What to Know
- After being dormant for more than 15 years, 250 BTC from Satoshi-era wallets just moved.
- Modern whales currently own 68% of the BTC supply, having collected 218,570 BTC since March.
- As retail investors sell into strength, institutional accumulation accelerates, which raises doubts about Bitcoin’s decentralization in the ETF era.
Satoshi-era BTC whales are awake again. Today 250 BTC worth approximately $29.64 million were moved from five dormant wallets dormant for over 15.3 years to two fresh addresses this week, according to on-chain data.
A Structural Rotation
Earlier this month, eight Bitcoin wallets moved 80,000 BTC in the largest ever ‘Satoshi Era’ transfers. The resurgence of more and more Satoshi-era BTC has reignited speculation around early adopters re-entering the fold or cashing out. However, most analysts agree the broader trend reflects a generational shift from early holders to newer, more institutional players.
In a July 31 post on X, Santiment highlighted a strategic shift, with nearly 0.9% of Bitcoin’s supply moving into the hands of whales over the past four months, reinforcing long-term accumulation trends.
This coincides with a growing trend: Bitcoin’s largest stakeholders are quietly tightening their grip on the market. Santiment reports that wallets holding between 10 and 10,000 BTC have accumulated a staggering 218,570 BTC since late March. That haul has pushed their total share of Bitcoin’s circulating supply to over 68%, highlighting a shift in market control.
ETFs vs Self-Custody
While whales and institutions continue stacking sats, a new discussion is on the rise around how these entities choose to store their Bitcoin. The rise of spot BTC ETFs has offered investors regulated exposure to BTC without needing to self-custody. This shift could be playing a role in the ongoing transfer of BTC from legacy wallets to institutional-grade custodians.
However, as highlighted in a recent report, there’s a looming question of whether reliance on custodial vehicles like ETFs could become a vulnerability. A significant portion of Bitcoin is now held in vehicles that, while secure, are fundamentally different from self-custody, a core ethos of Bitcoin itself. Some fear that if these custodians were ever compromised or heavily regulated, the decentralized foundation of Bitcoin could be tested.
Correlation in Whale Moves and Market Behavior
Whales have been sending two signs lately: they are buying more and making targeted transfers. Bigger purchases from long-held wallets could mean that the owners are making money or repositioning.
But it looks like retail investors are selling into strength. In the last few weeks, new deposits at Binance have gone from $12 billion to over $16 billion. In April 2025, when the price of Bitcoin went from $78,000 to $111,000, whales took it off of CEXs to put it off-chain. Data suggests that whales have pulled out more than $200 million in BTC in the past several days alone, using dips to build up long positions. This mix suggests that whales are actively managing risk by selling off some of their old holdings and at the same time boosting their core positions in institutions or ETPs.
Bitcoin is currently trading at about $118,700 and has mostly stayed in a range over the past week. In the last 24 hours, it has only gone up 0.29%, and in the last seven days, it has gone down 0.14%. But in the last month, BTC has gone up 11%, and analysts are looking at $120,000 as a resistance.
Final Thoughts
The sudden movement of long-dormant BTC is a potent reminder that Bitcoin’s early adopters still hold strength. Yet, with over 68% of supply now controlled by modern whales, and institutions continuing to accumulate during periods of low volatility, the market is clearly transitioning.
As the buildup continues and resistance stays at $120K, many people think that a new bull cycle is coming, but this time it will be led by institutions with a lot of capital. We still don’t know if Bitcoin’s decentralized nature can survive in a world where ETFs are popular and institutions have power. However, for the time being, whales are wild awake and prepared to purchase.
Also Read: Twenty One Capital Hits 43,500 BTC with Tether’s Backing
