Data Shows 40% Decline in Whale Holdings Since 2017 Amid Six-Figure BTC Prices

Bitcoin’s recent surge to record highs has sparked a new wave of profit-taking by long-time holders, particularly large-scale investors known as “whales.” According to on-chain data, these entities have been steadily reducing their positions for years — a trend that continues even as institutional and sovereign interest in BTC grows.

The trend highlights a notable supply shift in the Bitcoin ecosystem, as early adopters realize gains and new participants enter the market, often at six-figure price points.

Whale Holdings Decline 40% Over Eight Years

On June 3, prominent analyst Willy Woo posted a chart on X (formerly Twitter) showing that whale entities holding between 10,000 and 100,000 BTC have been gradually selling their holdings since 2017.

“Big whales have been selling since 2017,” Woo wrote, responding to questions about who is offloading BTC while institutions and sovereigns are actively buying.

“Who are the idiots who are selling when institutions and sovereigns are racing to buy billions in BTC?”

This chart sheds light. The big whales >10k BTC have been selling since 2017.

“They’re stupid!”

Most of those coins were bought between $0-$700 and held 8-16 years. pic.twitter.com/pv1elMx9N1

— Willy Woo (@woonomic) June 3, 2025

Woo explained that most of these coins were acquired when Bitcoin was priced between $0 and $700, and have been held for 8 to 16 years, implying that this cohort is primarily composed of early investors and miners.

Over the past eight years, the supply held by these whales has fallen approximately 40%, from around 2.7 million BTC to 1.6 million BTC, underscoring a slow but steady exit strategy by early market participants.

Profit-Taking Accelerates After Bitcoin’s Recent All-Time High

Data from on-chain analytics firm Glassnode supports Woo’s observation, pointing to a significant uptick in realized profits following Bitcoin’s most recent all-time high of nearly $112,000 on May 22.

In a June 3 update, Glassnode noted that the average BTC sold during this period locked in a 16% profit, reflecting the high levels of profit-taking activity now underway.

“Fewer than 8% of trading days have been more profitable for investors,” the firm reported, adding that the market is entering a “meaningful transition” toward realized gains.

Entity-adjusted realized profit briefly surged above $500 million per hour on three occasions during the day — levels that Glassnode described as “intense” even by bull market standards.

Woo: Long-Term Outlook Still Bullish Despite Sell-Off

Despite current selling pressure, Woo emphasized that Bitcoin’s long-term investment thesis remains intact. While he acknowledged that entering the market at six-figure prices may appear “unreasonable” in the short term, he suggested that a decade-long horizon could make today’s prices look relatively inexpensive.

“Within another 10 years, [Bitcoin] will probably be one of the best investments you’ll see in your investment career,” he stated.

This perspective echoes the views of many long-term Bitcoin advocates who see the current cycle as a redistribution phase — transferring coins from early adopters to a new wave of institutional investors, sovereign wealth funds, and retail participants.

Price Action: Bitcoin Holds $105,000 Support

Following its all-time high in May, Bitcoin has retraced approximately 5.5%, touching $105,000 on June 3 before rebounding to $106,800 later that day. However, bullish momentum was short-lived as the price slid back to around $105,750 in early trading on June 4.

Still, Bitcoin has maintained a historically significant milestone: it has now held above $100,000 for 27 consecutive days, surpassing the previous record of 18 days set in January 2025.

This price stability is viewed by analysts as a sign of increasing market maturity, with fewer extreme price swings and stronger support from institutional demand and regulated investment products like spot Bitcoin ETFs.

Institutional and Sovereign Demand Offsets Whale Sell-Off

While whale entities are reducing their exposure, demand from new players has grown significantly. In recent months, several public and private institutions have increased their Bitcoin allocations, including:

• National pension funds

• Sovereign wealth funds

• Public companies launching BTC treasuries

• Asset managers expanding spot ETF offerings

This shift in ownership is helping to absorb sell-side pressure, providing liquidity while also reshaping the Bitcoin investor base into a more diverse and institutionalized ecosystem.

Conclusion

Bitcoin’s recent price consolidation around the $105,000 mark comes amid a pronounced phase of profit-taking, particularly by early holders with significant unrealized gains. The 40% decline in whale-held BTC over the past eight years suggests that these entities are continuing to exit gradually, even as global interest in the asset accelerates.

Still, analysts remain bullish on Bitcoin’s long-term prospects, noting that new capital — from institutions, governments, and retail — is increasingly stepping in to support higher price levels. As early holders cash out, the next chapter of Bitcoin adoption may be defined by wider mainstream integration and a shift toward longer-term holding strategies.