CryptoQuant Data Reveals Whales Leveraged Bitcoin Collateral Instead of Selling During 2026 Bear Market

Data from CryptoQuant highlights a distinct strategic shift among large holders during the 2026 bear market, with whales increasingly opting to borrow against their holdings rather than outright liquidating their positions.
The on-chain shift dramatically reduced Bitcoin's share of total crypto lending collateral from 57.8% down to 30.5%. According to the analytics provider, a significant portion of this capital rotated into alternative digital assets such as Zcash (ZEC), reflecting changing risk appetites and collateral preferences as investors leveraged crypto-backed debt lines to navigate market volatility.