Bitcoin Whale Holdings Plummet Following Tesla’s Massive Investment

Tesla’s surprising $1.5 billion Bitcoin purchase in February 2021, while initially boosting the cryptocurrency market, appears to have triggered a significant shift in the landscape of Bitcoin whales. Since that landmark event, the number of wallets holding more than 1,000 BTC—often associated with large institutions or crypto-native whales—has been steadily declining. This trend only briefly reversed during early 2024, when the approval of spot Bitcoin ETFs sparked a brief surge in whale wallet counts. However, this momentum was short-lived, and the number of 1,000+ BTC wallets has continued to stagnate, despite Bitcoin’s ongoing price increases.