Large Bitcoin Investors Are Not Making Purchases: Attention-Grabbing Data

In recent days, the fluctuations in Bitcoin prices have caught the attention of investors. However, large Bitcoin (BTC) investors are not taking advantage of price drops. This situation has been observed similarly before significant peaks in the past. According to a report from CryptoQuant, the changes in addresses holding 1,000 to 10,000 Bitcoin create a noteworthy signal.

According to recent data, the total balance of this address group has decreased by approximately 220,000 Bitcoin on an annual basis. This decline stands out as the fastest drop seen since the beginning of 2023. CryptoQuant states that the frequently mentioned 'whales have started buying' comments largely do not reflect the realities. Among the reasons for this are analyses made without filtering the on-chain data from exchange wallets and mining pools.

Additionally, it has been noted that internal wallet transfers at major exchanges lead to the perception of an artificial increase in whale balances. CryptoQuant emphasized that while significant increases in whale balances have been observed when exchange addresses are included, this situation is mostly stemming from internal wallet adjustments within Coinbase. Looking at the actual investor behavior, however, the picture is reversed, revealing a clear reduction by large addresses.

The report also highlights signs of a slowdown in institutional demand through ETFs and corporate balance sheets. The annual Bitcoin increase for the address group holding 100 to 1,000 Bitcoin peaked at 1.33 million Bitcoin in October 2025 before declining to 913,000 Bitcoin. This indicates a roughly 31% slowdown and shows a loss of momentum in institutional demand.

According to CryptoQuant, while it is true that long-term investors are selling, the 'record sales' phrases seen in the headlines do not fully reflect the reality. Of the reported 1.55 million Bitcoin spent over a 30-day period in November 2025, approximately 650,000 Bitcoin consists of movements related to exchanges. Excluding exchanges, the true long-term sales amount remains around 900,000 Bitcoin. Although this level is historically high, it does not signify a unique or record distribution.