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Bitcoin whales hold decreased, large organizations increased purchases significantly from 2017 to 2025
Bitcoin whales holding more than 10,000 BTC have decreased since 2017, according to a chart by Willy Woo from Glassnode. The early investors, who bought BTC at prices of 0–700 USD, sold after holding for 8–16 years, possibly to take profit when the price of Bitcoin reaches over 112,000 USD in May 2025.
Despite whales reducing their holdings, institutions and large investment funds are still buying billions of USD, with the increase in Bitcoin exposure of venture capital funds and family offices at 1,289.8% and 476.6% respectively according to 21shares.
According to Glassnode, the selling behavior of whales is reasonable as they take large profits, while Bitcoin is redistributed to new institutional investors, with forecasts from 2023 indicating that the absorption rate of whales will fall by 67%.