Bitcoin whales have shifted from distribution to accumulation, with holdings excluding exchange and mining-pool addresses reaching 3.03 million BTC, the highest since Nov. 21, 2025, according to a CryptoQuant report. Their 30-day holdings growth was the fastest since February 2026. U.S. spot Bitcoin ETFs also moved to a year-to-date net inflow of about 2,300 BTC, worth roughly $1.5 billion, after previously recording cumulative outflows of about 83,000 BTC. CoinRabbit data showed USDT borrowing backed by more than $10 million in Bitcoin collateral rose 83% over the past month, while borrowing by users with loans below $100,000 fell 17.20% in September. CryptoQuant CEO Ki Young Ju said large borrowers were using the funds to buy more cryptocurrencies or other assets, indicating greater willingness to pursue upside rather than position for another market decline.