Bitcoin miner moves $2,000 BTC They have been on Coinbase since 2010 (almost $200 million worth), making it the latest in a nascent new cryptocurrency industry trend. BTC Holders are selling or moving their funds after years of inactivity.
On-chain analysts have noticed that whales have been selling their holdings in waves since late 2024. By 2025, the number of whales in the world will be reduced to 3 million. BTC There are growing concerns that the sale could destabilize the market.
Why are Bitcoin holders selling now?
Bitcoin miners who earned rewards in 2010 earned $2,000 BTC After leaving the coin for 15 years, send it to Coinbase Exchange. At the current price of nearly $100,000 per Bitcoin, this transfer is worth nearly $200 million.
miner This is how Bitcoin addresses originally worked in 2010, before newer and better formats were introduced.
As reported by CryptoQuant, BTC It first exceeded $100,000 in December 2024, but there were three major sell-off periods in late 2024, July 2025, and November 2025.
80,000 whales migrated in July 2025 BTC It had been dormant for 14 years. Galaxy Digital backed the transaction, which was worth about $9 billion at a time when Bitcoin was trading at nearly $108,000. The company’s CEO, Mike Novogratz, acknowledged that companies like Strategy and other corporate Bitcoin buyers were quick to buy Bitcoin without causing the market to collapse. Strategies that have already been acquired 673,783 BTC As of early 2025.
intention BTCWill the price drop due to the sale of whales?
Bitcoin’s value was over $126,000 in early October 2025, but by mid-December it had fallen 30% to about $86,000. During the first two waves of whales selling their holdings, demand for Bitcoin ETFs was stronger than supply from sellers. Even as older holders cashed out, prices continued to rise due to ETF inflows.
Once ETF buying subsided and a new wave of whale activity arrived in November, prices finally began to fall.
after that BTC The halving event cut mining rewards in half, forcing mining companies to sell more Bitcoin to cover electricity and operating costs.
Major Bitcoin mining company Riot Platforms reports selling 1,818 units BTC During December, it generated $161.6 million in net revenue at an average price of $88,870 per coin. The sales reported in the filing were a significant increase from November, when the company sold just 38 units. BTC.
Back in January 2025, another dormant whale caused a stir when it sent 500 whales. BTC After six years of inactivity, Coinbase Prime was worth $47 million. The wallet originally received these coins when Bitcoin was trading at around $7,000. This means the holder received a 13x return on their investment.
Market observers have debated whether Bitcoin typically follows a traditional four-year cycle that includes a bear market after a price peak. Ki Young Ju, CEO of CryptoQuant, believes the market has changed because ETFs and corporate bonds have created new demand that did not exist in previous cycles. He believes further gains could be made in 2026 if institutional investors continue to buy.
Cryptopolitan reports that investment firms such as Berstein, Bitwise, Standard Chartered, and Grayscale agree with CryptoQuant executives in rejecting the importance of four-year cycles, as more relevant macro factors emerge depending on the maturity and regulatory landscape of the crypto market.