In 2025, long-term holders moved volumes that made this year the third largest in sales history. The amount of bitcoins aged over one year transferred in 2025 approached $300 billion, which should be considered alongside the 2024 figure of $280 billion and the 2017 mark of less than $150 billion.
Bitcoin Sales Volume in 2025
According to K33 calculations, 2025 confirmed the ongoing trend of active coin distribution that began in 2024, when early investors (Bitcoin OGs) made significant sales. These annual tallies only include bitcoins that had been inactive for more than two years before transfer, meaning the transactions capture movements of "old" coins to liquid addresses.
The numbers are substantial: the sum of moved coins aged over one year approached $300 billion, while in 2024 this volume was $280 billion. For comparison, in 2017 the volume was under $150 billion, and Galaxy data showed transfers of 470,000 BTC dormant for over five years, valued at about $50 billion.
Bitcoin Market Analysis
Analysts cited by The Block believe the active distribution phase is nearing its end, which could reduce selling pressure on the price in the upcoming period. K33 notes that statistically, BTC price tends to move opposite to the previous quarter’s trend, potentially leading to capital inflows in late December and early January.
Capital flow estimates and the role of institutional investors are discussed in industry reports, including reviews on how major investors impact the market; these publications help understand how asset redistribution affects liquidity and volatility. For more on institutional buyers and sellers, see the article How Institutional Investors Influence Bitcoin’s Price.
Bitcoin Price Dynamics in 2025
Since the start of Q4 2025, Bitcoin’s price has dropped about 25%, falling to around $87,000 from an early October peak of $126,200. This decline from the peak exceeds 30%, and the year-to-date return is nearly -7%.
This price movement coincided with massive transfers of "old" coins and capital inflows into exchange-traded products; together, these factors created short-term downward pressure on the price throughout the year. For context, current flows can be compared with previous periods and market analysis from late 2024, which described similar phenomena in December 2024 market.
Impact of Large Investors
Major players and institutional products significantly influence liquidity distribution: as of December 18, 2025, the capital under management by a group of US Bitcoin ETFs exceeded $112 billion, while the amount of Bitcoin held on exchange-traded companies’ balances was $95 billion. Combined, these assets accounted for nearly 12% of Bitcoin’s estimated market capitalization reported in analyses—based on a stated capitalization of $1.75 trillion and a price near $87,500 per coin.
Large transfers to exchanges have also been observed, which analysts interpret as preparation for selling: in October, old holders sold $45 billion worth of Bitcoin, and since early 2024, over $104 billion moved from "old hands to new." A specific example is Owen Gunden, one of the largest holders, who began moving his coins to the Kraken exchange address.
Why This Matters
If you are a miner with between one and a thousand devices in Russia, these events are important primarily in terms of liquidity and volatility: large sales by long-term holders increase short-term price fluctuations, affecting revenue from selling mined coins. Meanwhile, the end of the distribution phase, as analysts suggest, may reduce market pressure in the coming months, but it does not guarantee stability.
Additionally, institutional product activity and transfers to exchanges shape supply and demand in large volumes, impacting local selling opportunities and decisions on storing mined BTC. The presence of large reserves in ETFs and company balances is a factor to consider when planning sales and managing mining profitability.
What to Do?
- Develop a plan for selling mined BTC: spread sales over time to reduce the impact of short-term price drops on profitability.
- Monitor liquidity balances on exchanges and ETF volumes; adjust sale pace during periods of increased transfers to exchanges.
- Consider storing part of your rewards off-exchange if prolonged downturns are expected, but weigh security risks and access to funds.
- Keep accounting in both rubles and dollars to evaluate real profitability considering exchange rate fluctuations and local electricity costs.
- Read relevant market reviews and analytical materials to understand when mass sell-offs ease pressure and when the situation stabilizes.
Ultimately, 2025 stood out for large movements of long-term coins and notable price volatility. For miners, this means a clear plan for selling mined coins, attention to market flows, and caution in operational selling decisions.
