#Bitcoin Whale Positioning Shows Early Signs of Re-Accumulation After Distribution Phase
On-chain data tracking large holders (1K–10K
$BTC , excluding exchanges and mining pools) suggests a notable shift in whale behavior following a prolonged distribution phase in late 2025. After reaching a local peak around mid-2025, total whale balances declined steadily as Bitcoin price remained elevated, indicating classic distribution into strength rather than forced selling.
The 30-day balance change metric confirms this dynamic. Throughout Q3 and early Q4, whale balances consistently posted negative m