According to BlockBeats, despite the continuous good news, Bitcoin prices have not broken the trading range for months. Long-silent whales are reducing their positions, while institutional investors are accelerating their purchases, changing the attributes of Bitcoin.
According to 10x Research data, in the past year, large holders sold over 500,000 Bitcoins, worth more than $50 billion. Some whales exchanged for stock-related assets through over-the-counter transactions.
Parataxis Capital co-founder Edward Chin stated that whales participate in equity financing transactions through physical contributions of Bitcoin to convert risk exposure.
Although whales are reducing their holdings, in the past year institutions have absorbed nearly 900,000 Bitcoins, holding about 4.8 million, accounting for 20% of the circulating supply. However, institutions may become an exit channel for whales, increasing risks when market sentiment reverses.
The main current risk lies in the supply-demand imbalance: if whales restart large-scale selling while institutional inflows stagnate, the market may plummet. In 2018 and 2022, capital outflows triggered a significant drop in Bitcoin prices.
