Bitcoin whale awakens in 2025 and moves billions of USD in BTC—What is the reason?

2025 is the year when Bitcoin “whales” start to operate more actively. As the leading cryptocurrency reaches new highs, long-term investors begin executing transactions worth billions of USD.

Sales from veteran “HODLers” started after Bitcoin first hit the legendary 100,000 USD mark in December 2024. Afterwards, the whales temporarily slowed down their selling, but continued shifting coins into the summer and October, according to blockchain data, contributing to price declines.

“This year, the amount of Bitcoin changing hands is unprecedented,” said J.A. Maartun, an analyst at CryptoQuant. “I call this a ‘major distribution phase,’ when Bitcoin held by long-term investors is transferred to new owners in multiple waves.”

By definition, a whale is usually an entity holding at least 1,000 BTC—equivalent to 86 million USD on December 15—or more. However, on Crypto Twitter and among some experts, the term “whale” is also used to refer to any wealthy investor.

Why are these movements happening now?

Experts explain that whales began moving coins after BTC reached the 100,000 USD milestone. After holding for over 10–12 years, early Bitcoin miners or individuals are eager to take profits after a decade of patience.

In fact, heavy selling almost always occurs when BTC is at a peak.

“The first wave occurred in late 2024 and early 2025, followed by the second wave in July 2025 and the third in November 2025,” Maartun added. “In the first two waves, ETF demand was also happening simultaneously. This creates a supply–demand balance, even slightly favoring demand, pushing prices higher during both periods.”

From Wall Street to Washington, Bitcoin hit new highs in 2025. Although the price has been slightly declining toward the end of the year, the previous record rally was supported by the White House, Bitcoin-buying companies, and ETF issuers tracking assets. The Bitcoin community also faces questions about privacy and decentralization principles. When Bitcoin first surpassed 126,000 USD in October, this increase stemmed from a much lower baseline.

Whales selling to capitalize on the rally

The fact that whales are selling to take advantage of Bitcoin’s enormous price surge is only part of the story. Another reason could be the increase in digital asset holdings, following the model of (Strategy, previously MicroStrategy).

This year, digital asset holdings have become popular, with companies stockpiling Bitcoin and other coins as a hedge against inflation or to boost stock prices—though often only temporarily. Some experts believe BTC whales are active again because they are invited to contribute coins into new digital asset reserves.

Largest whale transaction

Crypto market observers were surprised in July when a mysterious Bitcoin whale moved 80,000 BTC after holding for 14 years. The price at that time was nearly 108,000 USD.

Rumors circulated about the identity of this whale before Galaxy confirmed they had sold the Bitcoin to an early Satoshi-era investor. Galaxy described this as “one of the largest Bitcoin transactions in crypto history for a client” and “one of the earliest and most significant capital withdrawals from the digital asset market.”

This whale took nearly 9 billion USD in profits.

However, the sale did not significantly impact the market. Galaxy Digital CEO Mike Novogratz revealed that large Bitcoin holders like Strategy quickly bought back the coins, absorbing potential negative impacts on the price.

Current Bitcoin price trend

Although they have bought and sold multiple times, Bitcoin has recently been trending downward. After reaching over 126,000 USD in early October, the price dropped sharply to around 86,000 USD by December 15—more than 30% below the peak. The four-year market cycle often suggests a downward trend, but many analysts believe the market mechanism has changed and new growth opportunities could emerge in 2026.

Will crypto-buying companies become the pillars of Wall Street, or is this just a short-term trend like previous boom cycles? This question arises as many digital asset-holding companies have seen their stocks plummet after a year of volatility and continuous mergers.

“Maybe this time will be different,” Ki Young Ju, founder and CEO of CryptoQuant, shared with Decrypt. “Traditionally, this signals the end of a bull cycle, and whales are still actively selling. However, the old cycle theory may no longer apply, as the profit-taking motivation has shifted from ‘whales to retail investors.’

New liquidity channels like ETFs and digital asset reserves make the cycle structure more complex.”