Large Bitcoin Holders Dump 500,000 Coins

By The Financial District
Jul 9
2 min read

A silent transfer of control is reshaping the $2.1 trillion Bitcoin (BTC-USD) market.

Over the past year, Bitcoin whales have offloaded more than 500,000 BTC, worth over $50 billion at current prices.

A steady stream of sales by long-time whales — miners, offshore funds, and anonymous wallets — is being matched almost one-for-one by demand from institutional players like ETFs, corporations, and asset managers, Olga Kharif reported for Bloomberg News.

The result: Bitcoin is struggling to break out of its record high around $110,000.

Volatility is evaporating, and its role in the investment landscape is shifting. Despite bullish headlines — from corporate treasuries embracing Bitcoin to the Trump administration’s vocal crypto endorsement — the largest digital currency has remained range-bound for months.

Behind the scenes, long-dormant whales have been trimming positions just as institutions ramp up buying.

This transition is gradually recasting Bitcoin’s identity — from a high-octane trade to a slow-burn allocation.

Over the past year, large holders — or Bitcoin whales — have offloaded more than 500,000 BTC, worth over $50 billion at current prices, according to data compiled by 10x Research.

That figure is roughly equivalent to the net inflows into U.S. exchange-traded funds (ETFs) since their approval.

It’s also not far from the $65 billion amassed over the past five years by crypto treasury pioneer Michael Saylor and his firm, now known as Strategy (MSTR). Many of these whales date back to Bitcoin’s earliest cycles, when prices were far below current levels.

In some cases, whales aren’t simply selling — they’re swapping tokens for equity-linked deals, bypassing the open market. Institutions — including ETFs, Strategy, and dozens of corporate imitators — now control about 25% of all Bitcoin in circulation.

Back in 2020, researcher Flipside Crypto estimated that about 2% of trackable anonymous accounts controlled 95% of Bitcoin. That power dynamic is shifting — and fast.