Following the sharp decline in the cryptocurrency market on the night of October 10 to 11, 2025, Bitcoin whales significantly altered their behavior, as reflected in various on-chain indicators.
This is reported by Business • Media
Sleeping Wallets and Large Transfers After the Crash
Recent analytical data shows that after the market drop, so-called sleeping wallets, which had not conducted transactions for a long time, became active. Specifically, on October 14, approximately 14,000 BTC was moved from addresses that had been inactive for 12 to 18 months. This indicates increased pressure among long-term Bitcoin holders. The following day, October 15, coins aged 3-5 years became active, with over 4,690 BTC being transferred. Overall, since the beginning of 2025, addresses in this category have moved over 892,000 BTC, representing a significant portion of the market supply.
This week, Bitcoin holders aged 2-3 years transferred 7,343 BTC, and one of the largest whales executed a transaction of 2,000 BTC, while still holding approximately 46,000 BTC in their wallet, worth over $5 billion.
Increased Pressure on Exchanges and Market Indicators
According to CryptoQuant, the Coin Days Destroyed (CDD) indicator sharply increased, reaching a monthly high. A similar trend was last observed in July when whale activity led to a drop in Bitcoin’s price from $120,000 to $112,000.
After October 11, analysts recorded a significant influx of Bitcoins onto exchanges from wallets containing over 1,000 BTC. On October 15, large holders transferred 17,184 BTC to exchanges — a record level for the month.
“This is just a typical redistribution phase, similar to what we observed in previous cycles. Nothing more,” he explained.
Increased activity on exchanges is typically viewed as a short-term bearish signal, as the movement of assets there may indicate preparation for selling to lock in profits or limit losses.
Another important indicator has been the Exchange Whale Ratio — a ratio that shows the share of the ten largest incoming transactions relative to the total volume of deposits on exchanges. After the October crash, this indicator reached its highest level for the month. This suggests that large players are increasingly using centralized exchanges for significant operations, which can lead to increased volatility — substantial whale transactions can significantly impact market liquidity.
Previously, CryptoQuant experts noted that Bitcoin has entered the late stage of a bull cycle, which may also influence the strategies of large coin holders.