Bitcoin whales accumulate ahead of crucial US inflation report as $744 million exits ETFs

Bitcoin whales are accumulating before Wednesday's US inflation report, despite $744 million in recent spot ETF withdrawals.

According to an Oct. 13 CryptoQuant report, large holders have increased their combined Bitcoin holdings to 3.03 million BTC, with accumulation accelerating to its fastest monthly pace since February.

The buying contrasts with $744.3 million in net withdrawals from US spot Bitcoin ETFs across six trading sessions through Oct. 12.

The divergence comes as Bitcoin trades near $83,000 ahead of September's Consumer Price Index report, which is expected to show inflation accelerating. The release will test whether growing confidence among large holders can withstand continued pressure from interest rates and weaker investment flows.

CryptoQuant's latest assessment suggests that Bitcoin's largest investors have shifted from selling their holdings to accumulating again following several months of subdued activity.

The analytics firm said the 30-day growth rate of whale balances, excluding exchange and mining pool addresses, reached its highest level since Feb. 11.

Meanwhile, the annual change in whale holdings has recovered toward positive territory after remaining in contraction since September 2025. The improvement suggests that buying by large holders is beginning to reverse an extended period of distribution.

CryptoQuant sees the development as part of a broader recovery in Bitcoin's market conditions.

Its 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. Although the index has since retreated to 80, CryptoQuant considers that level consistent with an emerging bull market.

The renewed accumulation also coincides with a sharp increase in borrowing activity among large Bitcoin-backed borrowers.

Data from crypto lending platform CoinRabbit shows that borrowers with loans exceeding $10 million increased their USDT borrowing by 83.3% in September, reversing a 9.2% contraction in July. Their average loan size also increased by 33.5%.

By comparison, borrowers with loans below $100,000 reduced their total borrowing by 17.2%, while those in the $100,000 to $1 million category recorded an even steeper decline of 47.3%.

The figures suggest that larger participants are becoming more comfortable accessing liquidity against their Bitcoin holdings, even as smaller borrowers reduce their exposure.

Borrowing against Bitcoin allows holders to obtain dollar liquidity without immediately selling their coins, although the data does not establish whether the borrowed funds were subsequently invested in Bitcoin or deployed elsewhere.

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 their exposure before broader demand returns.

However, that growing confidence has yet to translate into consistent buying through US-listed Bitcoin investment products.