Analysts disagree on whether Bitcoin whales are selling their holdings or hoarding them.

Recent Bitcoin (BTC) network data has sparked heated debate among analysts after more than 470,000 BTC, which had been dormant for over seven years, began moving in 2025. While this appears to be a massive sell-off by long-standing holders, experts note that this is more likely a redistribution of assets and an upgrade of storage infrastructure than a similar scenario.

Charles Edwards of Capriole notes that the volume of large transactions has reached record levels. Many investors were actively moving $100 million and even $500 million. He described the chart as “very colorful,” which could indicate major investors exiting their positions. However, entrepreneur Willy Woo countered, stating that not all such transactions represent sales. Many of them represent the transfer of coins to Taproot addresses for quantum security or the placement of funds in custodial structures.

Wu also noted that some early coin holders use banking services like Sygnum to protect assets from potential attacks and as collateral for loans. Furthermore, some investors are involved in the creation of corporate vaults and treasury companies, where bitcoins are transferred into capital structures without taking profits, which is not formally considered a sale.

According to analyst Shanaka Perera, the net reduction in long-term holders' supply amounted to approximately 300,000 BTC, as new holders offset some of the withdrawals. Despite a move of approximately $50 billion in equivalent, the Bitcoin price is holding steady around $100,000 after a 20% correction from its local high. He emphasizes that this is a redistribution, not a market capitulation.

Source: cryptonews.net