Bitcoin Whale Balances Surge 21% After Fastest Sell-Off Since 2023

TLDR

• Bitcoin whale balances increased by 21% after the fastest sell-off since early 2023.
• Whale addresses holding between 1,000 and 10,000 BTC saw a net uptick of 46,000 BTC.
• The increase in whale holdings marks the first positive shift since November 2025.
• Dolphin holders, holding 100 to 1,000 BTC, have reduced their exposure significantly.
• Dolphin balances dropped nearly 38% from their peak in October 2025.

Bitcoin whale balances have experienced a notable 21% bounce after the sharpest sell-off since early 2023. The latest data reveals that these large holders have begun to accumulate more BTC, marking a potential shift in market behavior. The rebound follows a period of heavy distribution, with whale addresses showing increased confidence in recent weeks.

Bitcoin Whale Balances Turn Positive After Record Drawdown

In the last week, Bitcoin’s largest holders, known as whales, have shown a marked increase in their balances. According to CryptoQuant’s report, whale addresses holding between 1,000 and 10,000 BTC registered a net uptick of 46,000 BTC. This shift signifies a 21% increase in total holdings, pushing the metric back into positive territory for the first time since November 2025.

This change follows a sharp decline in whale balances, which saw a record drop of 220,000 BTC in late 2024. The previous year’s data showed a cycle high of 400,000 BTC accumulated in December 2024, before the sharp sell-off occurred. Whale addresses have now reversed their trajectory, with recent data suggesting a rebound as they reaccumulate coins after a period of heavy distribution.

Dolphin Holders Continue to Reduce Exposure

While Bitcoin whales show signs of recovery, the mid-sized holders, or “dolphins,” are reducing their exposure. Dolphin addresses, defined as those holding between 100 and 1,000 BTC, have continued to reduce their balances since October 2025. The total amount of BTC held by dolphins peaked at 972,000 BTC before falling to 634,000 BTC last week.

This week, dolphin balances declined further to 589,000 BTC, marking a nearly 38% decrease from the peak. Unlike whales, dolphins, which include corporate treasuries and exchange-traded funds (ETFs), have been less active in accumulating BTC. This sustained reduction in demand from dolphin holders contrasts with the recent uptick in whale accumulation.

Market Dynamics and Whale Behavior

Historically, whale accumulation has been a precursor to key market moves, with their actions often signaling the start of upward price trends. The most recent shift in whale balances could signal a structural change in the market. While it remains too early to predict major price changes, the rebound in whale holdings after the fastest sell-off since 2023 marks an important trend.

The divergence in behavior between whales and dolphins highlights the differing strategies among Bitcoin holders. While whales are reaccumulating coins, dolphins continue to reduce exposure, reflecting their varying outlooks on Bitcoin’s future price movements.