OnChainSchool

In 2025, Bitcoin movements of coins dormant for 7+ years have already exceeded 2024 levels and there are still two months left. • 2023: 59 K BTC • 2024: 255 K BTC • 2025: 270 K BTC (ATH) More and more early era coins are waking up. Possible reasons include: • Old miners moving long held reserves. • Security migrations to fresh cold wallets. • Partial liquidations as prices stay high. Given the current pace, we could reach over 300 K BTC (+7y) moved in 2025.  

The 14 day SMA of Exchange Netflow reveals an average outflow of –7,500 BTC, the largest since 2022–2023 the only period surpassing the current magnitude. Remarkably, this trend unfolds despite Bitcoin recently hitting a new all time high, indicating that investors are withdrawing coins from exchanges even as prices remain elevated. Such behavior typically reflects confidence in long term value and a decline in short term selling pressure, reinforcing the view that large holders continue to accumulate rather than distribute.  

In the last two years, we’ve seen a significant increase in the movement of Bitcoin that had been dormant for over 7 years, coins often considered lost or untouchable. In 2024, over 255,000 BTC were reactivated. And in 2025, with several months still ahead, we’re already past 215,000 BTC. But the trend goes deeper than total volume. 📊 Average monthly volume has surged from 4.9K BTC in 2023 to 30.7K BTC in 2025. 📈 Average size per transaction has risen from 162 BTC to over 1,000 BTC. These are no longer scattered retail moves, they’re coordinated reallocations of high volume capital. In this cycle, the price is just the surface. What’s really changing is who holds the future.  

A wallet holding over 80,000 BTC, dormant for more than 14 years, has now sold approximately 20,000 BTC. The sales began through OTC and continued with transfers to CEX. While some initially interpreted the movements as security related or part of a restructuring process, the timing close to ATH and the structured nature of the transactions suggest a more strategic liquidation. A comparable case occurred in 2024 with the reactivation of the Mt. Gox wallets. That event was followed by a 31% market correction, and it took over six months for Bitcoin to recover to its previous price level. So far, only a portion of the holdings has been sold. Whether the outcome will be similar this time remains uncertain, but the parallels are worth noting.  

Bitcoin is now above $109,000. But the number of active addresses is still around 850,000 , the same level seen back in 2022, when the price was near $16,000. What has changed? Most of the demand now comes through ETFs. These allow thousands of people to invest without creating many on chain transactions. The users are real, but their activity doesn’t show up directly on the blockchain. On average, BlackRock’s spot ETF makes only 24 transactions per week, but it moves more than 6,400 BTC during that time. This is the new face of Bitcoin: strong demand from institutions, but much less activity on-chain.  

In just the first half of June, more than 500,000 ETH have been staked, pushing the total locked amount to a new all time high of over 35 million ETH. This growth signals rising confidence and a continued drop in liquid supply. Alongside this, Accumulation Addresses (holders with no history of selling) have also reached an all time high, now holding 22.8 million ETH. These two metrics combined position Ethereum as one of the strongest crypto assets in terms of long-term fundamentals and investor conviction.  

Bitcoin is once again trading near its previous all-time high from December 2024. But while the price is back at those levels, the distribution of BTC across wallets has shifted notably — revealing a structural change in who is holding the asset. 🔻 Wallets holding 10–100 BTC have decreased their holdings by over 120,000 BTC (-4.26%). This cohort, often made up of early retail adopters and small-scale entities, appears to have taken profits or reduced exposure. 🟢 Wallets with 100–1,000 BTC have added +220,000 BTC (+4.81%), reflecting growing confidence or positioning by institutional mid-tier players. 🟢 1,000–10,000 BTC wallets increased their balance by +136,000 BTC (+3.99%), continuing the accumulation trend. 🟢 Wallets with more than 10,000 BTC showed the most aggressive growth, increasing their holdings by +117,000 BTC — a +10.25% rise. This cohort now holds a larger share of total supply than during the last ATH. 📈 While the price may look the same as in December, the ownership structure is different. The data suggests that larger entities have strengthened their positions — a sign of maturing conviction and increasing institutional weight behind Bitcoin's current rally.  

In 2025, on-chain data reveals a clear shift in the balance between major Bitcoin holders. Wallets with over 1,000 BTC and less than 155 days of coin age have significantly increased their presence. 📊 Key data from 2025: – The ratio between new and old whales has increased from 0.16 to 0.28, a +75.6% rise in relative weight – New whales have added +430,983 BTC to their balance, a growth of +74.4% – Old whales have reduced their holdings by -24,584 BTC, a decline of -0.7% Even though new whales age out of this cohort after 155 days, their total balance continues to grow. This indicates a steady inflow of fresh capital into high-value wallets. The influence of new market players is expanding and in 2025, it’s beginning to reshape Bitcoin’s ownership structure.  

From the initial KYC rumors on June 5, 2023, to the official announcement on June 28, 2023, KuCoin has seen a dramatic decline in its Bitcoin reserves. On-chain data shows a drop from 18,300 BTC to just 4,100 BTC, marking a net outflow of 14,200 BTC — a 77.6% decrease. While it’s true that the long-term trend of declining BTC reserves on CEXs is observed across the industry, KuCoin’s case is extreme. The timing and magnitude of this outflow strongly correlate with the enforcement of KYC. 🔎 This underscores how sensitive users remain to compliance-related changes, especially when privacy are perceived to be at risk.  

Wallets holding between 1K -10K $BTC have seen their unrealized profits increase by approximately +38% since the beginning of this month. Currently, unrealized profits are around $150 billion, marking the highest level since February. Historically, when profits approach the $200 billion area, whales tend to start taking profits, which typically slows down the asset’s growth. We’ll keep a close eye on this metric, as it could signal important market movements. 🔍