The profile of investors in Bitcoin (BTC) experienced significant transformations in the last year.
The trend that predominated, with a strong impulse of retail investors, It has been replaced for a notable increase in the number of whalesthose investors who have at least 1,000 BTC, explains an analysis shared by the data provider ON-CHAINCryptoquant.
This change in behavior reflects not only an alteration in the type of players within the ecosystem, but also the impact of external factors such as presidential elections and the growing popularity of Bitcoin ETFs in cash in the US.
According to a comparison of the data of 2024 with those of 2025, there is a trend of consolidation of large investors. The number of addresses that have at least 1,000 BTC increased 1.86% between January 25, 2024 to January this year. On the other hand, the smallest addresses, those with between 0.01 and 1 BTC, fell 4% in the same period.
This phenomenon is particularly evident after the conclusion of the presidential elections in the USA on November 5, as can be seen in the previous image. Donald Trump’s victory and his open support to the digital asset sector motivated investors.
In the days after the elections, Whale addresses experienced a considerable increasewhile those of the small investors showed a remarkable fall.
In the last two weeks of January, the decrease in the number of retail addresses accelerated. This discrepancy goes against what historically occurs in upward marketswhere a growth of small investors is expected, indicates the analysis.
Impact of Bitcoin ETFs and institutional investment
A key factor behind this change It could be the institutional investment entry through the Bitcoin ETFs.
Since its launch in January 2024, the 12 ETFs based on the digital currency They have registered tickets for more than 39,000 million dollarsOK Soso Value data.
Cryptonotics reported that the yields of these financial instruments in their first year even exceeded the ETFs based on gold, which has attracted large investors to participate.
However, the magnitude of this influence is difficult to determine precisely, explains Cryptoquant. Since many of these ETFs group multiple investors under the same direction of Bitcoin, It is not possible to identify the exact number of people or entities participating in the market Through these investment vehicles.
Therefore, although current data reflects an important change, there could be more institutional investors involved than the numbers suggest.
Challenges for the sustainability of the upward market
This change in the profile of investors Raise some questions about the sustainability of the current bitcoin bullish market.
While the increase in whales could be a sign of long -term confidence and stability, the decrease in small investors could indicate that the market is being driven by actors with a temporary horizon other than retail investors. This generates uncertainty about how the market will react if large institutions decide to adjust their positions or if the macroeconomic environment changes.
The growth of whales and The greatest institutional participation in Bitcoin reflects the maturity of the marketbut also a possible disconnection with the small investors who were fundamental in the first years of the cryptoactive.
The impact of Bitcoin ETFs, although positive for institutional adoption, could be contributing to a concentration of wealth in the hands of a few actors. As the market continues to evolve, it will be crucial to observe how these dynamics affect the volatility and accessibility of bitcoin in the coming years.