Are Bitcoin Whales' Excess Purchases Starting a New Trend?

Notable Increase in Bitcoin Whale Balances

Recent data shows that Bitcoin whale balances have increased by 21%, reaching 46,000 BTC. This indicates that investors are starting to accumulate coins again after a three-year intense selling wave.

Behavior of Medium-Sized Holders and Selling Wave

Since the beginning of 2023, the total holdings of whales with assets between 1,000 and 10,000 BTC have decreased by 220,000 BTC over the year. This decrease shows that whale balances have dropped compared to the same period last year. The decline following the recorded peak of 400,000 BTC in December 2024 marks the most severe negative outflow in nearly a year.

However, the recent 21% increase this week may herald a transition to a positive period since November 2025. This turnaround in whale addresses is creating an eager expectation among investors.

Dolphins and Decrease in Institutional Balances

On the other hand, the situation for addresses holding 100-1,000 BTC — the "dolphin" group — is not faring as positively. Last week, dolphin holdings fell to 589,000 BTC, marking a decline of nearly 38% from the previous peak. Thus, the slowdown in demand is clearly evident.

Price Impact and Future Expectations

Historically, whale and dolphin accumulation cycles have shown significant discrepancies. In June 2024, whale assets peaked at around 11,000 BTC, a critical threshold for dolphins, while dolphin assets, largely driven by ETFs, exhibited significant growth until October 2025. However, following that process, a serious contraction took place.

Although dolphin outflows have a larger impact on price due to their volume, it is known that whale accumulations have the potential to initiate significant price movements historically. Therefore, the recent whale recovery is viewed as a structuring signal for investors.

It is important for investors to closely monitor these changes and be prepared for the unpredictable nature of the market.