Although whale inflows to exchanges have increased recently, their overall holdings have continued to grow.
Inflows typically reflect short term behavior and can generate immediate selling pressure.
This chart instead provides a more medium term perspective by tracking the evolution of whale held supply on a monthly average basis.
After a sharp drop in this average, reaching nearly -7% on December 15, whale behavior appears to have shifted over the past month, as their holdings have increased by 3.4%.
Over this period, the supply held by whales rose from 2.9 million BTC to more than 3.1 million BTC, representing an accumulation of over 200 000 BTC.
The last time a whale movement of this magnitude occurred was during the April 2025 correction.
That wave of accumulation likely helped absorb selling pressure at the time and supported the continuation of the rally, allowing BTC to move from $76 000 to $126 000.
With BTC consolidating around 46% below its latest all time high, current levels can be viewed as an attractive accumulation zone. It is therefore not surprising to see some whales taking advantage of this opportunity.
That said, selling pressure remains significant, and this demand may not yet be sufficient on its own to fully offset it.
Written by Darkfost
