This year marked a significant awakening among Bitcoin whales. As the price of the premier cryptocurrency surged to unprecedented levels, veteran holders began executing transactions worth billions of dollars.
The selling activity from original “HODLers” kicked off once Bitcoin finally breached the legendary $100,000 threshold in December 2024. After a brief pause in their sales, these whales resumed moving coins during the summer and again in October, according to blockchain analytics. Their actions played a notable role in driving prices downward.
CryptoQuant analyst J.A. Maartun described this phenomenon as an extraordinary volume of Bitcoin changing ownership throughout the year. He referred to it as “the great redistribution,” where long-term holders transferred their assets to new participants across multiple waves.
By definition, a whale is typically an entity possessing at least 1,000 BTC—valued at approximately $86 million as of mid-December 2024—but within crypto communities like Crypto Twitter, any affluent holder might be labeled a whale.
What Prompted These Moves?
Experts explained that whales began liquidating their holdings after Bitcoin reached its much-anticipated $100K milestone. Individuals or companies who had been mining or holding for over a decade were eager to realize profits following years of patience and accumulation.
This pattern of heavy selling usually coincided with periods when Bitcoin’s price was elevated.
“The initial wave occurred between late 2024 and early 2025,” Maartun noted, “followed by subsequent waves in July and November 2025.” During the first two phases, simultaneous demand from ETFs helped balance supply with slightly stronger demand that pushed prices upward on both occasions.
However, whale sell-offs driven by soaring prices are only part of the story. Another factor influencing some whales’ decisions was the emergence of digital asset treasuries inspired by pioneers like Strategy (formerly MicroStrategy).
This year saw growing interest in corporate digital asset treasuries—companies accumulating Bitcoin and other cryptocurrencies aiming either to hedge against inflation or enhance stock valuations (though such boosts were often short-lived). Some analysts suggested that reactivated BTC whales contributed coins toward these newly established treasuries.
Record-Breaking Whale Transaction
The crypto community was stunned when an anonymous whale moved an enormous sum: 80,000 BTC held for fourteen years suddenly changed hands in July while prices hovered near $108K per coin.
Speculation about this entity circulated until Galaxy Digital revealed it had facilitated this sale on behalf of an unnamed investor dating back to Satoshi-era times. The firm described it as one of history’s largest notional Bitcoin deals representing one of crypto’s earliest major market exits.
The transaction amounted close to $9 billion at that time but surprisingly did little damage market-wise. Mike Novogratz—the CEO at Galaxy Digital—explained how leading entities like Strategy quickly absorbed these coins onto their balance sheets upon release into circulation which mitigated negative pricing effects swiftly.
Despite all this buying and selling earlier this year keeping prices relatively stable initially; recently however Bitcoins have experienced notable declines after peaking above $126K during early October — dropping over thirty percent down near $86K by mid-December 2024.
Looking Ahead: Is This Cycle Different?
The traditional four-year cycle suggests bearish trends may follow such drops but many experts argue current market forces could pave way for renewed growth heading into 2026 due to evolving dynamics within cryptocurrency ecosystems.
Ki Young Ju—the founder & CEO at CryptoQuant—noted differences compared with previous cycles when speaking with Decrypt. He pointed out that although active whale selling continues now signaling typical bull run endings, the profit-taking behavior has shifted significantly from large holders towards retail investors instead.
“New liquidity avenues including exchange-traded funds along with corporate digital asset reserves complicate traditional cycle patterns,” he added .