The Great Bitcoin Power Shift Has Whales Dumping 500,000 Coins

A silent transfer of control is reshaping the $2.1 trillion Bitcoin market.

A steady stream of sales by long-time whales — miners, offshore funds and anonymous wallets — is being met almost one-for-one by demand from institutional players like ETFs, corporates and asset managers. The result: Bitcoin is struggling to break out of its record high around $110,000, volatility is evaporating, and its place in the investment landscape is being reshaped.

Despite a flurry of bullish headlines — from corporate treasuries embracing Bitcoin to the Trump administration’s full-throated crypto endorsement — the largest digital currency has remained stuck in its ...