Bitcoin Whales woke up in 2025 and moved billions in BTC – here’s why

This was the year when the Bitcoin whales woke up. As the price of the leading cryptocurrency soared to new heights, longtime holders began making moves worth billions of dollars.

Selling from OG “HODLers” started after the leading cryptocurrency finally hit In December 2024, the mythical $100,000 mark was crossed for the first time. Whales previously slowed their sales briefly, but began shifting coins again in the summer and October, according to blockchain data, contributing to falling prices.

“This year, Bitcoin has seen an unprecedented number of coins change hands,” CryptoQuant analyst JA Maartun said Declutter. “I call this the ‘great redistribution’, where Bitcoin that was held by long-term holders has been transferred to new owners in several waves.”

Strictly speaking, a whale is usually defined by an entity that owns 1,000 BTC (worth $86 million as of December 15) or more. But some experts in this field (especially on Crypto Twitter) use the term to refer to any wealthy asset.

Why move now?

Whales started shifting coins after BTC hit the long-awaited $100,000 mark, experts said Declutter. After holding on for more than 10-12 years, people – or companies that were there early mining Bitcoin was eager to cash in on gains after a decade or more of patience.

In fact, the heavy selling almost always occurred when BTC was high.

“The first wave took place in late 2024 and early 2025, followed by a second in July 2025 and a third in November 2025,” JA Maartun added. “During the first two waves, there was simultaneous demand from the ETFs. This created a balance between supply and demand. In reality, demand was slightly stronger, pushing the price up on both occasions.”

However, whales selling to profit from Bitcoin’s massive price increase may only be part of the puzzle. Another reason some whales have finally moved their coins may be the rise of digital asset treasuries, following the model of pioneer Strategy (formerly MicroStrategy).

Digital asset treasuries got warm this yearwith companies stockpiling Bitcoin and other currencies as a way to beat inflation or boost their stock prices – although the latter was usually short-lived. Some experts be to BTC whales being reactivated this year as they are asked to contribute their coins to newly formed digital asset treasuries.

The largest whale sale

Crypto market observers were stunned in July after a mysterious Bitcoin whale began move 80,000 BTC after holding the coins for 14 years. The price of the asset at the time was almost $108,000.

Rumors swirled about who it could be for the institutional crypto company Galaxy said that it had sold the stock to an unnamed Satoshi-era investor. Galaxy said that “it was one of the largest fictitious Bitcoin transactions on behalf of a client in crypto history” and “one of the first and most important exits from the digital asset market.”

The whale made almost $9 billion at the time.

But the sale didn’t actually hurt the market at all. Mike Novogratz, CEO of Galaxy Digital revealed Those top Bitcoin Treasury Strategy and other companies looking to put BTC on their balance sheets grabbed the coins from the giant whale when they hit the market, quickly absorbing the potentially negative impact on prices.

While the price of Bitcoin has remained stable after all the sales and subsequent purchases earlier this year, the major cryptocurrency has been on a downward trend lately.

After reaching a new peak above $126,000 in early October, Bitcoin has fallen sharply and stood at a price of around $86,000 on December 15 – more than 30% lower than the peak. The usual four-year market cycle might indicate a bear market is ahead, but many analysts believe this is the case The market dynamics have changed and further gains could be in store for 2026.

This time it could be different, CryptoQuant founder and CEO Ki Young Ju said Declutternoting that the expected path from previous cycles may not end the same way.

“Traditionally, this would mark the end of a bull cycle, and whale sales are still very active,” he said, before adding: “However, the old cycle theory may no longer fully apply as the profit-taking dynamics have shifted from ‘whales to retail.’”

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