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.

Why move now?

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."

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.

The biggest whale sale

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.

Rumors swirled over who it could be before institutional crypto firm Galaxy said that it had sold the stash for an unnamed Satoshi-era investor. Galaxy said that "it was one of the largest notional Bitcoin transactions in the history of crypto on behalf of a client," and "one of the earliest and most significant exits from the digital asset market." 

The whale cashed in on nearly $9 billion at the time.

But the sale didn't actually hurt the market much at all. Galaxy Digital CEO Mike Novogratz revealed that top Bitcoin treasury Strategy and other firms wanting to put BTC on their balance sheet snapped up the giant whale's coins when they hit the market, rapidly absorbing the potentially negative impact on prices.

Bitcoin's price may have held steady with all the selling and subsequent buying earlier this year, but the leading cryptocurrency has been trending down of late.

After setting a new peak above $126,000 in early October, Bitcoin has fallen sharply, sitting at a price around $86,000 as of December 15—down more than 30% from the peak. The usual four-year market cycle would suggest a bear market is ahead, but many analysts believe that market dynamics have changed and further gains could be on the horizon for 2026.

Things could be different this time, CryptoQuant founder and CEO Ki Young Ju told Decrypt, noting that the expected path from previous cycles may not unwind the same way.

"Traditionally, this would signal the end of a bull cycle, and whale selling is still very active," he said, before adding, "However, the old cycle theory may not fully apply anymore, since the profit-taking dynamic has 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.

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