresses (100–1,000 BTC), which include ETFs and corporate treasuries, continued to cut holdings: their one-year change peaked at a net increase of 972,000 BTC on October 4, 2025, fell to 634,000 BTC last week and declined to 589,000 BTC this week, about a 38% drop from the peak. The analysis noted dolphin flows have had greater price impact this cycle, while whale accumulation has historically preceded key rallies, positioning the recent whale rebound as a potential early structural signal rather than a short-term price catalyst. Cointelegraph added that the article does not contain investment advice and warned that forward-looking statements are subject to risks and uncertainties.

Key Topics

Crypto, Bitcoin, Whale Addresses, Dolphin Addresses, Cryptoquant, Etfs