2025 Bitcoin whales transfer billions of dollars! Why did they choose to sell this year? Experts analyze the reasons

In 2025, Bitcoin whales sold off billions of dollars after breaking major resistance levels. Experts point out that the market structure has become more complex due to corporate reserves and ETF additions. While there is support, caution against a pullback remains.

2025 Bitcoin Market Reallocation, Whales Transfer Billions of Dollars

Looking back at 2025, the price of Bitcoin ($BTC) repeatedly hit new highs, and long-dormant whales woke up, transferring billions of dollars worth of Bitcoin. What factors are driving this? What does it mean for future market trends?

Blockchain data analytics firm CryptoQuant analyst J.A. Maartun describes this phenomenon as a “large-scale reallocation,” which causes long-term Bitcoin holders to transfer their holdings in batches to new owners.

Why did Bitcoin whales choose to sell in 2025?

J.A. Maartun points out that the timing of whales beginning large-scale asset transfers mainly occurred after Bitcoin broke the $100,000 mark. These individuals or early miners who held Bitcoin for over 10 to 12 years, after patiently waiting for more than a decade, are eager to realize profits at high prices.

The whale sell-off wave mainly occurred in three phases: late 2024 to early 2025, July 2025, and November 2025. The first two waves coincided with strong ETF demand, with buying pressure even slightly exceeding selling pressure, which in turn pushed prices higher.

Apart from price factors, another driver of whale activity is the rise of crypto reserve companies (DAT). Inspired by Strategy (formerly MicroStrategy), many enterprises began reserving Bitcoin to hedge against inflation or boost stock prices.

J.A. Maartun speculates that some whales became active again this year because they were asked to allocate their Bitcoin into these newly established DAT companies to assist corporate asset management.

Image source: USA Herald J.A. Maartun speculates that some whales became active again this year because they were asked to allocate their Bitcoin into these newly established DAT companies.

Mysterious whale transfers $9 billion in a single transaction

In July this year, a mysterious whale suddenly transferred 80,000 Bitcoin after sleeping for 14 years. Subsequently, Galaxy Digital confirmed that this was an early investor from the Satoshi era, and they helped cash out approximately $9 billion.

Although the sell-off was staggering, it did not cause Bitcoin to plummet at the time. Galaxy Digital CEO Mike Novogratz revealed that this was because Strategy and other DAT companies quickly absorbed these coins, effectively mitigating potential price shocks.

Further reading:
Is Bitcoin quietly IPO-ing? Wall Street experts analyze why BTC has recently been weak

CryptoQuant: Halving cycle theory may no longer apply

Although market buying momentum was once strong, recent Bitcoin prices have shown a downward trend.

CryptoQuant CEO Ki Young Ju states that the traditional view often considers this as the end of a bull cycle, and whale selling remains active, but he believes this situation might be different.

The old cycle theory may not fully apply anymore because profit-taking dynamics are no longer simply from whales transferring to retail investors. With new liquidity channels like ETFs and DAT companies emerging, the current market cycle structure has become more complex.

Image source: Google Finance BlackRock Bitcoin Spot ETF IBIT performance this year

Bitcoin Market is in the Shoulder Stage, Holding Support at $70,000

In a previous interview, Ki Young Ju cited the on-chain wallet average return indicator (PNL index), indicating that, based on the 365-day moving average, the market has reached the shoulder stage of the cycle.

This suggests the market is at the midpoint between the shoulder and the head, with the possibility of a significant rally still present, but also the risk of a direct reversal downward.

Ki Young Ju believes that, although Bitcoin is unlikely to experience a repeat of past crashes of 70% to 80%, investors should be prepared for a maximum correction of around 30%. Using $100,000 as a baseline, a correction down to $70,000 is a possible scenario.

Further reading:
CryptoQuant CEO: Bitcoin is at the cycle shoulder! In the battle between old and new whales, a further 30% drop may occur?