Bitcoin whales increased combined holdings to 3.03 million BTC, with accumulation reaching the fastest monthly pace since February, according to an Oct. 13 CryptoQuant report. CryptoQuant said the 30-day growth rate of whale balances, excluding exchange and mining pool addresses, reached the highest level since Feb. 11. The annual change in whale holdings has recovered toward positive territory after remaining in contraction since September 2025. The improvement suggests large holders are beginning to reverse an extended period of selling.
CryptoQuant's Bull Score Index, which combines 10 on-chain and market indicators, rose from 20 in late July to 90 on Sept. 26, the strongest reading since December 2024. The index subsequently retreated to 80, a level CryptoQuant considers consistent with an emerging bull market.
CoinRabbit data shows Bitcoin-backed borrowers with loans exceeding $10 million increased USDT borrowing by 83.3% in September, reversing a 9.2% contraction in July. CoinRabbit data also shows the average loan size for those borrowers increased by 33.5%. Borrowers with loans below $100,000 reduced total borrowing by 17.2%, according to CoinRabbit data. Borrowers in the $100,000 to $1 million category reduced total borrowing by 47.3%, according to CoinRabbit data. The figures suggest larger participants are becoming more comfortable borrowing against Bitcoin, while smaller borrowers reduce exposure. Bitcoin-backed borrowing provides dollar liquidity without an immediate coin sale, but the data does not establish whether borrowers invested the funds in Bitcoin or elsewhere. CryptoQuant founder Ki Young Ju described the divergence as consistent with early recovery stages, when major holders increase exposure before broader demand returns.
Farside Investors data shows US spot Bitcoin ETFs recorded $744.3 million in net withdrawals across six trading sessions between Oct. 5 and Oct. 12. The funds lost $484.9 million on Oct. 7. The funds recorded another $244.1 million in withdrawals the next day. The outflows accompanied Bitcoin's decline below $81,000, temporarily erasing gains following the September breakout.
However, US spot Bitcoin ETFs attracted $175.7 million on Oct. 13. Fidelity's FBTC led the inflows with $103.1 million. BlackRock's IBIT attracted $65.9 million. The rebound reduced net withdrawals across seven trading sessions to $568.6 million, although a sustained return of institutional demand remains uncertain. CryptoQuant's longer-term assessment shows US spot ETFs recovered to approximately $1.5 billion in net inflows for 2026 after a $5.1 billion year-to-date deficit in early July. The differing timeframes suggest institutional investors have rebuilt positions over several months, even as some reduced exposure during Bitcoin's latest correction.
Glassnode's Oct. 12 report found aggressive selling by Bitcoin perpetual futures traders, with cumulative volume delta falling to negative $681.8 million. However, Glassnode's measure of monthly realized capitalization growth rose from 1.1% to 1.2%, indicating continued capital inflows despite ETF and derivatives selling. Bitcoin consequently has supportive longer-term accumulation trends but less convincing demand from investors responding to immediate market conditions.
Bitcoin trades near $83,000 ahead of Wednesday's September Consumer Price Index report. The inflation report could reshape Federal Reserve interest-rate expectations before the Oct. 27-28 policy meeting. Economists surveyed by Reuters expect headline inflation to accelerate to 3.6% in September from 3.4% in August, driven largely by higher energy costs. Core inflation, excluding food and energy, is projected to rise to 2.5% from 2.4%. Elevated Treasury yields and concerns about persistent inflation continue to weigh on risk assets. Stronger-than-expected inflation could reinforce expectations of restrictive Fed policy or additional tightening, potentially extending selling pressure in Bitcoin's ETF and derivatives markets. Conversely, softer inflation could ease pressure on yields and encourage investors to rebuild exposure, helping Bitcoin benefit from renewed whale accumulation.
Glassnode identified substantial buying interest around $81,000 to $81,250, providing potential support if Bitcoin faces further pressure. Sellers have concentrated orders around $85,000 to $85,500. Additional resistance lies near $86,500 to $86,750. A recovery through those levels could refocus attention on $88,000, where investors who accumulated Bitcoin over the past year previously took profits. Large-holder accumulation has not prevented Bitcoin from struggling to sustain a recovery above $85,000. Wednesday's inflation figures provide the next major catalyst, while subsequent ETF flows will help show whether Tuesday's buying reflects renewed demand or temporary relief from selling.
Bitcoin Whales Accumulate Ahead of US Inflation Report as $744M Exits ETFs
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Summary
Bitcoin news shows whale activity rising as large holders added 3.03 million BTC, marking the fastest accumulation since February, per CryptoQuant. Bitcoin analysis reveals $744.3 million in ETF outflows from Oct. 5 to 12 as prices dipped below $81,000. Traders watch the September CPI report ahead of the Fed’s October meeting.
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