According to new on-chain data from Santiment, Bitcoin’s largest non-exchange holders, wallets containing between 10 and 10,000 BTC, now collectively control 13.68 million BTC, or 68.62% of the total circulating supply. These wallets represent some of the most influential market participants, often setting the tone for broader price trends.
Between August 22 and October 12, these whales went on an aggressive buying spree, adding approximately 110,010 BTC ahead of Bitcoin’s most recent all-time high. However, recent activity shows that accumulation has paused, and slight distribution is underway.
Whales Offload 23,200 BTC Since Mid-October
Since October 12, Santiment reports that these same wallets have dumped roughly 23,200 BTC, signaling a measured reduction in exposure rather than a full-scale exit.
🐳🦈 Key stakeholders with 10-10K $BTC hold 13.68M $BTC, totaling 68.62% of all Bitcoin. Going into the last all-time high, they accumulated ~110,010 coins between Aug. 22 and Oct. 12. However, they have dumped ~23,200 coins since.
🔗 Track them here: https://t.co/XfBCHZ1z30 pic.twitter.com/iLXuMu1nYg
— Santiment (@santimentfeed) October 31, 2025
Historically, periods of whale profit-taking have aligned with short-term market cooling, though they often precede renewed accumulation once prices stabilize. The latest data suggests that whales are “taking their foot off the gas” after months of sustained buying, a move that may contribute to near-term consolidation in Bitcoin’s price.
Strategic Profit-Taking, Not Panic Selling
Despite the recent trimming, Santiment analysts emphasize that this is not a sign of mass distribution or bearish capitulation. Even after offloading, whales maintain a commanding 68.6% control of total supply, underscoring that the long-term holding base remains intact.
Previous cycles show similar whale behavior near local peaks, selling small portions into strength, then resuming accumulation once volatility subsides. This rhythm of strategic rebalancing often reflects profit realization and liquidity management, not trend reversal.
Market Outlook: Calm Before the Next Move
At the time of Santiment’s latest update (October 30), Bitcoin was trading around $109,000, holding key technical support levels even as short-term holders absorbed some profit-taking pressure.
If whale behavior mirrors previous cycles, a new phase of accumulation could follow once BTC consolidates above $100K, potentially setting the stage for the next leg of the parabolic advance.
In short, the recent whale outflows appear to be a healthy cooldown in an otherwise strong uptrend, signaling discipline rather than doubt.
