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Freedom251 › Blog › Bitcoin

Bitcoin Whales Accumulate as $744.3 Million Leaves Spot ETFs Before US CPI

By Freedom251 Team · · 4 min read

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Bitcoin’s largest holders were adding exposure ahead of the September US Consumer Price Index (CPI) release, even as US spot Bitcoin exchange-traded funds (ETFs) recorded $744.3 million in net withdrawals from October 5 through October 12, 2026. The split does not give a clear bullish or bearish verdict: whale balances and network capital improved, while ETF demand and perpetual-futures positioning weakened.

The immediate test is the inflation report. A hotter-than-expected CPI could lift Treasury yields and reinforce expectations for restrictive Federal Reserve policy, putting more pressure on Bitcoin. A softer reading could ease yield pressure and give institutions room to rebuild positions.

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Whale balances are rising ahead of CPI

CryptoQuant data cited by CryptoSlate put large-holder balances at 3.03 million BTC. The group’s 30-day growth rate was at its fastest monthly pace since February 11, and its annual change had moved back toward positive territory after contracting since September 2025.

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CryptoQuant’s whale measure excludes exchange and mining-pool addresses, so it is not a complete count of every large investor or a direct record of purchases. It does, however, show that the tracked large-holder cohort was increasing its Bitcoin exposure while ETF flows were negative.

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CryptoQuant’s Bull Score Index also improved sharply, rising from 20 in late July to 90 on September 26 before easing to 80. The firm described a reading of 80 as consistent with an emerging bull market. That score is a composite market signal, not a prediction that prices must rise.

Why Bitcoin ETFs lost $744.3 million

Farside Investors data cited by CryptoSlate showed $744.3 million in net US spot Bitcoin ETF withdrawals across the seven trading sessions from October 5 to October 12. Bitcoin traded below $81,000 during the period, alongside the heavy redemptions.

Date or period Net flow Context
October 5–12, 2026 -$744.3 million Total US spot Bitcoin ETF withdrawals over the period
October 7, 2026 -$484.9 million Largest single-day outflow cited in the report
October 8, 2026 -$244.1 million Second major outflow day cited in the report
October 13, 2026 +$175.7 million One-day inflow rebound

The October 13 rebound was led by $103.1 million entering Fidelity’s FBTC and $65.9 million entering BlackRock’s IBIT. It reduced the seven-session net withdrawal figure to $568.6 million, but one positive session was not enough to establish a durable reversal in institutional demand.

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The short-term weakness also needs a longer-term qualifier. CryptoQuant estimated approximately $1.5 billion in net ETF inflows for 2026, despite a year-to-date deficit of $5.1 billion in early July. That estimate describes a potential full-year outcome; it does not erase the October withdrawals already recorded.

Borrowing increased among the biggest Bitcoin-backed borrowers

CoinRabbit data showed borrowers with more than $10 million in Bitcoin-backed loans increased their USDT borrowing by 83.3% in September. Borrowers below $100,000 reduced borrowing by 17.2%.

The divergence suggests that large borrowers were willing to increase leverage or liquidity against their Bitcoin collateral while smaller borrowers were becoming more cautious. Borrowing alone does not establish that the borrowed USDT was used to buy Bitcoin. It could have funded operating needs, hedging, other assets or debt management.

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Derivatives selling conflicts with improving network capital

Glassnode recorded a negative $681.8 million cumulative volume delta in perpetual futures, indicating aggressive net selling in that derivatives market. Perpetual-futures flows can pressure spot prices through liquidations and hedging even when longer-term holders are accumulating.

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At the same time, monthly realized-capitalization growth improved to 1.2% from 1.1%. Realized capitalization values coins at the price at which they last moved, so faster growth generally indicates that capital is entering the Bitcoin network at higher realized prices. It does not reveal whether that capital came from whales, institutions or other participants.

How the September CPI could move Bitcoin

Reuters-surveyed economists expected headline September CPI inflation of 3.6%, up from 3.4% in August, and core CPI of 2.5%, up from 2.4%. The release was the key near-term macro catalyst because it could change Treasury-yield and Federal Reserve rate expectations ahead of the Fed’s October 27–28 meeting.

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CPI outcome Likely policy-market reaction Potential Bitcoin effect
Hotter than expected Higher Treasury yields and stronger expectations that policy stays restrictive More pressure on ETF demand, leveraged positions and risk appetite
Softer than expected Lower yield pressure and less restrictive rate expectations More room for institutions to rebuild Bitcoin exposure

These are conditional scenarios, not a forecast of the inflation result. The market can also react differently if the headline and core readings point in opposite directions or if the figures change expectations for later data.

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Bitcoin price levels traders were watching

Glassnode-observed levels cited in the report placed potential support around $81,000–$81,250. Resistance was identified near $85,000–$85,500 and $86,500–$86,750, with approximately $88,000 as a higher reference if both resistance areas were reclaimed.

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  • Support: $81,000–$81,250.
  • First resistance: $85,000–$85,500.
  • Second resistance: $86,500–$86,750.
  • Higher reference: about $88,000 after a sustained reclaim of the resistance zones.

These levels are observation points, not guaranteed floors or ceilings. A hot CPI surprise could push price through support, while a softer surprise combined with renewed ETF inflows could bring the resistance zones back into focus.

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Are institutions selling while whales accumulate?

In the short run, the data supports that description: tracked whale balances rose while spot Bitcoin ETFs suffered large withdrawals. But the groups are measured differently. CryptoQuant’s whale series excludes exchange and mining-pool addresses, whereas ETF flows capture creations and redemptions in listed investment products. Neither series identifies every buyer or seller behind the move.

The other indicators reinforce the mixed picture. Large borrowers increased USDT loans, perpetual futures showed aggressive selling, and realized capitalization grew faster. Taken together, they describe a market in transition rather than a confirmed trend. The CPI surprise and the ETF response over the sessions that follow should show whether whale accumulation can offset weak institutional and derivatives demand.

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BitcoinBitcoin ETFsCrypto marketscryptocurrencyETF flowsFederal ReserveUS CPI

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