Satoshi Nakamoto is the original ancient whale

Bitcoin was originally intended to serve as electronic cash for everyday payments, but it has now become a reserve asset. Over the past decade, BTC has also developed a strong 'hold' (hodl) behavior, leading to the emergence of multiple 'whale' wallets that have no intention of selling or transferring Bitcoin. This idle supply has been added to the wallets of early miners (including Satoshi Nakamoto's wallet).

Satoshi Nakamoto is the first large holder with a wallet that has been around for over a decade. Shortly thereafter, the supply of early miners also joined this cohort, reaching a new peak in 2025. Currently, an average of over 566 BTC is entering the ancient supply category, surpassing the daily addition of 450 BTC.

Over time, 17% of the peak Bitcoin supply, or approximately 3.5 million coins, is currently held long-term by 'ancient giant whales,' and these coins may never re-enter circulation. As time goes on, the coins locked in the hands of 'ancient giant whales' will only continue to increase.

Some ancient wallets are relatively smaller. Currently, only 93 wallets have a Bitcoin balance exceeding 10,000, as even the giants attempt to transfer assets to multiple addresses. Over 2 million wallets have a Bitcoin balance exceeding 1,000 BTC.