- Bitcoin whales trimmed 150K BTC as prices soared past $105K in April 2025.
- OTC desk balances hit a 4-year low, dropping under 100K BTC amid peak prices.
- Institutional wallets shifted from accumulation to profit-taking near market highs.
Bitcoin whale activity and shrinking OTC desk balances are sending strong signals across crypto markets amid rising BTC prices. Institutional wallets are now reducing exposure as prices top $105K, indicating major capital rotation is underway.
Whales Accumulated Aggressively, Now Taking Profits
As per a report by Bitcoin Expert India, whales absorbed over 100,000 BTC between early March and April 2025. Wallets holding 1,000 to 10,000 BTC drove this inflow, steadily increasing their balances while prices hovered between $85,000 and $95,000. That buying streak paused abruptly in early April as Bitcoin crossed the $100,000 threshold.
Niels stated in an update that OTC desks are “drying up,” marking a key shift in liquidity sourcing. OTC balances declined from 450K BTC in 2021 to just above 100K BTC by April 2025. The steep drop reflects fewer assets available for off-exchange institutional trading.
Reported Whale Holdings Drop Despite Record BTC Price
The reported CryptoQuant chart tracks balances of wallets holding between 1,000 and 10,000 BTC across one calendar year. It shows large holders accumulated from August to December 2024, pushing balances near 3.35 million BTC. This buildup coincided with Bitcoin surging past $90,000 and later breaking $100,000.
In January 2025, those same wallets began reducing their holdings despite continued price appreciation. The balance fell sharply in April 2025 as Bitcoin exceeded $105,000, dropping to just over 3.2 million BTC. The move indicates widespread distribution and potential exit planning by institutional whales.
OTC desk activity shows a continuous outflow of assets from institutional reserves across four years. The downward trend has remained intact regardless of bull or bear cycles, confirming a structural liquidity change. That data supports the thesis of whales offloading into market strength while limiting fresh accumulation.
OTC Desks Signal Institutional Risk Repricing
Total OTC desk balance, measured by CryptoQuant, reflects long-term shifts in institutional market access and trading behavior. OTC desks previously held over 450,000 BTC in 2021, but now manage less than 25% of that capacity. These platforms, crucial for large-volume trades, now operate under tighter inventory constraints.
The 30-day change in OTC balances also shows high volatility, aligning with major Bitcoin price movements across 2024 and 2025. Institutional whales appear to increase outflows near peaks and reduce activity during corrections. This behavior confirms a tactical approach to market timing and liquidity risk.
