The largest Bitcoin holders are beginning to restock their holdings after a substantial selloff period.
Data from recent months suggests that big account balances have grown following the most substantial market decline since early 2023, even as medium-sized investors continue to reduce their BTC holdings.
Recent research from CryptoQuant indicates a significant decrease of 220,000 BTC in the one-year net change of total holdings for Bitcoin addresses, often referred to as "whales," that possess between 1,000 and 10,000 BTC.
For the first time since Q4 2025, the one-year net change turned positive this week as whale addresses accumulated 46,000 BTC.
A decline of comparable scale was observed in large account balances when compared to the same period last year.
This decline followed a peak of 400,000 BTC in net accumulation in December 2024 and marked the most substantial negative shift in the one-year change since early 2023.
Shift in Dynamics
Over the past year, whale addresses have seen an increase of 46,000 BTC, representing a 21% rise in total holdings, marking a return to positive territory for the first time since November 2025.
The timing is significant after the swift distribution phase of the current cycle, even though the rebound remains modest.
Addresses with 100 to 1,000 BTC in their possession, including exchange-traded funds (ETFs) and corporate treasuries, are considered "dolphins" and seem to have a less positive outlook.
Last week, the total amount of dolphin holdings dropped to 634,000 BTC, following a notable one-year fluctuation that saw them rise to 972,000 BTC on October 4, 2025.
The notable decline in balances to 589,000 BTC this week highlights an ongoing decrease in demand, marking a fall of more than 38% from record highs.
Dolphins vs. Whales
Large holders of Bitcoin, often referred to as whales, and mid-tier holders known as dolphins, are categorized by the size of their holdings, which affects their influence on the market.
Whales tend to create more substantial short-term price fluctuations, while dolphins, indicative of increasing institutional and strategic interest, have demonstrated notable recent accumulation.
Their significant share of the supply suggests a transition towards a more stable demand structure and a move away from reliance on a small number of large holders.
In the past, the movements of whales have triggered significant price changes, yet they occasionally liquidate positions to secure gains when valuations are elevated, functioning as net beneficiaries of price fluctuations.
On the other hand, dolphins are regarded as thoughtful, long-term investors, building their positions significantly, particularly with the growth of ETFs, suggesting a more consistent, foundational demand.
The "Dolphin" Dominance: This subset of Bitcoin holders has amassed a net holding of over 1.3 million BTC in the past year, absorbing a big chunk of the supply that smaller holders have released.
A shift away from speculative trading and toward steady demand fueled by institutional investors with long-term perspectives is indicated by this trend.
Following an unprecedented sell-off of approximately 161,294 BTC ($15 billion) in 2025, there was a notable 21% recovery in whale balances in early January 2026.
A potential early structural signal for upcoming market rallies could be this reaccumulation.
Research shows that when it comes to mid-tier and retail movements, pricing risk and hedging expectations affect smaller and bigger companies differently. Having said that, bigger organizations are usually better able to weather unexpected market fluctuations.
The largest one-year gain in whale holdings occurred in June 2024, when they soared to approximately 260,000 BTC within the continuous bull market, while dolphin balances were at 11,000 BTC.
After that, in October 2025, mostly fueled by ETFs, dolphin holdings surged to 970,000 BTC before seeing a significant decline.
Prices have been more affected by dolphin flows this cycle due to their significant magnitude.
The recent resurgence of whales could signal a foundational shift rather than just a fleeting price movement, as their accumulation has historically preceded notable upward trends.
