Bitcoin whales add 46,000 BTC as one-year holdings turn positive after sharp 2025 drawdown

On-chain data shows that Bitcoin whale addresses holding 1,000–10,000 BTC have increased their balances by 46,000 BTC this week, pushing the one-year net change back into positive territory for the first time since November 2025. In contrast, dolphin addresses with 100–1,000 BTC, including ETFs and treasuries, have cut holdings to 589,000 BTC from a peak of 972,000 BTC, signaling a prolonged cooling in demand.