Bitcoin Whales Accumulate 3.03 Million BTC as ETFs Shed $744 Million Ahead of Inflation Report
Large Bitcoin holders rebuild positions while ETF investors pull back
Bitcoin whales have increased their combined holdings to 3.03 million BTC, according to an Oct. 13 CryptoQuant report, even as US spot Bitcoin ETFs recorded $744.3 million in net withdrawals across six trading sessions through Oct. 12. An ETF is a regulated investment fund that tracks an asset like Bitcoin, allowing investors to gain exposure without holding the cryptocurrency directly.
Bitcoin is trading near $83,000 ahead of Wednesday's US Consumer Price Index report, which is expected to show inflation accelerating. The report will be a key test of whether large-holder confidence can offset continued pressure from ETF selling and higher interest rates.
Key numbers
- Whale holdings reached 3.03 million BTC, with the 30-day growth rate at its highest since Feb. 11
- US spot Bitcoin ETFs saw $744.3 million in net outflows between Oct. 5 and Oct. 12
- The heaviest single-day exit was Oct. 7, when funds lost $484.9 million
- Borrowers with more than $10 million in Bitcoin-backed loans increased their USDT borrowing by 83.3% in September
- CryptoQuant's Bull Score Index, which tracks 10 market indicators, climbed from 20 in late July to 90 by Sept. 26, then retreated to 80
What CryptoQuant found
CryptoQuant reported that large holders have shifted from selling to accumulating Bitcoin, reversing several months of subdued activity. The annual change in whale holdings, excluding exchange and mining pool addresses, has recovered toward positive territory after remaining in contraction since September 2025.
The firm also noted a sharp rise in borrowing among large Bitcoin-backed borrowers. Data from lending platform CoinRabbit shows that borrowers with loans exceeding $10 million significantly increased their USDT borrowing in September, while smaller borrowers reduced their exposure. Borrowers with loans below $100,000 cut borrowing by 17.2%, and those in the $100,000 to $1 million range saw a 47.3% decline.
CryptoQuant founder Ki Young Ju described the divergence between large and smaller participants as consistent with early stages of a market recovery, when major holders begin increasing exposure before broader demand returns. The report does not confirm whether borrowed funds were reinvested into Bitcoin or deployed elsewhere.
ETF selling shows signs of easing
Net ETF outflows peaked on Oct. 7 and 8, but selling moderated on Oct. 13 when funds attracted $175.7 million in fresh capital. Fidelity's FBTC led with $103.1 million, followed by $65.9 million into BlackRock's IBIT.
The rebound reduced seven-session net withdrawals to $568.6 million. Over a longer timeframe, US spot ETFs have recovered to approximately $1.5 billion in net inflows for 2026, after recording a year-to-date deficit of $5.1 billion in early July, according to CryptoQuant's longer-term assessment.
What is confirmed
Whale holdings stand at 3.03 million BTC with the fastest monthly accumulation pace since February. US spot Bitcoin ETFs saw $744.3 million in net outflows from Oct. 5 to Oct. 12. Bitcoin trades near $83,000 ahead of Wednesday's CPI report. Large Bitcoin-backed borrowers increased USDT borrowing by 83.3% in September, while smaller borrowers reduced exposure. ETF selling moderated on Oct. 13 with $175.7 million in inflows.
What is still unclear
It remains uncertain whether the ETF inflow on Oct. 13 signals a sustained return of institutional demand. The source material does not confirm whether whale borrowing activity represents new buying pressure or capital deployed to other assets.
Why this matters for Bitcoin
The current pattern shows a split between large holders, who appear increasingly confident, and ETF investors, who have been pulling money out. Wednesday's inflation report could tip the balance. If whale accumulation holds steady despite weaker institutional flows, it may provide a floor for Bitcoin's price. If ETF selling intensifies ahead of or after the report, it could push prices lower regardless of on-chain activity.
What happens next
Wednesday's US inflation report is the immediate catalyst. Markets expect inflation to show signs of acceleration, which could influence Federal Reserve policy expectations and broader market sentiment.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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