Bitcoin Whale Shift: Billions to Institutions
Bitcoin's price remains stable around $108,100, despite a significant transfer of Bitcoin from large holders (whales) to institutional investors. Over the past year, whales have sold more than 500,000 BTC—valued at over $50 billion—with institutions acquiring the vast majority.
A Changing of the Guard
Data from 10x Research, as reported by Bloomberg, reveals a decrease in Bitcoin held by wallets containing 1,000–10,000 BTC, from 4.5 million in January 2023 to approximately 4.47 million in July 2025. Simultaneously, addresses holding 100–1,000 BTC increased from 4 million to 4.77 million. This shift indicates whales are reducing their holdings while medium-sized investors (often institutions or high-net-worth individuals) are accumulating Bitcoin through off-exchange transactions.
Source: Bitcoin Treasuries
Institutional Investment Surge
Data from Bitcoin Treasuries shows a substantial increase in Bitcoin holdings by institutions, including corporations, funds, and ETFs. Private companies increased their holdings from 279,374 BTC to 290,883 BTC, while public companies saw a dramatic rise from 325,400 BTC to 848,600 BTC. ETFs led the surge, increasing their holdings from 1,039,000 BTC to 1,405,480 BTC. In total, these groups acquired approximately 899,198 BTC (around $96 billion) over the past year.
Market Implications
This shift towards institutional ownership suggests a maturing market with increased regulatory oversight. In-kind transfers, as noted by Edward Chin of Parataxis Capital, facilitate the transfer of Bitcoin from anonymous holders to regulated entities without impacting public market prices. The increased institutional involvement correlates with a two-year low in Bitcoin price volatility, suggesting a more stable market.
While the current trend suggests stability, the market remains sensitive to potential shifts in whale selling behavior and institutional appetite. Fred Thiel of MARA Holdings cautions that renewed selling pressure could lead to price declines.
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