For more than a decade, Bitcoin’s largest holders have acted as invisible forces behind many of the market’s biggest rallies and deepest crashes.
These so-called whales have always wielded outsized influence, but their behavior throughout 2025 suggests that a major shift is underway that could fundamentally reshape the behavior of Bitcoin (BTC) as we approach 2026.
What some traders considered a turning point occurred on October 10, a day that many traders now view as the unofficial end of the most recent crypto bull market. As billions of retail positions were wiped out in minutes, an early Bitcoin whale walked away with around $200 million in profits, according to Onchain data.
At the same time, large, long-dormant wallets suddenly came back to life, moving thousands of BTC for the first time in years. This timing raised a familiar but uncomfortable question: How much power do whales really have over the price of Bitcoin, and what can their behavior tell us about the next phase of the market?
Cointelegraph’s latest video delves into these questions, using on-chain data and expert opinions to examine both the early “OG” whales and the new class of institutional whales, including exchange-traded funds (ETFs) and publicly traded treasury companies.
We examine why OG whales have sold off heavily this year, how institutions have absorbed this supply, and why institutional demand now appears to be slowing. We also explain why retail traders often misinterpret whale activity and how these signals can lead to poor decisions.
To get the full analysis, watch the full video on the Cointelegraph YouTube channel.
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