Bitcoin News
By Evie Vavasseur
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Whales Still Dominate, But Balances Shrink. Santiment data shows that entities holding between 100 and 10,000 BTC still control a commanding…
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Different From 2022’s Bear Market. One striking observation is how today’s trend differs from previous cycles.
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Turning Volatility Into Strength. In the last cycle, whales appeared to use volatility to their advantage, taking profits while…
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What It Means for Traders. For traders and long-term holders, the implications are twofold.
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Bitcoin’s largest holders—commonly referred to as whales—are undergoing a structural shift that has caught the attention of traders and analysts alike.
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Santiment data shows that entities holding between 100 and 10,000 BTC still control a commanding 47% of Bitcoin’s circulating supply, amounting to roughly 9.29 million BTC.
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Yet despite this concentration of wealth, Glassnode data highlights a noteworthy trend: the average per-wallet balance has steadily declined since late 2024.
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This marks a sharp decline from 2022, when whales held an average of 590 BTC each. The question now is whether whales are offloading assets due to lack of confidence, or if this…
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One striking observation is how today’s trend differs from previous cycles. In 2022, the drop in whale supply mirrored Bitcoin’s deep bear market, when prices collapsed by more…
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Fast forward to 2024 and 2025, however, and the context looks very different. Despite whale balances sliding, Bitcoin has surged into price discovery territory, climbing more…
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In other words, whale supply has fallen even as Bitcoin prices have rallied. That divergence suggests that smaller investors, institutions, and new entrants are absorbing supply…
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In the last cycle, whales appeared to use volatility to their advantage, taking profits while maintaining enough exposure to benefit from further rallies.
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So far this year, whale supply has dropped another 12%, yet BTC is up 70%—underscoring that Bitcoin’s liquidity base is broadening.
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For traders and long-term holders, the implications are twofold. On one hand, a shrinking whale concentration reduces the risk of market manipulation by a few large players,…
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Whether this trend is an early warning sign or a healthy structural evolution will depend on how the market reacts in the coming months.
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