Bitcoin Whale Holdings Hit 3.03M BTC, Highest Since November 2025

The whale accumulation and the ETF flow reversal point to the same thing: large, non-exchange holders are absorbing supply while the ETF channel, which had been a source of selling pressure, turns back into a buyer. The borrower data adds a second layer — bigger BTC holders are increasingly levering up in USDT rather than selling, while smaller users pull back, suggesting this is a size-driven bid. The open question is whether that leverage is being used to add exposure or to fund needs, since the same borrowing that supports accumulation can amplify downside if collateral values move against it.