Why did Bitcoin whales move billions in 2025

Source: PortaldoBitcoin Original Title: Why Bitcoin Whales Moved Billions in 2025 Original Link: This was the year when Bitcoin whales awakened. As the BTC price soared to new heights, long-term holders began moving billions.

Sales by veteran “HODLers” started after Bitcoin finally hit the much-anticipated $100,000 mark for the first time in December 2024.

Whales briefly reduced their sales before that, but started moving coins again in summer and October, according to blockchain data, contributing to the price decline.

“This year, Bitcoin saw an unprecedented amount of coins changing hands,” said CryptoQuant analyst JA Maartun. “I call this a ‘big redistribution,’ during which Bitcoin held by long-term investors was transferred to new owners in several waves.”

Strictly speaking, a whale is generally defined as a person or company holding 1,000 BTC — currently worth $87.8 million — or more. However, some experts use the term to refer to any wealthy holder.

Why move now?

After Bitcoin reached the much-anticipated $100,000 mark, whales began moving their coins, experts said. After holding them for more than 10 to 12 years, people — or companies that started mining Bitcoin early — were eager to realize profits after a decade or more of patience.

In fact, mass sales almost always occurred when BTC was on the rise.

“The first wave occurred in late 2024 and early 2025, followed by another in July 2025 and a third in November 2025,” added JA Maartun.

“During the first two waves, there was simultaneous demand from ETFs. This created a balance between supply and demand — in fact, demand was slightly stronger, which pushed the price up on both occasions.”

The sale by large investors to capitalize on Bitcoin’s huge appreciation may be just part of the explanation. Another reason for the possible movement of some of these coins could be the emergence of investment funds in digital assets.

Digital asset investment funds gained prominence this year, with companies accumulating Bitcoin and other cryptocurrencies as a way to try to beat inflation or boost their stock prices — although the latter effect is usually short-lived.

Some experts pointed to the reactivation of large Bitcoin investors this year, due to requests for them to contribute their coins to newly created digital asset investment funds.

The biggest sale among whales

In July, cryptocurrency market observers were perplexed when a mysterious Bitcoin whale started moving 80,000 BTC after holding the coins for 14 years. The asset’s price at the time was nearly $108,000.

Various rumors circulated about who could be responsible, until a cryptocurrency company announced the sale of the reserve to an anonymous Satoshi-era investor. The company stated that “this was one of the largest Bitcoin transactions in cryptocurrency history on behalf of a client” and “one of the first and most significant exits from the digital asset market.”

At the time, the whale pocketed nearly $9 billion.

But the sale, in fact, did not significantly harm the market. An executive from a major exchange revealed that some of the leading Bitcoin treasury funds and others wishing to include BTC in their balance sheets acquired the coins as soon as they hit the market, quickly absorbing the potentially negative impact on prices.

Although Bitcoin’s price may have remained stable with all the subsequent sales and purchases earlier this year, the main cryptocurrency has recently shown a downward trend.

After reaching a new peak above $126,000 in early October, Bitcoin dropped sharply, trading around $87,600 — a decline of about 30% from the peak. The usual four-year market cycle would suggest a bear market ahead, but many analysts believe the market dynamics have changed and that new gains may be on the way in 2026.

This time, things may be different, said Ki Young Ju, founder and CEO of CryptoQuant. Noting that the expected path of previous cycles may not unfold the same way.

“Traditionally, this would signal the end of a bull cycle, and large investors’ selling is still very active,” he said, before adding: “However, the old cycle theory may no longer fully apply, as the profit-taking dynamic has shifted from ‘big investors’ to retail.”

“New liquidity channels, such as exchange-traded funds and digital asset treasuries, make the cycle structure more complex,” he added.