Bitcoin's growth is attributed to significant investments from major players in the cryptocurrency market, according to CryptoQuant.
In a recent analysis by CryptoQuant, large Bitcoin holders, or 'whales', have been identified as a significant influencer in the price movements of the world's largest cryptocurrency since Donald Trump's victory in the U.S. elections.
The data shows a consistent correlation between whale activity and Bitcoin price fluctuations over the years, with whale ratios peaking during both bull and bear phases. For instance, in 2022, whale activity peaked as Bitcoin fell below $20,000, while in 2023, whale ratios moderated as Bitcoin rose to $45,000. In 2024, renewed whale activity spikes corresponded with Bitcoin surging past $70,000, and by 2025, as Bitcoin climbed to $101,400, whale activity remained volatile but persistently active during major market moves.
Whale behaviour is linked to profit-taking events that impact short-term price trends. On June 16, 2025, whales realized over $2.6 billion in profits on Binance, triggering immediate selling pressure and market reactions, highlighting that large holders' profit-taking remains a core factor influencing Bitcoin's price even in recent times.
Interestingly, the increased whale activity often contrasts with declining retail demand, which dropped by 10% over a recent month, suggesting that whales may exert more influence on market direction during periods of reduced retail participation.
However, it is not clear from the report whether the actions of large holders and small investors are directly related to the price of Bitcoin, or if there are other factors at play. The report does not specify the timeframe for the data presented, nor does it provide any prediction or forecast about the future price of Bitcoin.
The specialists at Glassnode previously noted the return of hodlers to Bitcoin accumulation after a price drop around the $100,000 mark, which further emphasizes the role of long-term investors in the Bitcoin market.
References: [1] CryptoQuant. (n.d.). Whale Watch: Bitcoin Whale Ratio Peaks as Price Drops Below $20,000. Retrieved from https://cryptoquant.com/explorer/btc/whale-ratio [2] CryptoQuant. (n.d.). Binance Whales Realize $2.6 Billion in Profits. Retrieved from https://cryptoquant.com/trend/binance/whale-realized-profit [3] CryptoQuant. (n.d.). Retail Demand for Bitcoin Drops by 10%. Retrieved from https://cryptoquant.com/trend/btc/retail-demand
- In the realm of finance, the influence of large Bitcoin holders, or 'whales', on price fluctuations has been substantial, particularly during periods of decreased retail participation, as indicated by the data from CryptoQuant.
- For those interested in investing in technology, understanding the impact of whale activity on Bitcoin's price movements can provide valuable insights, considering the significant role these large holders play in shaping the market trends.
