For more than ten years, Bitcoin’s largest holders have influenced many of the market’s biggest surges and deepest crashes.
These so-called whales have always wielded significant power, but their actions in 2025 suggest a fundamental shift that could reshape Bitcoin (BTC) dynamics as we head into 2026.
The pivotal moment occurred on Oct. 10, which many traders see as the unofficial end of the latest crypto bull market. While billions in retail investments were lost in moments, one early Bitcoin whale walked away with about $200 million in profit.
Simultaneously, large, previously inactive wallets suddenly came back to life, moving thousands of BTC for the first time in years. This raised an unsettling question: To what extent do whales really control Bitcoin’s price, and what insights can their behavior provide about the market’s next phase?
Cointelegraph’s latest video tackles these inquiries, utilizing on-chain data and expert opinions to explore both early “OG” whales and the newer cohort of institutional whales, including exchange-traded funds (ETFs) and publicly traded treasury companies.
We explore why OG whales have been selling off heavily this year, how institutions have absorbed that supply, and why institutional demand seems to be waning. We also clarify why retail traders often misinterpret whale actions, leading to poor decision-making.
For the full analysis, watch the complete video on the Cointelegraph YouTube channel.
Related: Bitcoin ‘extreme low volatility’ to end amid new $50K BTC price target
