Two notable blockchain events indicate a shift in major players' behavior: long-term Bitcoin holders paused sales for the first time in about six months, while the largest Ethereum addresses began active accumulation. Both facts are described in on-chain data analysis and may reflect position redistribution among institutional and large individual investors. In this article, we explore what exactly happened, the differences between holder groups, and practical takeaways important for miners in Russia.
Bitcoin Holders Halt Sales
Long-term Bitcoin holders, defined as addresses holding coins older than 155 days, reduced sales: their balances fell from about 14.8 million BTC in mid-July to around 14.3 million BTC by December 2024. Previously, a steady sell-off was observed over several months, resulting in a ~500,000 BTC balance decrease, but in recent weeks the coin outflow rate slowed, which analysts interpret as the first sales pause since July.
A pause in long-term holder sales usually draws attention because this group historically acts as a countercyclical market segment: accumulating during downturns and distributing at peaks. However, the mere cessation of sales does not guarantee price growth — it is just one indicator that should be interpreted alongside other data. More on major player dynamics and related movements can be found in the article Bitcoin Holder Behavior.
Ethereum Whales’ Active Accumulation
Alongside changes in BTC holder behavior, large Ethereum holder addresses began a noticeable accumulation campaign: since December 26, 2024, they have purchased approximately 120,000 ETH. These transactions are recorded among addresses typically considered "whales" — wallets holding more than 1,000 ETH.
Addresses with over 1,000 ETH currently control about 70% of Ethereum's circulating supply, and this concentration has increased in recent months. Intense accumulation is primarily seen among addresses holding 1,000–10,000 ETH, indicating activity from institutional or large private players. For analysis of specific large transfers and possible motivations, compare with the publication on whales massively buying BTC in 2025: Whales Massively Buying in 2025.
Comparative Analysis of Bitcoin and Ethereum Holder Behavior
The main difference in current trends is direction: long-term Bitcoin holders reduced sales, whereas the largest Ethereum addresses are actively accumulating. This reflects different tactical choices: one group decreases market supply by pausing distribution, the other creates steady demand through aggressive buying.
Such divergence does not necessarily imply an absolute price formula but shows that major players respond differently to market conditions and fundamental changes in each network. It is important to view these signals alongside trading volumes and exchange flows rather than interpreting them as sole forecasting sources.
Why This Matters
For miners in Russia, these events are primarily important as indicators of large holder sentiment, which indirectly affects market liquidity and volatility. The pause in long-term Bitcoin holder sales may reduce short-term supply pressure, while Ethereum whale accumulation adds demand to the ETH market.
At the same time, both signals do not negate other factors influencing price and mining operational risks: large address balance movements are one piece of the overall puzzle. Miners benefit from monitoring such on-chain signals but should not rely on them detached from their own operational context and goals.
What to Do?
- Monitor changes in large address balances and transfer speeds: this helps understand whether gradual centralization or distribution of coins is occurring.
- Assess liquidity of your funds and selling plans: if using exchanges, watch for increased outflows from large wallets.
- Maintain reserves to cover operational expenses: during high volatility, it’s useful to have funds for electricity and maintenance without urgent ASIC/farm sales.
- Plan risk management actions rather than market expectations: use holder behavior data as input but not as the sole criterion.