How Bitcoin Whales Shape the Market

How Bitcoin whales move markets, and the signals to ignore

In this new Cointelegraph in-depth video, we delve into the world of Bitcoin whales, the evolving market structure and how to avoid the pitfalls they set for retail investors.

Cointelegraph YouTube Subscribe

COINTELEGRAPH IN YOUR SOCIAL FEED

For more than a decade, Bitcoin’s largest holders have acted as the unseen forces behind many of the market’s biggest surges and deepest crashes.

These so-called whales have always held outsized influence, but their behavior throughout 2025 suggests that a major shift is underway that could fundamentally reshape how Bitcoin (BTC) behaves heading into 2026.

The turning point came on Oct. 10, a day many traders now view as the unofficial end of the most recent crypto bull market. While billions in retail positions were wiped out in minutes, one early Bitcoin whale walked away with roughly $200 million in profit.

At the same time, large, long-inactive wallets suddenly sprang back to life, moving thousands of BTC for the first time in years. The timing raised a familiar but uncomfortable question: How much power do whales really have over Bitcoin’s price, and what can their behavior tell us about the next phase of the market?

Cointelegraph's latest video delves into these questions, using onchain data and expert insights to examine both early “OG” whales and the newer class of institutional whales, including exchange-traded funds (ETFs) and publicly traded treasury companies.

We examine why OG whales have been selling heavily this year, how institutions absorbed that supply, and why institutional demand now appears to be slowing. We also explain why retail traders often misread whale activity and how these signals can lead to poor decisions.

To get the full analysis, watch the complete video on the Cointelegraph YouTube channel.