Whales have sold over 500,000 BTC worth north of $50 billion in the past 12 months, with institutions acquiring almost all of the coins.
Big holders are transferring ownership, with wallets holding 1,000–10,000 BTC decreasing while those with 100–1,000 BTC are increasing, indicating a shift in ownership.
Institutions, including funds, ETFs, and corporate treasuries, have significantly increased their Bitcoin holdings, helping to maintain market balance despite whales reducing their stakes.
Medium-sized wallets are expanding, suggesting a change in investor demographics. The increase in institutional activity has led to lower volatility in Bitcoin prices, resembling a steady dividend payer.