3 Shifts in Bitcoin Whale Behavior After the October Market Crash
The market crash on October 11 triggered extreme losses for retail traders. It additionally triggered notable behavioral adjustments amongst Bitcoin whales. Recent on-chain knowledge reveals three main shifts in this group’s exercise.
What are they, and may the market adapt to those new patterns? The following evaluation explains.
1. Dormant Whales Are Waking Up
After the crash, Bitcoins from long-dormant wallets started to maneuver. This means that older whales are feeling stress to take motion. For instance, on October 14, round 14,000 BTC that had been inactive for 12–18 months have been moved on-chain.
On October 15, over 4,690 BTC from the 3–5 12 months age band have been reactivated. Since the begin of 2025, practically 892,643 BTC from this cohort have been moved, representing a good portion of the whole provide.
The 2–3 year-old Bitcoin cohort additionally noticed sturdy motion, with 7,343 BTC transferred on-chain this week. Additionally, right this moment, one OG whale moved 2,000 BTC and nonetheless holds virtually 46,000 BTC, price greater than $5 billion.
As a consequence, Coin Days Destroyed (CDD) spiked sharply this week, reaching its highest degree in a month. This can be the highest reading since early July, when whale reactivation contributed to Bitcoin’s drop from $120,000 to $112,000.
“Watch out, promoting may have resumed…” – Analyst Darkfost warned.
2. Increased Whale Inflows
Data from CryptoQuant exhibits that inflows from whale wallets holding over 1,000 BTC surged after October 11.
Analyst Maartunn noted on October 15 that 17,184 BTC have been despatched to exchanges by these giant wallets — the highest switch degree since the starting of the month.
An increase in whale inflows is commonly a bearish short-term sign. When whales ship BTC to exchanges, they might be getting ready to promote to take earnings or reduce losses, (*3*).
3. Higher Whale Transaction Ratios on Exchanges
Another key metric is the Exchange Whale Ratio, which measures the proportion of the prime 10 influx transactions relative to whole inflows on exchanges.
The next ratio means whales are accountable for a bigger share of buying and selling exercise, indicating that they use exchanges to execute giant transactions.
CryptoQuant knowledge exhibits that since the October 11 crash, this ratio has jumped to its highest degree in a month. Such spikes usually result in market volatility, as giant whale trades can simply disrupt liquidity.
These adjustments could be thought-about a part of a standard redistribution section, the place Bitcoin strikes from older whales to new ones — a course of that may assist the market mature. The new whales embrace ETF funds and institutional accumulators.
“This is simply typical redistribution, much like what we’ve seen in earlier cycles. Nothing else.” – Analyst Maartunn explained.
However, if this exercise turns into too intense — equivalent to persistently high inflows or a pointy rise in whale ratios — it may place important stress on costs and lead to deeper volatility.
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