Bitcoin whale supply in the 100–10k BTC cohort has contracted: these addresses now hold about 9.29 million BTC (≈47% of circulating supply), while average BTC per-address fell to ~480, suggesting redistribution across the network rather than concentrated accumulation.
Whales (100–10k BTC) control ~47% of circulating Bitcoin supply
Average BTC per address in this cohort declined to ~480 BTC, down from 560 in 2024.
Data points: Santiment and Glassnode on holdings; TradingView on price action — ~9.29M BTC across ~2,066 addresses (~$1.1T on-chain).
Bitcoin whale supply shows contraction to 480 BTC per address; analyze redistribution and market impact—read key data and expert context on on-chain liquidity.
What is Bitcoin whale supply and why does it matter?
Bitcoin whale supply refers to the cumulative BTC held by large addresses; it matters because shifts can signal liquidity events, profit-taking, or redistribution. Rapid changes in whale-held supply often precede market volatility and can indicate where large liquidity is available on-chain.
How have 100–10k BTC whales changed since late 2024?
Entities holding 100–10k BTC controlled roughly 9.29 million BTC, about 47% of circulating supply, per Santiment. Glassnode analysis shows average BTC per address in this cohort declined to ~480 BTC from 560 in 2024. This trend implies either broader distribution to smaller holders or coordinated, strategic sells by large addresses.
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Price context matters. TradingView recorded BTC rising to new highs in 2025, while whale per-address balances fell — an inverse pattern to prior cycles. That divergence suggests supply previously held by whales has been absorbed by retail, exchanges, and other on-chain participants without triggering a bear market.
Sources (plain text): Santiment, Glassnode, TradingView.
The per-address decline to ~480 BTC — back to 2018 levels — is significant because it coincides with persistent price strength. In 2022 a similar per-whale decline tracked a 63% price collapse to $17k; in contrast, the 2024–2025 decline occurred while BTC moved to new highs, indicating resilient demand and deeper distribution.
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