Bitcoin whales collectively awaken in 2025: an unprecedented "wealth transfer"

In 2025, as Bitcoin’s price broke through $100,000 and hit a record high of $126,000, the long-dormant Bitcoin “whales” began an epic collective action. On-chain data shows that these early investors holding over 1,000 BTC, some even dormant for 10 to 14 years, launched multiple rounds of large-scale selling this year, totaling hundreds of billions of dollars. Among them, a mysterious transaction from the “Satoshi era” transferred 80,000 BTC in a single move, cashing out approximately $9 billion. This whale activity, dubbed the “Great Reallocation” by analysts, is counterbalancing the new demand from spot ETFs and corporate balance sheets, profoundly reshaping the holder structure of Bitcoin and possibly indicating a fundamental change in the traditional four-year market cycle logic.

Why Are Whales “Waking Up” Collectively in 2025? Decoding the Three Major Selling Waves

For the Bitcoin network, 2025 will be remembered as a historic turning point. This year, those long-silent “whale” addresses with astonishing holdings began unprecedented activity. According to CryptoQuant analyst J.A. Maartun, Bitcoin experienced an “unprecedented mass token transfer”, which he called the “Great Reallocation”. This process was not a single event but unfolded in three clear waves, each closely linked to specific price milestones and market sentiment.

The first wave of selling started in late 2024 to early 2025, catalyzed directly by Bitcoin first reaching the long-anticipated $100,000 psychological threshold in December 2024. For many early miners, investors, and believers who held since 2012-2014, this milestone was monumental. Long-term holders finally saw substantial returns, triggering some to realize profits and achieve financial freedom. This reflects the most direct aspect of human nature and market law.

The second and third waves occurred in July and November 2025, corresponding to consolidation and pullback phases after Bitcoin surged to even higher levels. Maartun pointed out a key market dynamic: during the first two whale sell-offs, there was strong institutional buying demand in the US spot Bitcoin ETF market. This “Old Wealth Selling, New Wealth Buying” pattern created a delicate balance between supply and demand, and even caused prices to rise during the sell-offs because demand slightly outstripped supply. Additionally, the rising trend of “digital asset sheets” in 2025, where listed companies like MicroStrategy treat Bitcoin as a reserve asset, may have facilitated some early whales to offload assets through transactions with these companies, completing a compliant and structured exit.

Key Nodes and Market Impact of Bitcoin Whales in 2025

• Definition and Scale:
  • Whale Standard: Typically refers to entities holding 1,000 BTC (about $86 million, based on December 15 prices).
  • Historical Context: Some active addresses have been dormant for 10-14 years, belonging to “Satoshi-era” participants.
• Three Waves of Selling:
  • First Wave (Late 2024 - Early 2025): Triggered by Bitcoin’s first breach of $100,000, early holders began profit-taking.
  • Second Wave (July 2025): During high consolidation, an epic transfer of 80,000 BTC (worth about $9 billion) occurred.
  • Third Wave (November 2025): After a correction from the $126,000 all-time high, selling pressure re-emerged.
• Largest Single Transaction:
  • Quantity: 80,000 BTC
  • Value: approximately $9 billion (at a price of $108,000 at the time)
  • Holding Duration: 14 years
  • Counterparty: Executed with Galaxy Digital, involving buyers like Strategy and other listed companies seeking Bitcoin exposure.
• Market Impact:
  • Supply-Demand Balance: Whale sales, combined with spot ETF inflows and corporate purchases, created a hedge, alleviating downward pressure.
  • Cycle Debate: The traditional “whale sell-off signals market top” theory is challenged; market structure has become more complex due to institutional participation.
  • Price Performance: Despite frequent whale activity, Bitcoin hit new highs before October; afterward, it retraced to $86,000, about 30% below the peak.

The $9 Billion Massive Transaction: The End and New Beginning of the “Satoshi Era”

In July 2025, a transaction shook the entire crypto world. A Bitcoin address dormant for 14 years suddenly woke up and started moving its holdings of 80,000 BTC. At nearly $108,000 per BTC at the time, this wealth was close to $9 billion. News spread rapidly, sparking speculation about the owner’s identity—Satoshi himself? Or early core developers or miners?

Soon, the mystery was revealed by Galaxy Digital, an institutional crypto firm. The firm confirmed that this transaction was executed on behalf of an anonymous “Satoshi-era investor”. Galaxy described it as “one of the largest nominal Bitcoin transactions in crypto history on behalf of a client” and “one of the earliest and most significant exit events in the digital asset market.” This was not just a massive cash-out but a symbolic moment: it marked that some of the earliest and most steadfast anonymous Bitcoin holders chose to “retire” at a market high, converting paper wealth into real fiat currency.

However, the impact of this theoretically market-crushing “sell bomb” was quietly absorbed. Galaxy CEO Mike Novogratz revealed that institutional buyers, led by Strategy and seeking to include Bitcoin in their balance sheets, quickly absorbed this massive supply. This event exemplifies the new dynamics of Bitcoin’s market in 2025: “Old money” (early whales) exiting, replaced entirely by “new money” (corporate and ETF investors). The presence of institutional counterparties is a stability factor unseen in previous bull cycles. It indicates that Bitcoin’s liquidity and investor base have undergone a qualitative leap; individual actions are increasingly less capable of influencing long-term trends.

Whale Selling vs. Institutional Buying: Why Didn’t the Market Collapse?

Faced with whale sales worth hundreds of billions, a natural question is: why didn’t Bitcoin experience a catastrophic crash? As of December 15, the price, although down from the $126,000 high to around $86,000—a 30% correction—was much milder compared to past bull market peaks with 80%+ drops. The key lies in an unprecedented institutional buying force emerging on the other side.

This buying power mainly comes from two sources. First, the US spot Bitcoin ETF. Although ETF fund flows fluctuate, they have provided continuous and substantial new demand. During the first two whale sell waves, net ETF inflows effectively absorbed much of the selling pressure. Second, as mentioned earlier, the corporate digital asset sheets. Taking MicroStrategy as an example, more companies are viewing Bitcoin as part of their corporate asset allocation. These are not short-term traders but long-term strategic holders, whose buying behavior is structural and planned, providing a solid bottom support.

CryptoQuant founder and CEO Ki Young Ju insightfully notes this shift. He states that although whale selling remains active, traditionally signaling market top, “the old cycle theory may no longer fully apply”. Because profit realization dynamics have shifted from “whales selling to retail” to “whales selling to institutions”. He added: “New liquidity channels like ETFs and digital asset sheets make the cycle structure more complex.” In other words, the Bitcoin being sold isn’t leaving the system but is transferring from one long-term holding anonymous wallet to another institutional treasury or fund product. The ownership transfer does not weaken overall conviction; instead, it may enhance asset stability and legitimacy perception.

After the “Great Reallocation”: Has the Bitcoin Market Cycle Theory Failed?

This unprecedented “Great Reallocation” has pushed Bitcoin into a critical crossroads, sparking deep debate about the validity of its classic four-year halving cycle theory. Traditionally, the cycle model suggests that after halving-induced supply contraction and retail FOMO-driven price increases, large-scale profit-taking by early whales and miners signals a market top, followed by a long, painful bear market bottoming phase.

However, the 2025 market landscape challenges this view. Whales are indeed selling, but prices have not plummeted sharply because the buyers have shifted from vulnerable retail investors to well-funded institutions. This may reshape the market’s top and bottom formations. Corrections could become shallower, and durations shorter. Ki Young Ju’s description of a “more complex cycle structure” is the best explanation. The market is no longer a simple, retail-driven cyclical machine but has evolved into a complex ecosystem influenced by macro liquidity, institutional asset allocation decisions, regulatory developments, and traditional financial products.

Therefore, relying solely on historical cycle patterns to predict future trends is increasingly risky. Focus should shift to more resilient fundamental indicators: for example, whether long-term net inflows into spot ETFs can sustain; whether corporate Bitcoin holdings evolve from individual cases to widespread adoption; and how global monetary policies affecting “digital gold” Bitcoin will develop. In this “reallocation” process, Bitcoin is accelerating from a highly speculative fringe asset to a mature store of value and allocation asset embraced by global institutional balance sheets. This process will inevitably involve volatility, but the underlying narrative and holder structure are now fundamentally different from the market dominated by geeks and adventurers ten years ago. The awakening of whales is not a death knell but perhaps the beginning of a broader, more stable new era.