Bitcoin Whales Trim Holdings as Volatility Rises in Late-Cycle Market

Bitcoin whales cut holdings by 23,200 BTC after the rally past $109K, signaling cooling sentiment in a late-cycle market.

Santiment data shows three accumulation and sell phases since May, with rising volatility shaping short-term market swings.

Despite whale trimming, broader crypto confidence stays strong as real-world adoption and new laws fuel long-term optimism.

Bitcoin’s largest holders have begun reducing their positions after months of heavy accumulation, signaling shifting sentiment in the late stages of the current market cycle

Santiment data shows that wallets with 10–10,000 BTC currently own 13.68 million BTC, or around 68.6% of the whole supply. But since October 12, these whales have sold off almost 23,200 BTC, which coincides with the latest surge of Bitcoin above $109,000.

Large Holders Adjust Positions Amid Price Swings

Between May and October 2025, Santiment’s data shows three clear accumulation and dumping cycles. The first occurred between May and mid-June, when major holders accumulated 112,890 BTC before dumping 31,300 BTC. During that time, Bitcoin traded below $70,000, showing limited momentum.

Source: Santiment

The second wave took place between June and late August. Whales added 73,200 BTC but later sold 38,600 BTC as Bitcoin approached $65,000. Consequently, this selling led to a period of price stagnation. The third and most aggressive cycle began in September. Key holders accumulated about 110,000 BTC, pushing total holdings to a peak of 13.68 million BTC before trimming positions again in mid-October.

Analyst Daan Crypto Trades noted that Bitcoin’s Volatility Index increased in October. “$BTC’s Volatility Index has seen a small impulse recently in October,” he said. “This comes after the all-time high sweep and following large liquidation event on the 10th of October.” He added that liquidity remains thin, and the market is now moving several percentage points daily—something rarely seen earlier in the year.

Broader Market Confidence Remains Strong

Despite whale selling, optimism persists across the broader crypto landscape. Commentator Sykodelic expressed confidence in continued growth, saying, “After four years of growth and adoption, do we honestly think the total crypto market cap will only push 40% from its previous high?”

Source: Sykodelic

He emphasized that innovations such as Bitcoin reserves and the GENIUS Act for stablecoins are driving real-world utility and long-term confidence in digital assets.

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