On-chain data shows key investors on the Bitcoin network have collectively participated in some selling recently, a potential reason behind the asset’s decline.
Below is the chart shared by Santiment that shows the trend in the Supply Distribution for the range over the last few months.
As displayed in the above graph, the Bitcoin supply held by the 10 to 10,000 coins group saw a drop of 17,554 BTC (about $1.9 billion) between October 12th and 14th. Before this decline, the metric had been in an uptrend since late August. The cryptocurrency’s recovery attempt has fizzled out since this selloff occurred, so it would appear possible that the profit-taking from the sharks and whales could, in part, be behind the bearish action.
On a more long-term scale, though, this latest distribution spree from the key investors isn’t too significant, as their wallets have still grown since the start of 2025 by 318,610 BTC, worth a whopping $35.5 billion.
A similar light profit-taking event took place in late August, following which the sharks and whales quickly corrected course and resumed accumulation. This buying then supported BTC’s bullish push. Wallet balance is just one way to classify holders. Another popular methodology in on-chain analysis is using holding time to separate investors between short-term holders (STHs) and long-term holders (LTHs). The cutoff between the two cohorts is 155 days.
A net 265,715 BTC has exited the wallets of the Bitcoin LTHs over the past 30 days, which is the largest monthly outflow since early January.
Bitcoin has been unable to keep any recovery run going as its price is still trading around $111,000.
