Large Bitcoin (BTC) holders have steadily increased their holdings in recent months, with the total balance climbing back to levels last seen before the October 10, 2025, market crash.
At the same time, crypto exchange data shows whale-related outflows averaging 3.5% of exchange-held BTC over a 30-day rolling period, the highest since late 2024.
BTC whale reserves return to pre-October peak
Bitcoin wallets or “whales”, holding between 1,000 and 10,000 BTC, have rebuilt reserves over the past three months. The cohorts increased their total balance to 3.09 million, from 2.86 million BTC on Dec. 10, 2025, a 230,000 BTC addition that restores their balance to pre-October 2025 levels.
Total BTC balance of large holders (1K-10K). Source: CryptoQuant
Crypto analyst ‘Caueconomy’ said the full drawdown in whale reserves has been reversed over the past 30 days with the accumulation of 98,000 BTC. The broader distribution phase began in August 2025 (after BTC hit $124,000), after which Bitcoin struggled to sustain a rally significantly higher.
BTC spot market data supports the recovery. Throughout 2026, the average BTC order size has ranged between 950 BTC and 1,100 BTC, the most consistent stretch of large-ticket activity since September 2024.
Similar clusters appeared during the February–March 2025 correction. During that phase, retail orders accounted for the majority of activity, while large blocks appeared more intermittently and in smaller clusters.
Bitcoin spot average order size. Source: CryptoQuant
Related: ‘Resilient’ Bitcoin holders defend BTC, but bear floor sits 20% lower: Glassnode
BTC exchange flows spike to 14-month highs
CryptoQuant analyst Maartunn reported $8.24 billion in whale BTC exchange flows moved into Binance over the past 30 days, marking a 14-month high. Retail flows reached $11.91 billion and have flattened over the same period. The retail-to-whale ratio now sits at 1.45, and it continues to drop as the larger-size deposits increase.
Binance whale to exchange flows. Source: CryptoQuant
Parallel to these inflows, Glassnode data shows gross exchange whale withdrawals…
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