Bitcoin’s 2025 Overview: Retail Purchases Rise by 3.3% While Whales Step Back

Bitcoin's [BTC] holder dynamics in 2025 have been quite intriguing. The resulting environment has led to reduced chaos, placing greater emphasis on the flow of capital within the ecosystem. But what does this mean for Bitcoin as we approach 2026?

Key Takeaways

Wallets holding less than 0.1 BTC increased their holdings by 3.3% since July 2025.
In contrast, wallets containing between 10 and 10,000 BTC only grew by 0.36%.
Large holders decreased their exposure after Bitcoin hit yearly highs, while retail investors continued to purchase during price dips.
Bitcoin has been flowing out of exchanges for most of 2025, indicating a preference for long-term holding.
The price activity of Bitcoin remained stagnant despite increased retail buying, influenced by active capital waiting on the sidelines.
The trading landscape shifted toward derivatives rather than traditional spot markets.

Bitcoin's 2025 recap - 3.3% more retail buys while whales stepped back

What Happened in 2025?

According to data from Santiment, wallets with less than 0.1 BTC grew their balances by about 3.3% from July. In the same timeframe, larger wallets holding between 10 and 10,000 BTC only saw a 0.36% increase.

bitcoin

Source: Santiment

During the price surge toward yearly highs, larger holders trimmed their positions, whereas retail investors consistently bought more during price dips.

Source: CryptoQuant

Throughout 2025, Bitcoin continued to exit exchanges, suggesting an increased tendency for long-term holding, despite the prices remaining relatively stable and disconnected from supply fluctuations.

What’s Different This Time?

Despite higher retail buying activity, Bitcoin’s price didn’t show significant movement. This stagnation may be attributed to the capital that is being held ready for action but hasn't yet made its move.

Source: CryptoQuant

In the latter half of the year, the supply of ERC-20 stablecoins surged, indicating that capital remains within the crypto space but is largely inactive.

Source: CryptoQuant

Furthermore, trading activity has increasingly shifted from spot markets to derivatives, with Open Interest (OI) playing a significant role in short-term price movements, contributing to volatility rather than genuine market demand.

Understanding the Trends

The price fluctuations have often been intensified by forced position unwinding, particularly during downturns late in the year.

Source: CryptoQuant

This has fueled the perception that Bitcoin's market structure is increasingly influenced by traders' positions.

Looking Ahead to 2026

The year 2025 highlighted how cryptocurrency is evolving into a more "mature" asset class. Moving forward, the market may favor patience over speculation, narratives, and sensational headlines.

In due time, prices are expected to follow suit, but it appears that urgency may no longer be a driving factor—potentially a positive development for the market's stability.

Conclusion

As we transition into 2026, Bitcoin and the broader crypto landscape seem poised for a more measured and sustainable progression, reflecting matured investment strategies among participants.