Bitcoin prices stabilized around $108,100 on Saturday afternoon after large owners shipped large amounts of coins.
Based on the report, whales (early recruits and large miners) have supported over 500,000 BTC in the past 12 months. At today’s rate, its stash is worth $50 billion north. The institution grabbed almost every coin they let go. It’s a big change in who actually owns Bitcoin.
The whale passes through the torch
According to a review of Bloomberg’s 10x research data, wallets between 1,000 and 10,000 btc have been in balance from over 4.5 million coins in January 2023 to around 4.47 million coins in July 2025.
At the same time, addresses between 100 and 1000 btc jumped from nearly 4 million to 4.77 million. This shift shows that large players are trimming while medium-sized owners, often funds, or wealthy clients build the stack. It is happening quietly through transfers of grains that skip public interactions and private transactions.
Source: Bitcoin Treasuries
Institutions will enhance their interests
The Treasury Department of Finance, ETFs and Corporate Scooped up almost every coin that was dropped on the whales. Bitcoin Treasuries data shows that private companies have boosted their holdings from 279,374 BTC in July 2024 to 290,883 BTC today.
Public companies rose from 325,400 BTC to 848,600 BTC. The ETF led the fees and raised its balance from 1,039,000 BTC to 1,405,480 BTC. In total, these groups added 899,198 BTC ($96 billion) over the past year. Its purchasing power helped to balance the market as whales retreated.
Shift in holding chains
Medium-sized wallets are growing, but the biggest wallets are shrinking. That trend suggests a new type of investor is on the move.
Parataxis Capital co-founder Edward Chin said the relocation will be moved from anonymous holders to a regulated company that does not have public transactions. This quiet pipeline boosts activities on the chain and brings more surveillance to large Bitcoin transactions.
Volatility hits the decline for the first time in two years
Price fluctuations slowed as institutional trends rose. Delibit 30-day volatility gauge is at the lowest level in two years. Arca CIO Jeff Dorman compared Bitcoin today with a stable dividend payer who could potentially make annual profits in the 10-20% range.
This is far from the 1,400% surge seen in 2017. For long-term savers, stable returns look more appealing than wild gatherings.
Meanwhile, Fred Thiel, CEO of Miner Mara Holdings, said his company still owns all the mines. However, he warned that prices could fall if whale sales were taken up again and institutional appetite wanes.
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