Bitcoin Whales Emerge from Hibernation
This year, Bitcoin whales stirred from their slumber, with some moving billions in BTC after holding for over a decade. As Bitcoin soared to new heights, these long-term holders began cashing in, creating significant market movements.
The Great Redistribution
According to CryptoQuant analyst J.A. Maartun, 2025 witnessed an unprecedented transfer of Bitcoin from long-term holders to new owners. He dubbed this phenomenon the 'great redistribution', marked by several waves of activity:
- The first wave occurred in late 2024 and early 2025.
- Another followed in July 2025.
- A third wave hit in November 2025.
During the initial waves, demand from Bitcoin ETFs helped balance supply and demand, even pushing prices higher at times.
Why Are Whales Moving Now?
Experts point to key triggers for this whale activity:
- Bitcoin hitting $100,000 in December 2024 served as a major catalyst, prompting early holders to realize gains after years of patience.
- The rise of digital asset treasuries, inspired by pioneers like Strategy (formerly MicroStrategy), has attracted whales to contribute their coins to corporate balance sheets as a hedge against inflation or stock price boosts.
Record-Breaking Whale Sale
In July 2025, a mysterious whale moved 80,000 BTC after holding for 14 years, when Bitcoin was near $108,000. Galaxy Digital facilitated the sale for an unnamed Satoshi-era investor, cashing out nearly $9 billion—one of the largest Bitcoin transactions in history.
Interestingly, this massive sale had minimal market impact. Companies like Strategy and other firms building Bitcoin treasuries quickly absorbed the coins, preventing a price drop.
Market Impact and Future Outlook
Despite the selling, Bitcoin's price remained relatively stable earlier in the year, but it has since declined. After peaking above $126,000 in early October, Bitcoin fell to around $86,000 by mid-December—a drop of over 30%.
CryptoQuant founder Ki Young Ju notes that traditional cycle theories may no longer apply. He explains, "The profit-taking dynamic has shifted from 'whales to retail,' with new liquidity channels like ETFs and digital asset treasuries making the cycle structure more complex." While a bear market might be expected based on past cycles, many analysts believe further gains could be on the horizon for 2026, driven by these evolving market dynamics.
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