Bitcoin Whales Resume Buying After Months of Selling: CryptoQuant

Whale holdings have reached their highest level since November 2025, while large borrowers are taking on more debt backed by Bitcoin. Large Bitcoin (BTC) holders have resumed accumulation after months of selling, according to an analysis published by CryptoQuant. The shift comes as the cryptocurrency recovered from lows near $62,000 to highs around $87,000 and moved above its 365-day moving average. Other market and on-chain indicators also point to improving conditions. CryptoQuant’s Bull Score Index, which combines ten market and on-chain indicators, climbed from 20 in late July to 90 on September 26. The index now stands at 80, which the firm says signals the early stages of a potential bull cycle. Whale Accumulation and ETF Flows Signal Renewed Demand Whale wallets, excluding exchanges and mining pools, now hold 3.03 million BTC, their highest combined balance since November 21, 2025. Their monthly accumulation rate has also reached its fastest pace since February 11, 2026. Long-term data also show a shift in whale behavior after holdings began contracting in September 2025. The annual change in whale balances has returned close to zero and moved above its 365-day moving averag...