In the Bitcoin ecosystem, there has been a significant capital redistribution over the past year. According to analysts at 10x Research, large Bitcoin holders, known as whales, have sold approximately 500,000 BTC, causing a shift in market balance.
This is reported by Finway
Strengthening the Role of Institutional Investors
Increased demand for Bitcoin from institutional investors, including exchange-traded funds (ETFs), large corporations, and asset managers, has allowed this volume to be quickly absorbed. Over the past year, they have purchased around 900,000 BTC and currently control 4.8 million BTC out of a total circulating supply of 20 million coins.
If in 2020 only 2% of crypto wallets controlled 95% of the Bitcoin in circulation, now the share of institutional players has risen to nearly 25%. This market transformation makes Bitcoin significantly more predictable and less volatile, as confirmed by professional market participants.
“Bitcoin is likely becoming more and more like boring dividend stocks over time. On average, it grows each year, but by less and less significant amounts. It increasingly resembles a ‘retirement’ asset.”
Decreasing Volatility and New Risks
The Deribit Volatility Index (DVOL) at the beginning of July 2025 stands at 37.93 — nearly the lowest historical level. Experts predict an annual growth rate for Bitcoin’s price of 10-20%, which is significantly lower than in previous periods. For example, in 2017, the price of Bitcoin increased by 1400%.
However, such stabilization also carries potential risks. With sustained high demand and a lack of new buyers, the market could experience a sharp decline, as seen in 2018 and 2022, when outflows of 2% and 9% led to price drops of 74% and 64%, respectively.
Experts note that it is still too early to speak of definitive trends, as large players often operate on over-the-counter platforms, and some of them may have shifted assets into institutional investment products, such as ETF shares.
Currently, according to Glassnode, the share of Bitcoin on exchanges has fallen below 15% — the lowest in the past seven years. This indicates further demand growth and the maintenance of optimistic expectations among retail investors.
With stable demand, such dynamics could stimulate price growth for the asset; however, if the market cools, even a slight correction could trigger large-scale sell-offs, warn analysts at 10x Research.
It is also worth noting that even before the launch of spot ETFs, several participants in the cryptocurrency community expressed concerns about the growing influence of institutional players on Bitcoin, considering it contradictory to the idea of Satoshi Nakamoto.