CryptoQuant's October 13 report highlights that the Bitcoin market is entering the early stages of a new bull run. Its bull market score index has risen from 20 at the end of July to 90 on September 26, and currently stands at 80. Whale addresses (excluding exchanges and mining pools) now hold 3.03 million BTC, the highest since November 2025. U.S. spot Bitcoin ETF flows have shifted from net outflows to net inflows this year, with a cumulative net inflow of approximately 2,300 BTC. According to CoinRabbit data, in September, the USDT borrowing amount for clients with BTC collateral loans exceeding $10 million grew by 83.3%, while retail clients with loan sizes below $100,000 saw a decline of 17.2%. CryptoQuant believes that whales and institutions have started accumulating, while retail participation remains relatively low. https://(wublock123.com)/news/cryptoquant-bitcoin-whale-holdings-3-03m-btc-retail-participation-low-70022