Long-dormant Bitcoin whales move billions in 2025, institutions absorb supply
Bitcoin whales — addresses holding 1,000+ BTC — reactivated in 2025, moving billions of BTC in three main selling waves after prices crossed key milestones. Blockchain analytics from CryptoQuant and market observers identify waves at end-2024/early-2025 (post-$100k breakout), July 2025 (near $108k) and November 2025 (an 80,000 BTC transfer from a 14-year dormant wallet). One Satoshi-era sale of ~80,000 BTC (~$9 billion at $108k) was brokered with Galaxy Digital and reportedly absorbed by institutional treasuries such as Strategy (formerly MicroStrategy). ETF inflows and corporate buying helped offset sell pressure, supporting prices during the first two waves and muting larger crashes despite a subsequent pullback from a $126k peak to about $86k by mid-December. Key figures cited include CryptoQuant analysts J.A. Maartun and CEO Ki Young Ju, and Galaxy CEO Mike Novogratz. Traders should note: (1) large, long-dormant whale moves can trigger volatility but may be neutralised if institutions and ETFs provide strong bid; (2) monitoring ETF flows, corporate treasury purchases and on-chain large transfers is critical for gauging near-term liquidity and supply absorption; (3) redistribution from retail/whales to institutions may alter traditional cycle signals and affect future upside potential in 2026.
Neutral
The net market impact is neutral. Large whale liquidations typically create downward pressure and short-term volatility, but in 2025 major sales were largely absorbed by ETF inflows and corporate treasuries, which provided significant bid and limited price crashes. Historical parallels: past cycle tops saw dormant-wallet sales trigger corrections, but those events often led to deeper declines when buy-side liquidity was limited. Here, institutional absorption (e.g., Strategy buying, Galaxy brokering) blunted that effect, turning potentially bearish supply shocks into redistributed holdings. Short-term implications: expect heightened volatility around on-chain whale transfers, localized price dips during concentrated sells, and opportunities for swing traders. Liquidity metrics (exchange inflows, large transfer counts) and ETF subscription/redemption data will be key signals. Long-term implications: a shift of supply into institutional treasuries and ETFs could reduce retail-driven sell pressure and make future cycles more influenced by institutional strategy and macro flows, potentially supporting renewed upside in 2026 if demand persists. Monitor whether institutional bids remain consistent; if they falter, similar large sales could become more bearish.