Bitcoin Whales Accumulate During Consolidation as Exchange Outflows Tighten Supply

Recent data indicates a significant increase in Bitcoin holdings by large investors, known as whales, who are holding between 100 and 1,000 BTC. This accumulation comes amid tightening exchange outflows, leading to reduced market liquidity. Analysis reveals that these whales have expanded their share of total supply from 22.5% in December 2023 to nearly 25% by late August 2025, reflecting a continued trend of accumulation despite price volatility.