Bitcoin Whale Accumulation Turns Positive After Sharpest Selloff Since 2023

Whale Addresses Resume Accumulation

Bitcoin's largest holders have reversed course after a period of heavy distribution, with data showing whale balances turning higher following the sharpest selloff since early 2023 ^[1]. Addresses holding between 1,000 and 10,000 BTC added 46,000 coins this week, representing a 21% increase that pushed the one-year net change positive for the first time since November 2025 ^[1].

The turnaround marks a significant shift from last week's data, which showed whale balances had declined by 220,000 BTC compared to the same period a year earlier ^[1]. That drawdown followed a cycle high in net accumulation of 400,000 BTC recorded in December 2024 and represented the steepest negative shift in the one-year change since early 2023 ^[1].

While the rebound remains modest, analysts note the timing is significant following the fastest distribution phase of the current cycle ^[1].

Mid-Sized Holders Continue Reducing Exposure

The picture looks less constructive for so-called "dolphin" addresses holding 100–1,000 BTC, a category that includes exchange-traded funds and corporate treasuries ^[1]. The one-year change in total dolphin holdings peaked at a net increase of 972,000 BTC on October 4, 2025, before falling to 634,000 BTC last week ^[1].

This week, these balances declined further to 589,000 BTC, extending the drawdown to nearly 38% from the peak and confirming a sustained slowdown in demand ^[1].

Divergent Price Impact

Whale and dolphin accumulation cycles have remained structurally misaligned throughout the current bull run ^[1]. The highest positive one-year change in total whale holdings peaked in June 2024 at roughly 260,000 BTC, when dolphin balances stood near just 11,000 BTC ^[1]. Since then, dolphin holdings driven largely by ETFs expanded sharply to 970,000 BTC by October 2025 before entering a steep contraction ^[1].

From a price-impact perspective, dolphin flows have exerted greater influence this cycle due to their scale ^[1]. However, whale accumulation has historically initiated key upside moves, positioning the recent whale rebound as a potential early structural signal rather than a short-term price catalyst ^[1].

Price Movement and Market Skepticism

Bitcoin has posted a notable price jump recently, rising approximately 6.5% over the past seven days to trade near $97,000 ^[2]. Despite this upward movement, longtime cryptocurrency critic Peter Schiff dismissed the rally as unsustainable, describing it as a "huge sucker's rally" on X (formerly Twitter) ^[2].

Schiff claimed that traders are currently shifting capital from gold and silver mining stocks into Bitcoin ETFs and stocks like MicroStrategy, which he characterized as a mistake ^[2]. The gold advocate has repeatedly labeled Bitcoin as "worthless" and warned of total losses in the past, though the cryptocurrency has risen 170% over the last five years ^[2].

Schiff recommended that "clever traders should use this opportunity to buy [gold] mining stocks and sell Bitcoin as well as MSTR" ^[2]. He noted that MicroStrategy stock has fallen approximately 51% over the past 365 days, leaving many investors with losses ^[2].