This year was that year Bitcoin The whale woke up. As the prices of major cryptocurrencies soar to new heights, longtime holders have begun dipping into billions of dollars of their funds.
Sold by OG”Hodler” began after major cryptocurrencies finally hit Whales then temporarily slowed sales, but began migrating coins again in the summer and October, contributing to the price decline, according to blockchain data.
“Bitcoin has seen an unprecedented amount of coin turnover this year,” said CryptoQuant analyst JA Maartun. decryption. “I call this the ‘Great Redistribution.’ During this period, Bitcoin held by long-term holders will be transferred to new owners in several installments.”
Strictly speaking, whale Typically defined by companies holding 1,000 BTC or more (valued at $86 million as of December 15). However, some experts in the field (especially on crypto Twitter) use the term to refer to the wealthy.
Why move now?
Whales started shifting coins after BTC reached the long-awaited $100,000 mark, experts said decryption. People and companies who started investing early after holding for more than 10-12 years. mining Bitcoin was eager to cash out its profits after more than a decade of perseverance.
In fact, large selloffs almost always occurred when BTC remained at high prices.
“The first wave occurred at the end of 2024 and beginning of 2025, followed by the second wave in July 2025 and the third wave in November 2025,” JA Martun added. “In 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 caused prices to rise in both cases.”
But whales selling to take advantage of Bitcoin’s huge price rally may be just part of the puzzle. Another reason why some whales are finally moving their coins could be the rise of digital asset treasuries following the model of Pioneer Strategy (formerly MicroStrategy).
digital asset safe It was hot this year.Companies have stockpiled Bitcoin and other coins as a way to beat inflation or boost stock prices, but the latter has generally been short-lived. some experts pointed BTC whales are being reinvigorated this year as people are being asked to donate their coins to a newly established digital asset vault.
biggest whale sale
Crypto market observers were stunned after the mysterious Bitcoin whale started in July On the move 80,000 BTC after holding the coin for 14 years. The property value at that time was approximately $108,000.
Ahead of institutional cryptocurrency company Galaxy, rumors swirled around who it was. said He reportedly sold the stash to an anonymous investor from Satoshi’s time. Galaxy said it was “one of the largest notional Bitcoin transactions in the history of cryptocurrencies on behalf of its customers” and “one of the earliest and most significant exits from the digital asset market.”
This whale made nearly $9 billion in profits at the time.
However, this sale did not actually cause much damage to the market. Galaxy Digital CEO Mike Novogratz revealed Top Bitcoin Treasury Strategies and other companies looking to keep BTC on their balance sheets snapped up the giant whale’s coins as soon as they hit the market, quickly absorbing any potential negative price impact.
Bitcoin’s price may have stabilized due to the sell-off and subsequent buy-back earlier this year, but the major cryptocurrency has been trending lower recently.
After hitting a new all-time high of over $126,000 in early October, Bitcoin has fallen sharply, and as of December 15th, it has fallen more than 30% from its all-time high, hovering around $86,000. While the typical four-year market cycle suggests a bear market is ahead, many analysts believe: market dynamics have changed And further gains may be expected in 2026.
CryptoQuant founder and CEO Ki Young Ju said things may be different this time. decryptionnote that the expected path from the previous cycle may not unwind in the same way.
“Traditionally, this marks the end of a bullish cycle, and whale selling remains very active,” he said, adding, “However, as profit-taking dynamics have shifted to ‘whale-to-retail,’ the old cycle theory may no longer fully apply.”
“New liquidity channels such as exchange-traded funds and digital asset government bonds are making the cycle structure more complex,” he added.
