BTC activity shows tendency to hold
Bitcoin 2025 cycle defies past patterns as whales continue holding
The first half of 2025 has unfolded with a distinct departure from previous Bitcoin cycles, where distribution typically dominated after price peaks.
This time, large holders, commonly referred to as whales, are opting to hold rather than sell, significantly altering market dynamics, reports Cryptopolitan.
Since January, Bitcoin’s liveliness metric—a key on-chain indicator measuring the balance between coin spending and holding—has consistently signaled accumulation. Unlike in past rallies where spikes in liveliness hinted at heavy profit-taking, the current cycle is marked by disciplined holding behavior. Notably, even during price dips to the $80,000 range, there has been no panic selling or broad capitulation. Retail traders, who historically exited in prior cycles, are largely absent from recent sell-offs, leaving long-term holders to dominate the landscape. As Bitcoin steadily climbs toward new all-time highs, with the latest push to $110,360, the holding trend remains firmly intact.
On-chain activity slows as Bitcoin transitions to a store of value
Despite Bitcoin’s proximity to record price levels, on-chain activity has remained surprisingly low throughout 2025. Bitcoin transaction fees now hover between $0.15 and $0.30 per transaction, a sharp contrast to the congestion and fee surges witnessed during past bull runs. This suggests that Bitcoin’s role is evolving from a speculative trading asset to a recognized store of value, with fewer active on-chain transfers even amid price rallies. Additionally, the 2025 cycle has avoided deep market corrections, with drawdowns rarely exceeding 25%, reinforcing a perception of greater market stability.
The quiet transaction landscape coincides with significant accumulation among mid-tier and large wallets, particularly those holding between 100-1,000 BTC and 1,000-10,000 BTC. June was especially notable, with whales collectively acquiring a record 800,000 BTC in a single month, underscoring the persistence of long-term accumulation.
Long-term holders and corporate buyers reshape Bitcoin’s supply
A striking shift in 2025 is the overwhelming preference for long-term holding across nearly all wallet cohorts. Data from holder heat maps shows wallets aged six months or older steadily increasing their balances, with minimal distribution. By the end of June, approximately 62% of all Bitcoin had remained unmoved for over a year, far surpassing the 42% retention seen after the 2018 rally. The rise in holding behavior is further supported by daily corporate Bitcoin purchases, as treasury buyers continue to stockpile BTC for long-term reserve strategies.
This consistent inflow into accumulation addresses is rapidly depleting exchange and OTC desk reserves, effectively reducing available supply in the market. At the same time, speculative interest has shifted toward perpetual futures and stablecoin-backed derivatives, diminishing the need for physical BTC movement. Bitcoin’s 2025 cycle is now characterized by a maturing market structure, where long-term commitment and strategic accumulation set the tone over rapid speculation.
Recently we wrote that Bitcoin price action has taken a decisive turn this week, breaking away from the bearish price channel that had weighed on sentiment over the past two weeks.
