This was the year the Bitcoin whales woke up. As the price of the leading cryptocurrency soared to new heights, longtime holders started making moves to the tune of billions of dollars.
Selling from O.G. “HODLers” began after the leading cryptocurrency finally hit the mythical $100,000 mark for the first time in December 2024. Whales then briefly slowed their sales before, but started shifting coins again in the summer and in October, according to blockchain data, helping contribute to declining prices.
“This year, Bitcoin has seen an unprecedented amount of coins change hands,” CryptoQuant analyst J.A. Maartun told Decrypt. “I call this the ‘great redistribution,’ during which Bitcoin 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 holds 1,000 BTC—worth $86 million as of December 15—or more. But some experts in the space (especially on Crypto Twitter) use the term to refer to any wealthy holder.
Whales started shifting coins after BTC hit the long-awaited $100,000 mark, experts told Decrypt. After holding for more than 10-12 years, people—or companies that were early to mining Bitcoin—were eager to cash in on gains after a decade or more of patience.
In fact, the heavy selling has almost always taken place when BTC was riding high.
“The first wave occurred at the end of 2024 and the beginning of 2025, followed by another in July 2025 and a third in November 2025,” J.A. Maartun added. “During the first two waves, there was simultaneous demand from the ETFs. This created a balance between supply and demand—actually, demand was slightly stronger, which pushed the price up on both occasions.”
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Whales selling to take advantage of Bitcoin’s enormous price surge may only be one part of the puzzle, however. Another reason that some whales may 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 hot this year, with companies stockpiling Bitcoin and other coins as a way to try and beat inflation or boost their stock prices—though the latter was typically short-lived. Some experts pointed to BTC whales reactivating this year because they’re being asked to contribute their coins to newly formed digital asset treasuries.
Crypto market observers were dumbfounded in July after a mysterious Bitcoin whale started moving 80,000 BTC after holding the coins for 14 years. The price of the asset then was nearly $108,000 at that point.
