CryptoQuant: Emergence Of New Whales And Corporate Accumulation Reshapes Bitcoin Market Dynamics
In Brief
Retail Bitcoin activity has sharply declined, with small investors reducing inflows to exchanges as ETFs, holding behavior, and rising accumulation by larger players reshape market dynamics.
Cryptocurrency market analyst Darkfrost from research firm CryptoQuant offered a market update focusing on retail investor behavior in Bitcoin.
According to the latest report, retail investors, often referred to as “shrimps,” are defined as holders of less than 0.1 BTC. He shared data showing the evolution of inflows from this group into Binance, which remains the leading exchange among retail users.
The analysis reveals a steady decline in retail activity, as reflected by shrinking inflows to Binance. Since early 2023, following the end of the previous bear market, the 90-day moving average of inflows from these smaller addresses has fallen more than fivefold, decreasing from approximately 552 BTC per day to just 92 BTC per day.
Darkfrost described this reduction as a “brutal collapse in participation.” He noted that the trend intensified with the introduction of spot exchange-traded funds (ETFs) in January 2024.
Prior to their launch, retail inflows averaged around 450 BTC per day, but since ETFs became available, inflows have dropped to 92 BTC daily, with the downward trend continuing.
Shift In Retail Behavior And Rise Of New Whales Reshape Bitcoin Market Dynamics
He further elaborated that this decline can be attributed to three primary factors. First, a portion of retail investors has shifted their focus toward ETFs, reducing their direct engagement with the Bitcoin network and, consequently, lowering inflows to Binance and other exchanges.
Second, among those retail investors who remain active, there has been a behavioral shift toward holding Bitcoin rather than selling it on exchanges. Finally, many retail participants who consistently accumulated Bitcoin have now surpassed the “shrimp” threshold, meaning they no longer fall within this category.
Collectively, these factors indicate that the key market drivers and their behaviors are evolving. The emergence of new whales, corporate treasury accumulation, and non-selling addresses is reshaping market dynamics, making the current cycle structurally distinct from previous ones, he concluded.
Public Companies Lead Bitcoin Accumulation In Q3 2025
A record number of companies expanded their Bitcoin holdings in the third quarter of this year, with the total number of publicly listed firms holding the cryptocurrency rising to 172, representing nearly a 40% increase over just three months, according to a tweet by asset manager Bitwise.
By the end of September, these companies collectively controlled more than 1.02 million BTC, valued at roughly $117 billion. Analysis of the data indicates that public firms were the most active in accumulation, adding over 193,000 BTC to their balance sheets, a 20.68% increase compared to the previous quarter. Bitcoin adoption among public companies outpaced growth in other sectors, including private firms and exchange-traded funds, which recorded increases of 2.21% and 6.7%, respectively.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
