New research reveals a significant shift in Bitcoin holdings among major players, with billions of dollars worth of BTC being moved to exchange wallets, potentially signaling a cautious market stance. An analysis by Cryptonews of large Bitcoin transactions exceeding $20 million each, conducted between October 10 and December 15, 2025, shows that approximately 65% of BTC from whale and institutional-linked flows was transferred to exchange hot wallets. This activity is widely interpreted as a preparatory step for potential selling, though not an immediate liquidation.
The data indicates that November marked the peak of this movement, coinciding with a period of Bitcoin price weakness where it traded below $85,000. During this month, Bitcoin whales recorded outgoing transfers of around 11.4 million BTC, representing over $1 trillion in value at prevailing prices. This volume was significantly higher than in October and early December.
Institutional activity followed a similar pattern. Outflows linked to asset management giant BlackRock peaked in November, with an estimated $1.3 billion worth of BTC moved. Similarly, crypto market maker Wintermute recorded its highest monthly volume of outgoing transfers during the same period, likely reflecting intensified trading and fund reallocation amid heightened market volatility.
The synchronized peak across all three groups—whales, BlackRock-linked wallets, and Wintermute—suggests a broad, market-wide liquidity redistribution during the price correction rather than coordinated pressure from a single entity. The second most common transaction type was internal transfers between cold wallets or to unlabeled addresses, which adds to market uncertainty.
Experts caution against drawing definitive conclusions. David Dobrovitsky, CEO of Wowduck, noted that it's an oversimplification to attribute Bitcoin's price movements to a single private entity, citing BlackRock's larger holdings and distributed ownership across governments and institutions. He suggested the price decline is more indicative of a broader cooling in risk assets across technology markets, influenced by scarcer jobs, declining venture capital, and fewer sectors delivering outsized returns.
The analysis raises the question of whether falling prices act as a "stress test" for major corporate Bitcoin holders like MicroStrategy, whose strong long-term BTC thesis is a key market narrative. However, on-chain data does not confirm targeted pressure on any single participant. The prevailing interpretation is that the movements reflect standard risk reallocation during a correction amid weaker macroeconomic conditions.
