Bitcoin Whales Hit Yearly Highs Amid Holiday Outflows

• The whale count has risen sharply, from roughly 1,350 to over 1,440 in a short time.
• According to the chart, large investors appear to be buying during this stable price period and not when the price is at its highest.
• Bitcoin and Ethereum ETFs saw large outflows, with $175 million leaving the Bitcoin ETF on Dec. 24.

Analyst Crypto Rover shared a chart showing the relationship between Bitcoin’s price and the number of whale holders (those owning 1,000 BTC or more). This metric is often used to track the behavior of large institutions, big funds, and the wealthiest investors. 

During most of 2025, whale count steadily declined, even while the price hit new highs, which suggests that big players were selling or taking profits. Recently, the whale count has risen sharply, rising from roughly 1,350 to around 1,440 in a short time, following a prolonged decline.

The rise is happening while Bitcoin’s price is moving sideways and not climbing to new record levels.

Based on the chart, large investors appear to be buying during this stable price period and not when the price is at its highest. In the past, such a pattern has often preceded a price rise.

Whales buy when the market is fearful or uncertain, and they sell when prices are surging and excitement is high. In other words, whales make moves before the average trader, so when they buy more, it can cause less Bitcoin available for others to sell, fewer coins sitting on exchanges, and a “calm before the storm” situation where price swings get smaller before a big move.

This supports Crypto Rover’s interpretation that whales are positioning long, even if price action appears indecisive in the short term.

Bitcoin ETFs outflows

For some time now, Bitcoin’s price has been hovering between $87,000 and $89,000. Federal Reserve interest rate decisions, ETF flows, and other economic news are all influencing the market, keeping the price moving sideways without a clear indication of up or down.

Bitcoin and Ethereum ETFs saw large outflows in December. Big funds like BlackRock’s IBIT were among those seeing more money pulled out than put in, pointing to caution amongst large investors.

The holiday season also played a role. Trading around Christmas helped extend the outflow of money from Bitcoin ETFs, including approximately $175 million withdrawal on December 24.

Related: Bitcoin Is Down as Whales Suppress Rally by Harvesting Yield via Options