Key Takeaways
- Longtime Bitcoin whales have sold over 500,000 BTC in the past year, worth over $50 billion.
- Institutional buyers, including ETFs, corporates, and asset managers, have absorbed nearly 900,000 BTC over the same period.
- Bitcoin ownership is undergoing a generational shift, with implications for volatility, market structure, and investor risk.
A quiet but dramatic shift is reshaping the Bitcoin (BTC) market in 2025.
Longtime holders, including early miners, offshore funds, and anonymous whale wallets, are cashing out, while institutions are stepping in to replace them.
Whales Exit, Wall Street Moves In
Over the past year, whales have sold more than 500,000 BTC, according to data from 10x Research.
That’s over $50 billion in value, and it closely mirrors the net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
These early holders aren’t just exiting, they’re reallocating. Many have reportedly shifted their exposure to equity-linked deals or private investments outside public crypto markets.
Meanwhile, institutional accumulation has surged. ETFs, corporate treasuries, and asset managers now control approximately 4.8 million BTC, nearly 25% of the circulating supply, a sharp increase from just a few years ago.
A New Era for Bitcoin Ownership
As Bitcoin’s investor profile changes, so does its behavior in the market.
Volatility has cooled, with the Deribit BTC Volatility Index recently hitting a two-year low.
Prices have stabilized around $110,000, but gains are more modest. Analysts now project 10–20% annual returns, a far cry from the triple-digit surges seen in earlier bull runs.
Still, the transition brings new risks. While institutions provide price stability, they may also facilitate the exit of early whales.
If demand from ETFs and corporates slows, the market could become vulnerable.
Historical data shows what can happen when large holders start selling and institutional inflows dry up.
In 2018, a 2% outflow preceded a 74% crash. In 2022, a 9% outflow led to a 64% drop.
For now, institutional demand remains strong, but the shift in ownership means any reversal could hit differently.
First Half of 2025: Corporates Overtake ETFs
Bitcoin’s trajectory in 2025 has taken a notable turn. Public companies are now outpacing ETFs in BTC accumulation.
In the first half of the year, listed firms added over 245,000 BTC, up 375% year-over-year and nearly double what ETFs acquired.
The second quarter alone saw corporate buyers snap up 131,000 BTC, compared to 111,000 BTC added by ETFs.
Corporations now hold about 855,000 BTC, or 4% of the total supply, often using Bitcoin as a strategic treasury asset to enhance shareholder value.
This marks the third consecutive quarter of corporate accumulation beating ETF flows.
Leading the charge is Strategy, which owns nearly 600,000 BTC.
Other high-profile holders include MARA, which has nearly 50,000 BTC, and new entrants like GameStop, KindlyMD, and ProCap.
Policy shifts under Donald Trump’s administration, including a March executive order to establish a U.S. Bitcoin reserve, have further accelerated institutional momentum.
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