Although Bitcoin’s price surged to approximately $124,000 during 2024–2025, the average holdings of Bitcoin whales experienced a marked decline, reaching their lowest level since 2018 with an average of 488 BTC per whale in the third quarter of 2025. This reduction in average holdings was primarily driven by diminished activity among “ultra-whales,” defined as those holding more than 10,000 BTC, who began to liquidate significant portions of their reserves. Concurrently, a notable increase in the number of smaller whale addresses, holding between 1,000 and 10,000 BTC, was observed, reaching 19,130 addresses. This fragmentation suggests a redistribution of Bitcoin ownership, indicating profit-taking behavior after the substantial price rally. Satoshi Nakamoto, believed to be the largest Bitcoin whale, is estimated to hold about 1 million BTC, highlighting the scale of individual holdings that can influence market dynamics.
The decline in whale holdings aligns with broader market trends reflecting widespread distribution across all wallet sizes, from large holders to those with less than one Bitcoin. The accumulation trend score dropped to 0.26 in late August 2025, falling below the 0.5 threshold that typically signals net distribution rather than accumulation. Additionally, inflows into U.S. spot Bitcoin ETFs decreased substantially from over 3,000 BTC per day in April to 540 BTC per day by September 2025, reinforcing the narrative of reduced buying pressure and increased selling activity. Despite this general sell-off, the rising number of whale addresses implies that some investors are simultaneously accumulating, suggesting a complex market dynamic. More addresses holding significant BTC imply decentralization and risk dispersion in the market.
Whale activity remains a critical factor influencing Bitcoin’s price volatility and liquidity, with large sell-offs capable of triggering sharp price declines and broader market reactions. Conversely, whale buying can incite price rallies and bolster market confidence, although many whales prefer over-the-counter trades to mitigate disruptive effects. In this framework, monitoring whale behavior offers valuable insights into market sentiment and potential price trajectories, particularly during periods of heightened volatility.
Institutional and corporate participation continues to expand, with public companies increasing Bitcoin holdings by nearly 200% over the past year to more than 844,800 BTC in 2025. Notable corporate holders include MicroStrategy with approximately 160,000 BTC and others like Coinbase and Riot Platforms holding thousands of Bitcoins each. This sustained institutional interest, alongside the revival of custody services by entities such as US Bancorp, underscores the growing mainstream adoption of Bitcoin despite the volatile actions of individual whale investors.
