Large Bitcoin investors, also known as whales, have transferred unusually large amounts of BTC in recent weeks. On-chain data from CryptoQuant shows net outflows of around $16.5 billion. This equates to approximately 2.7 percent of total whale holdings.
CryptoQuant chief analyst Julio Moreno explained on X that this represents the largest 30-day decline among these investors since the beginning of the current cycle. Moreno called this “one reason for the decline in the Bitcoin price.”
Further on-chain data suggests that these investors may be predominantly long-term investors. However, whether the massive movements actually represent sales or merely shifts between wallets remains unclear.
Institutional demand, on the other hand, remained stable. Bitcoin spot ETFs also continue to record inflows. Furthermore, the so-called “shark” investor class—investors holding between 100 and 1,000 Bitcoin—has recently seen a significant increase in demand. A massive price drop, therefore, seems unlikely.