Bitcoin (BTCUSD) hovered near $109,000 early Monday, just 3% below its all-time high, as the original cryptocurrency continues its historic 2025 rally. The climb puts Bitcoin within striking distance of rewriting the record books, but beneath the surface, a major shift in ownership is underway.
Data from 10x Research shows that over the past year, more than 500,000 BTC — valued at over $50 billion — has been offloaded from long-term “diamond hand” wallets, suggesting that many early adopters are finally monetizing their decade-old bets. The exits of these early whales are reshaping market dynamics, especially as new players step in.
On the other side of the trade, institutional investors, family offices, and corporate treasuries are aggressively buying the available supply. Bitcoin ETFs and large Wall Street firms — once cautious about crypto — now hold roughly 25% of all BTC in circulation, providing a solid demand base that’s keeping prices buoyant despite the selling pressure.
This supply-and-demand tug-of-war is creating a sticky trading range: whales tend to sell into strength, while institutional buyers scoop up dips, leading to periods of tight consolidation even amid strong fundamentals.
Adding to the intrigue, some of Bitcoin’s oldest wallets are springing to life. Two legendary addresses, inactive since April 2011, recently moved 10,000 BTC each — now worth over $1.1 billion apiece. These wallets had acquired 23,377 BTC at just $0.78 per coin, and their recent movement signals that even the oldest believers are beginning to cash out.
Still, Bitcoin’s market cap remains near $2.2 trillion, underlining how new institutional conviction continues to support price levels. As Q3 begins, traders are watching closely to see whether BTC can break through resistance and print fresh highs — even as the original holders quietly step aside.
