- A major reason could be the tilt of power in the hands of corporate players, both at miner level and as buyer level.
- Bitcoin whales also might be redeeming their BTC to reap profits or to diversify investments out of crypto.
- A mysterious whale on July 5, sold $8 billion worth of Bitcoins after a gigantic 13.9 million percentage gain.
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Top Reasons for Selling
There are several reasons for ancient whales to sell Bitcoin like shifting power into the hands of corporates, the urge to redeem gains, and the need for diversification.
Power Shifting into Corporate Hands
Bitcoin in 2025 isn’t the same as it was in 2015 and definitely not the same as the Bitcoin in 2009, both at the ownership level and at the miner level.
Over the years, several companies have made inroads into Bitcoin. This accelerated after Strategy’s entry into this space with Michael Saylor at the helm. Strategy was later followed by other companies like the Blockchain Group, MetaPlanet, Goldman Sachs, and many others.
At the miner level too, Bitcoin is being controlled by large corporate miners or miners working at a very large scale. This was not the scenario when Bitcoin started. Back in 2009, Bitcoin was primarily run by personal computers which powered its virtual machine. Nowadays, these corporate miners like Riot Blockchain have concentrated the mining power into a few hands.
Desire for Redeeming Profits
How long can someone stay without claiming the gains of their efforts? Some whales have spent nearly 15 years doing so.
On July 5, a Bitcoin Whale moved nearly $8.6 billion worth of Bitcoins (most probably to sell) after accumulating gains over the last one and a half decade. This whale has an unrealized gain of 13.9 million percent and is believed to have made these gains by mining Bitcoin (an OG Miner).
Diversification
With the mainstream adoption of Bitcoin, it seems that the fast growth phase of Bitcoin has come to an end. We expect Bitcoin to end a relatively slower growth phase in the future.
This phase could discourage whales who are looking for faster and higher returns and hence could have been selling Bitcoin to move their profits out of Bitcoin.
Long Term Holding Still at Peak
Despite selling by some ancient whales, Bitcoin is seeing a new influx of long-term holders. Ancient whales had been selling Bitcoin throughout its life.
Current long term holders who are likely to avoid any panic or prudential selling are indeed at their peak holdings. According to Glassnode, they now control over 14.7 million Bitcoins i.e., 67% of the total supply (21 million BTC).
Therefore, there seems no reason to panic.
Disclaimer: Crypto markets are volatile in nature. All articles in this website are informational and are not financial advice. Please consult your financial adviser before investing.
