A ghost from Bitcoin’s earliest days just moved. A Satoshi-era whale has transferred 11,300 BTC worth approximately $750 million to exchange-linked addresses after 15 years of complete silence. The transaction coincides with Bitcoin’s drop to $64,000—the lowest level since February 6—as tariff fears rattle global markets. This is the kind of headline that spooks traders. But is it the full story?
Bitcoin Whale Selling: The Satoshi Era Awakens
The term “Satoshi era” refers to the period immediately after Bitcoin’s 2009 launch, when only a handful of pioneers mined the network. Most never moved their coins. Until now. The sudden appearance of these ancient tokens on exchanges typically signals potential sell pressure, and this move is no exception.
Some analysts link today’s market crash to this transaction, as millions in liquidations followed. However, data suggests other whale cohorts are actually reducing their selling activity. VanEck notes that 1-2 year Bitcoin whales are now “underwater” and showing less distribution—a potential stabilization signal.
Hedge Funds Slash Bitcoin ETF Exposure
The whale move isn’t happening in isolation. Bloomberg data reveals that top hedge fund managers cut their Bitcoin ETF holdings by 28% from Q3 to Q4 2025.
The poster child for this exodus? Brevan Howard. The firm slashed its BlackRock IBIT position by 86% , dropping from $2.4 billion to just $275 million. Harvard University also trimmed its IBIT holdings by 21% as it rotated capital into Ethereum.
Contrarian Accumulation: Abu Dhabi Buys the Dip
Not everyone is selling. The Emirates of Abu Dhabi raised its IBIT position by 46% in Q4 2025, bucking the institutional trend. Investment advisers as a group have increased their aggregate IBIT positions every quarter for the past year, posting a 145% year-over-year increase.
My Thoughts Bitcoin whale selling at this scale is never fun to watch, especially when it’s a Satoshi-era wallet. The psychological impact exceeds the actual market impact—$750M is significant, but it’s not a market-ender.
More concerning is the coordinated hedge fund exit. When Brevan Howard and Harvard trim simultaneously, it signals a genuine risk-off posture among sophisticated capital.
But here’s the nuance: selling and accumulation are happening simultaneously. Abu Dhabi is buying. Investment advisers are buying. The 1-2 year whales have stopped selling. This suggests we’re in a transfer phase, not a capitulation phase. Weak hands (some hedge funds, ancient whales) distribute. Strong hands (sovereign wealth, long-term advisers) accumulate.
Price will follow whichever group has more conviction. My money’s on the accumulators.
