<ul data-eligibleForWebStory="true"><li>Since Tesla's $1.5 billion Bitcoin purchase in February 2021, the number of wallets holding over 1,000 BTC has been steadily declining.</li><li>The approval of spot Bitcoin ETFs briefly spiked whale wallet counts, but the growth was short-lived.</li><li>Despite Bitcoin's mainstream adoption and price rallies, the number of large wallets has shown minimal growth.</li><li>This trend raises questions about whether Tesla's Bitcoin purchase marked a broader shift in how large holders engage with the market.</li><li>Factors like a more diversified investor base, increased use of custodial services, or splitting coins across addresses could explain the stagnation in whale accumulation.</li><li>Bitcoin's price hitting new highs contrasts with the evolving makeup of its largest holders.</li><li>This shift may have long-term implications for market dynamics.</li></ul>

Bitcoin Whales Have Been Shrinking Since Tesla’s $1.5B BTC Buy — Coincidence or Clue?

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