Bitcoin Whales Reactivate in 2025, Moving Billions Amid Market Shifts
In 2025, Bitcoin whales ended extended holding periods and moved billions of dollars in BTC, signaling a significant shift in the market. The largest single sale involved an 80,000 BTC transaction, worth approximately $9 billion, executed by a Satoshi-era investor through Galaxy Digital. This sale took place when Bitcoin's price hovered near $108,000. After reaching a peak above $126,000 in October 2025, BTC price declined to around $86,000 by December 15, 2025, representing a drop of over 30% from the high.
Whales sold their holdings in multiple waves: late 2024 to early 2025, July 2025, and November 2025. Demand from ETFs helped balance the supply during the first two waves. According to CryptoQuant, these movements represent a "great redistribution" as long-term BTC ownership migrated from traditional hodlers to newer investors through several selling phases.
The motivations behind such liquidations included taking profits after more than a decade of holding and the ascent of Bitcoin past $100,000 in December 2024. Some early miners and long-term holders sought liquidity amidst these market conditions. Additionally, digital asset treasuries gained prominence in 2025, with firms like Strategy accumulating BTC. These treasuries, together with ETFs, provided new liquidity channels and potential demand, influencing the dynamics of whale selling.
Market dynamics appear to be shifting, suggesting that the traditional Bitcoin cycle theory may not fully apply as before. The influence of ETFs, corporate treasuries, and the changed profit-taking flow—from whales to retail investors—create a more complex cycle structure. Despite the recent pullback, analysts see potential upside for Bitcoin in 2026, pointing to the evolving nature of the market cycle and possible further gains.
