Whales accumulate Bitcoin while seeking to position themselves in the market

According to data from Cointelegraph, the main known Bitcoin holders, known as whales, are resuming their purchase of coins after a period of significant asset distribution. This strategic shift occurs after the largest correction since early 2023, marking an inflection point in the behavior of these mega-investors. Whales have demonstrated a remarkable ability to identify price opportunities, and their recent change in stance suggests confidence in current market levels.

Whale Holdings Reversal Signals a Decisive Change

Recent data reveal that whale addresses (those holding between 1,000 and 10,000 BTC) have added 46,000 BTC this week, marking their first positive net change since November 2025. This move represents a significant strategic shift after the previous week showed a decrease of 220,000 BTC, the largest retracement recorded since early 2023.

The recent accumulation reflects a notable recovery. Just a few months ago, in December 2024, whales reached a record high of 400,000 BTC in net accumulation. However, after that peak, they experienced a sharp contraction, reaching a negative 220,000 BTC last week. This week’s recovery, with a 21% increase in the annual change, brings this metric back into positive territory, indicating a clear reversal in the intentions of these large holders.

CryptoQuant data underscore the importance of this shift. Historically, whale movements have preceded major bullish rallies, positioning them as advanced structural market indicators. This pattern suggests that the current accumulation could be a precursor to broader price movements, though not necessarily in the short term.

Dolphins Retreat: ETFs Reduce Bitcoin Exposure

While whales are resuming their buying activity, a completely different picture emerges among medium-sized investors. Dolphin addresses (those holding between 100 and 1,000 BTC), including exchange-traded funds and corporate treasury entities, have drastically reduced their holdings to reach 589,000 BTC this week.

The deterioration in dolphin positions is particularly notable when considering their peak accumulation point. On October 4, 2025, these mid-tier holders recorded an annual change of 972,000 BTC in their total holdings, representing the peak of their Bitcoin appetite. Since then, the retracement has been sustained and consistent: first decreasing to 634,000 BTC last week, and now standing at 589,000 BTC, confirming a contraction of nearly 38% from the maximum.

This pattern of continued liquidation suggests a loss of confidence among medium-sized institutional investors, particularly in the ETF segment. Although these flows exerted considerable influence on prices during most of the current bullish cycle, their current withdrawal marks a significant shift in market demand dynamics.

Cycle Misalignment: Whales and Dolphins Moving in Opposite Directions

Perhaps the most intriguing phenomenon is the structural misalignment observed between whale and dolphin cycles. During the current bull cycle, these two investor segments have not acted in sync, revealing complex and potentially unstable market dynamics.

In June 2024, when whales reached their maximum positive annual increase of approximately 260,000 BTC, dolphins were just beginning their accumulation with only 11,000 BTC in net change. From that point, dolphins experienced explosive growth, driven mainly by ETF adoption, reaching 970,000 BTC in October 2025, while whales gradually reduced their positions.

Now, in February 2026, we are witnessing a cycle crossover. Whales are returning as net buyers, while dolphins, particularly ETFs, are in full retreat. This pattern suggests that the demand dynamics that supported the market for much of 2025 are fundamentally changing.

The significance of these movements lies in their structural nature. Although dolphin flows had a greater influence on prices during this cycle due to their substantial scale, the historical accumulation of whales has often preceded key bullish movements. The recent recovery of whales should therefore be interpreted not as a short-term price catalyst but as an early structural signal of confidence among the largest Bitcoin holders in the market.