Bitcoin Whales Cut Back: Average Holdings At Lowest Since 2018

I've been watching the crypto market closely, and what's happening with Bitcoin whales right now is frankly concerning. These major players—those holding between 100 and 10,000 BTC (worth $11.2M to $1.1B)—have dramatically reduced their positions to levels we haven't seen since December 2018.

The average whale now holds just 488 BTC, according to Glassnode's data. That's roughly worth $352,870 at current exchange rates—a significant reduction from their peak holdings in early 2022. What's particularly troubling is how these whales have responded to recent market movements.

Rather than backing the rallies we've seen throughout 2024, these heavyweight investors have accelerated their selling alongside price increases. The late 2024 rally especially saw these investors dump their holdings at an alarming pace.

This behavior marks a stark contrast to 2023's recovery period when whales cautiously began accumulating again, albeit more slowly than in previous cycles. That accumulation continued until mid-2024 before reversing course.

Meanwhile, Ethereum's situation tells a different story. The "mega whales" holding more than 10,000 ETH ($44.6M) initially participated in buying during recent price surges but have now stopped accumulating completely.

Bitcoin currently trades around $111,900, up slightly over the past day, but this whale behavior pattern could signal trouble ahead. When the biggest players in the market reduce exposure this dramatically, it often precedes significant market movements.

I can't help but wonder if these whales know something the rest of us don't. Their reluctance to hold through what should be bullish periods contradicts typical investment strategies and raises questions about their confidence in Bitcoin's near-term prospects.

The timing is particularly interesting with renewed US-China trade tensions sending shockwaves through global markets. Perhaps these whales anticipated the volatility we're now seeing across asset classes.