Large bitcoin holders are buying faster than at any time since February
Bitcoin whales raised holdings to 3.03 million BTC while US spot ETFs lost $744.3 million over six sessions. The whale reading is a 30-day growth rate, so Wednesday's CPI print will test a comparison across unequal windows.
The Investor · Invest desk
Large bitcoin holders have increased their combined holdings to 3.03 million BTC, per an Oct. 13 CryptoQuant report. US spot bitcoin ETFs recorded $744.3 million in net outflows over six sessions through Oct. 12; after the Oct. 13 rebound, net withdrawals across seven sessions were $568.6 million.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Large holders' combined holdings, per CryptoQuant | 3.03 million BTC | 1 | |
| Net ETF outflow, to Oct. 12 | $744.3 million | 2 | |
| Net, after Oct. 13 rebound | $568.6 million | 6 |
What happened
- CryptoQuant said the 30-day growth rate of whale balances, which excludes exchange and mining pool addresses, reached its highest level since Feb. 11.
- Farside Investors data show the ETFs lost $484.9 million on Oct. 7 and another $244.1 million the next day.
- On Oct. 13 the ETFs took in $175.7 million, led by $103.1 million into Fidelity's FBTC and $65.9 million into BlackRock's IBIT.
- CoinRabbit data show borrowers with loans above $10 million raised USDT borrowing 83.3% in September, while the $100,000 to $1 million group cut it 47.3%.
- Bitcoin trades near $83,000 ahead of September CPI, which is expected to show inflation accelerating.
Why it matters
- Who's exposed exposure Big borrowers now owe more USDT against their coins, so a price drop after the CPI print would hit their collateral, whatever the borrowed dollars were used for.
- What doesn't add up contradiction CryptoQuant scores the market at 80, which it calls consistent with an emerging bull market, yet bitcoin fell below $81,000 while the ETFs were seeing withdrawals.
- What it limits constraint The source says it is unclear whether the Oct. 13 inflow is a return of institutional demand, so any read of the gap closing rests on a single session.
At roughly $83,000 a coin [7], $744.3 million of outflow [2] is about 8,970 BTC [20], or 0.3% of the 3.03 million BTC the large holders hold [21]. Whale balances would have to grow by that much over the same stretch to cancel it. CryptoQuant's report, as CryptoSlate summarises it, does not include the number of coins added over the 30 days, so the offset cannot be checked.
The outflow is also narrower than six sessions suggests. Oct. 7 and Oct. 8 together took $729.0 million [17], 97.9% of the total [18]. The other four sessions netted $15.3 million of selling [19]. The Oct. 13 inflow then pulled the net withdrawal over seven sessions down to $568.6 million [6].
We think the whale bid is the more reliable of the two signals, and that "institutions are selling" overstates what was two bad days, or rather two bad days and a rebound. That view can fail three ways. A print hotter than the acceleration already expected [7] could bring outflows back at Oct. 7's pace, and the ETF side would then have been the real signal. An in-line print could let inflows like Oct. 13's repeat, and the gap would close from the ETF side. Or the whales could stop: their 30-day growth rate is at its highest since Feb. 11 [3], and the annual change in their holdings has only just recovered toward positive territory after contracting since September 2025 [13].
CryptoQuant founder Ki Young Ju described the split between large and smaller participants as consistent with the early stages of a recovery, when major holders add exposure before broader demand returns, according to CryptoSlate [14]. CryptoSlate notes that the large holders' confidence has yet to show up as consistent buying through US-listed bitcoin products [15]. If Ju is right, ETF buying should follow the whales.
What to watch
- Farside's daily ETF flows for the sessions after the CPI print, set against the $175.7 million taken in on Oct. 13.
- CryptoQuant's next 30-day whale growth reading, compared with the Feb. 11 high.
- CoinRabbit's October figures for borrowers with loans above $10 million, and any evidence of where the USDT went.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
According to an Oct. 13 CryptoQuant report, large bitcoin holders have increased their combined holdings to 3.03 million BTC, with accumulation accelerating to its fastest monthly pace since February.
- [2]
US spot Bitcoin ETFs recorded $744.3 million in net outflows across six trading sessions through Oct. 12, between Oct. 5 and Oct. 12.
- [3]
CryptoQuant said the 30-day growth rate of whale balances, excluding exchange and mining pool addresses, reached its highest level since Feb. 11.
- [4]
The heaviest ETF selling was on Oct. 7, when the funds lost $484.9 million, followed by another $244.1 million in withdrawals the next day.
- [5]
On Oct. 13 the ETFs attracted $175.7 million in fresh capital, led by $103.1 million into Fidelity's FBTC and $65.9 million into BlackRock's IBIT.
- [6]
The Oct. 13 rebound reduced net ETF withdrawals across the seven trading sessions to $568.6 million.
- [7]
Bitcoin trades near $83,000 ahead of September's Consumer Price Index report, due Wednesday, which is expected to show inflation accelerating.
- [8]
The ETF outflows accompanied Bitcoin's decline below $81,000, temporarily erasing the gains that followed its September breakout.
- [9]
Data from lending platform CoinRabbit shows borrowers with loans above $10 million increased their USDT borrowing by 83.3% in September, reversing a 9.2% contraction in July; those borrowers' average loan size rose 33.5%.
- [10]
Borrowers with loans below $100,000 cut total borrowing by 17.2% and those in the $100,000 to $1 million category cut it by 47.3%.
- [11]
Borrowing against Bitcoin gives dollar liquidity without immediately selling coins, but the data does not establish whether the borrowed funds were invested in Bitcoin or deployed elsewhere.
- [12]
CryptoQuant's Bull Score Index, which combines 10 on-chain and market indicators, climbed from 20 in late July to 90 on Sept. 26, its strongest reading since December 2024, and has since retreated to 80, which CryptoQuant considers consistent with an emerging bull market.
- [13]
The annual change in whale holdings has recovered toward positive territory after remaining in contraction since September 2025.
- [14]
CryptoQuant founder Ki Young Ju described the divergence between large and smaller participants as consistent with the early stages of a market recovery, when major holders begin increasing exposure before broader demand returns.
- [15]
Large holders' growing confidence has yet to translate into consistent buying through US-listed Bitcoin investment products.
- [16]
It remains unclear whether the Oct. 13 inflows signal a sustained return of institutional demand.
- [17]
Oct. 7 and Oct. 8 ETF outflows together were $729.0 million.
- [18]
Those two days were 97.9% of the $744.3 million six-session outflow.
- [19]
The other four sessions netted $15.3 million of outflow.
- [20]
At about $83,000 a coin, $744.3 million is roughly 8,970 BTC.
- [21]
About 8,970 BTC is roughly 0.3% of the 3.03 million BTC whale holdings.
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Sources
1 independent publisher whose own reporting we read for this story.
- cryptoslate.comBitcoin whales accumulate ahead of crucial US inflation report as $744 million exits ETFs
1 article · October 14, 2026
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