The world of Bitcoin has seen some intriguing dynamics, with the current valuation stabilizing at approximately $108,100 as of Saturday afternoon. This comes on the heels of major holders liquidating significant amounts of this cryptocurrency.
In a noteworthy trend, reports indicate that large-scale investors, often referred to as “whales,” offloaded over 500,000 BTC in a span of a year. At present values, this equates to an impressive $50 billion. Notably, institutional buyers have absorbed a vast majority of these coins, highlighting a significant transformation in the distribution of Bitcoin ownership.
A New Era for Bitcoin Ownership
According to a detailed analysis by Bloomberg, which utilized data from 10x Research, wallets containing between 1,000 to 10,000 BTC have experienced a decline from over 4.5 million coins in January 2023, dropping to approximately 4.47 million by July 2025. This reflects a comprehensive shift in ownership dynamics.
Conversely, wallets with holdings between 100 and 1,000 BTC surged from almost 4 million to 4.77 million. This trend reveals that while the top tier of Bitcoin holders is reducing their stakes, mid-sized investors—including funds and affluent individuals—are actively increasing their portfolios. Many of these transactions occur outside the public spotlight through private arrangements, further obscuring market transactions.
Institutional Interest on the Rise
Notably, institutional players—including funds, exchange-traded funds (ETFs), and corporate treasuries—have effectively seized almost all coins released by whales. Recent data from Bitcoin Treasuries shows that private companies have increased their holdings from 279,374 BTC in July 2024 to 290,883 BTC today.
Similarly, public companies have expanded their ownership from 325,400 BTC to 848,600 BTC, while ETFs have elevated their collections from 1,039,000 BTC to 1,405,480 BTC. Collectively, these groups have acquired 899,198 BTC—valuing approximately $96 billion—over the past year. This bolstered demand has played a crucial role in stabilizing the market as whale activity diminishes.
Shifts in On-Chain Dynamics
The trends indicate a growing presence of medium-sized wallets, while the largest wallets are dwindling. This transition suggests the entry of a new wave of investors into the Bitcoin ecosystem.
Edward Chin, co-founder of Parataxis Capital, emphasizes that in-kind transfers facilitate the movement of coins from anonymous holders to regulatory-compliant entities without necessitating public exchanges. This discreet methodology enhances on-chain activity and encourages increased oversight of substantial Bitcoin transactions.
Stability in Market Volatility
As institutional investments surge, the volatility of Bitcoin has reached its lowest point in two years. The 30-day volatility index on Deribit has settled at a strikingly low level. Jeff Dorman, CIO of Arca, has likened today’s Bitcoin environment to that of a consistent dividend-yielding asset, potentially yielding annual returns of 10–20%.
This stability represents a stark contrast to the astronomical 1,400% influx experienced in 2017. For long-term investors, the allure of more reliable returns is becoming increasingly appealing compared to the erratic price fluctuations of the past.
Meanwhile, Fred Thiel, CEO of miner MARA Holdings, notes that the company continues to hold every Bitcoin it mines. However, he warns that should whale selling accelerate again or institutional demand begin to wane, the market could face downward pressures.
Featured image from Meta, chart from TradingView
