Bitcoin whale, retail investor behavior diverges as whale holdings hit 11-month high

Large Bitcoin investors are moving in the opposite direction from retail traders, according to a CoinNess analysis of CryptoQuant data citing CoinRabbit. In September, USDT borrowing by borrowers with more than $10 million in loans rose 83%, while USDT borrowing by retail investors fell 17%. Over the same period, Bitcoin holdings among whales climbed to 3.03 million BTC, the highest level since November 2025, indicating a clear divergence in investment behavior between whale and retail investors.