Bitcoin Whales Woke Up in 2025 — and Moved Billions in BTC
▪ Long-dormant Bitcoin whales began selling in 2025, some after 10–14 years of holding
▪ The largest known sale came from a Satoshi-era holder, unloading 80,000 BTC (~$9B)
▪ Whale activity accelerated after BTC first crossed $100,000 in late 2024
▪ Major selling waves appeared in early 2025, July, and November, according to onchain data
▪ Analysts describe 2025 as a “great redistribution”, with coins moving from long-term holders to new owners
▪ Early selling was largely absorbed by ETFs and institutional buyers, limiting immediate downside
▪ A new factor emerged: digital asset treasuries, with companies acquiring
$BTC for balance sheets
▪ Some whales reportedly reactivated wallets to supply BTC to these corporate buyers
▪ Despite absorption earlier in the year, continued whale selling added downward pressure after BTC peaked above $126K in October
▪ BTC later retraced to around $86K, down over 30% from the high
▪ Analysts note this cycle may differ from past ones
▪ New liquidity channels like ETFs and treasury firms are reshaping how profit-taking flows through the market
Key takeaway:
2025 wasn’t just about whales selling — it marked a structural shift in Bitcoin ownership, as early holders handed supply to institutions and long-term allocators.
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