Large Bitcoin (BTC) holders have steadily increased their holdings over the past few months, with the full balance rising back to levels last seen before the market crash on October 10, 2025.
At the identical time, crypto exchange data shows that whale-related outflows averaged 3.5% of BTC held by the exchange over a rolling 30-day period, the very best because the end of 2024.
BTC whale reserves are back to their pre-October peak
Bitcoin wallets, or “whales,” holding 1,000 to 10,000 BTC have been rebuilding their reserves over the past three months. The cohorts increased their total balance from 2.86 million BTC to three.09 million on December 10, 2025, a rise of 230,000 BTC, bringing their balance back to pre-October 2025 levels.
Total BTC balance of major holders (1,000-10,000). Source: CryptoQuant
Crypto analyst Caueconomy said the entire decline in whale reserves was reversed by the buildup of 98,000 BTC within the last 30 days. The broader distribution phase began in August 2025 (after BTC reached $124,000), after which Bitcoin struggled to sustain a significantly higher rally.
BTC spot market data supports the recovery. Throughout 2026, the typical BTC order size has been between 950 BTC and 1,100 BTC, essentially the most consistent period of huge order activity since September 2024.
Similar clusters occurred in the course of the February-March 2025 correction. During this phase, retail orders accounted for the vast majority of activity, while large blocks occurred more sporadically and in smaller clusters.
Average Bitcoin Spot Order Size. Source: CryptoQuant
BTC foreign exchange flows rise to their highest level in 14 months
CryptoQuant analyst maartunn reported that $8.24 billion in whale BTC exchange flows into Binance within the last 30 days, marking a 14-month high. Retail flows reached $11.91 billion and have leveled off over the identical period. The retail to whale ratio is now at 1.45 and continues to say no as larger deposits increase.
Binance whale for exchanging flows. Source: CryptoQuant
In parallel with these inflows, Glassnode data shows that gross whale withdrawals from the exchange averaged 3.5% of the full BTC supply held on the exchange over a 30-day period, the strongest pace since November 2024.
Based on current foreign exchange balances, which means that around 60,000 to 100,000 BTC were withdrawn within the last month.
Although gross inflows to exchanges have also increased, the increased withdrawal rate suggests that a majority of incoming BTC is offset by strong outgoing transfers, keeping net exchange balances relatively stable.
Outflow of whales on the BTC exchange. Source: Glassnode
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