Who Controls Bitcoin's Price? The Answer Is More Dangerous Than You Can Imagine

Since Bitcoin's launch more than 15 years ago, the same question has been repeated: Who determines its price?

Is it the hands of large investors, known as "whales"?

Or are the developers developing the Bitcoin protocol the influencers?

Or are governments and economic decisions the primary drivers?

In 2025, the picture looks more complex than ever.

First: Whales – The Most Influential Player

Whales are investors or institutions that hold thousands of Bitcoins. Although Bitcoin is a decentralized system, the movements of these large wallets can change the market's direction.

The number of wallets holding more than 1,000 Bitcoins rose to more than 1,450 by May 2025.

Institutions such as MicroStrategy and BlackRock together control nearly 6% of the total supply, a huge number considering the total supply is fixed at 21 million coins.

But it doesn't stop at just accumulation. Whales often sell at peak periods, leading to sudden market corrections.