## 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.

Bitcoin whales emerged from their slumber in 2025, some after a decade or more, moving billions and cashing in as BTC surged to new highs.

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