Bitcoin Whales Rebuild Reserves, Adding Roughly 236,000 BTC in the Past 90 Days
Feb 20 2026
Large‑scale Bitcoin holders—commonly referred to as “whales”—have been steadily enlarging their on‑chain balances since the market shock of October 10 2025. Data compiled by analytics firms CryptoQuant and Glassnode show that whales controlling between 1,000 and 10,000 BTC have collectively added an estimated 236 k BTC to their wallets over the last three months, restoring their holdings to the levels seen before the October crash.
Whale Reserve Recovery
- Balance Growth: At the start of the quarter (early December 2025) the total of the 1K‑10K BTC wallets stood at about 2.86 million BTC. By mid‑February 2026 the figure had risen to 3.09 million BTC, a net increase of roughly 230 k BTC.
- Recent Accumulation: CryptoQuant analyst Caueconomy highlighted a 30‑day rebound of ≈98 k BTC, indicating that the full drawdown experienced after the October sell‑off has been erased within a month.
- Historical Context: The current reserve size matches the pre‑October 2025 peak, the highest level recorded since the market’s last major correction in late 2024.
Exchange Flow Dynamics
- Whale Outflows: Glassnode reports that withdrawals from exchanges averaged 3.5 % of exchange‑held BTC over the past 30 days – the strongest outflow rate since November 2024. This translates to an estimated 60 k‑100 k BTC leaving exchange wallets each month.
- Inflows to Binance: CryptoQuant’s Maartunn noted that $8.24 billion worth of BTC moved into Binance during the same period, setting a 14‑month high for whale‑to‑exchange transfers. Retail inflows reached $11.91 billion but have plateaued, pulling the retail‑to‑whale flow ratio down to 1.45.
- Net Effect: While total BTC deposits to exchanges have risen, the concurrent surge in withdrawals keeps the net exchange balances relatively steady.
Spot Market Activity
- Order Size Consistency: The average size of spot market orders has hovered between 950 and 1,100 BTC throughout 2026, marking the most sustained period of large‑ticket trading since September 2024.
- Comparative Patterns: Similar order‑size clusters appeared during the February‑March 2025 correction, though that phase was dominated by retail activity, with whale blocks appearing less frequently.
Analysis
The renewed accumulation by large holders suggests a shift in sentiment among the most influential market participants. After the October 2025 crash, whales sold a sizable portion of their positions, contributing to downward pressure on price. Their recent re‑accumulation—over 230 k BTC in three months—signals renewed confidence, potentially driven by:
- Price Stabilisation: Bitcoin has been trading within a tighter range after the post‑crash volatility, offering a more predictable environment for large‑scale investors.
- Liquidity Management: The parallel increase in outbound transfers from exchanges indicates that whales are moving assets off‑chain, possibly to hedge against exchange‑related risks or to prepare for future on‑chain activities such as staking or layer‑2 deployments.
- Retail‑Whale Flow Divergence: The declining retail‑to‑whale ratio, coupled with high‑value inflows to Binance, points to a re‑allocation of capital from smaller traders toward institutional or high‑net‑worth participants.
These dynamics could have several implications for price action:
- Reduced Sell‑Side Pressure: As whales withdraw BTC from exchanges, the immediate supply for spot traders diminishes, which can help support price levels.
- Potential for Future Acceleration: Should the trend of large order sizes persist, a concentration of buying power may accelerate price appreciation, especially if retail demand steadies or grows.
- Market Volatility: Conversely, any sudden reversal—such as a mass re‑deposit to exchanges—could quickly amplify volatility, given the sizable BTC quantities involved.
Key Takeaways
| Insight | Detail |
|---|---|
| Whale reserves up 236k BTC | 1K‑10K BTC wallets recovered to pre‑Oct 2025 levels, adding ~230k BTC over 90 days plus ~98k BTC in the last month. |
| Exchange withdrawals at 3.5% | Glassnode shows the highest 30‑day outflow rate since late 2024, roughly 60‑100k BTC per month. |
| Binance attracts $8.24 B in whale inflows | 14‑month high for whale‑to‑exchange transfers, narrowing the retail‑whale flow gap (ratio 1.45). |
| Spot order size steady at ~1k BTC | Largest sustained large‑ticket activity since Sep 2024, indicating robust institutional trading. |
| Potential market impact | Lower on‑exchange supply may reduce short‑term sell pressure; continued large‑ticket buying could underpin future price gains. |
Overall, the data paints a picture of renewed confidence among Bitcoin’s biggest holders, a rebalancing of assets away from exchanges, and a market environment that now favours larger, more strategic transactions. While the narrative remains fluid, the current trajectory suggests a more stable supply‑demand equilibrium for Bitcoin, at least in the near term.
Source: https://cointelegraph.com/news/bitcoin-whales-participate-in-v-shaped-accumulation-offsetting-230k-btc-sell-off?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
