Señales de contracorriente en cadena y comportamiento de los «tiburones» de Bitcoin: descifrar la acumulación y la distribución en un mercado fragmentado

Bitcoin's market dynamics in 2025 reveal a fascinating tug-of-war between accumulation and distribution, driven by divergent behaviors across holder categories and whale activity. On-chain metrics and whale transactions paint a picture of a fragmented market where long-term holders (LTHs) and institutional actors are tightening supply, while short-term holders (STHs) and mid-term sellers contribute to volatility. This analysis unpacks the key signals and their implications for investors navigating this complex landscape.

On-Chain Metrics: A Tale of Two Holder Types

The Bitcoin supply remains historically tight, with over 68.8% of the total supply last active more than one year ago, and 15.4M BTC classified as illiquid. This reflects a strong reluctance among LTHs to sell, even as STHs exhibit increased turnover. The Accumulation Trend Score underscores this divergence: smaller wallet holders have been net accumulators, absorbing 92% of newly mined supply since May 2022. Conversely, STHs have shown a sharp rise in Sell-Side Risk Ratio after Bitcoin crossed $30k, signaling potential profit-taking.

Meanwhile, LTHs remain exceptionally cautious. Their Sell-Side Risk Ratio has remained near historical lows, and their supply has stayed near all-time highs, contrasting sharply with STH supply at all-time lows. This imbalance suggests a market where long-term investors are anchoring prices, while short-term traders are amplifying volatility.

Bitcoin's recent price action below key support levels-such as the 200-day SMA and STH cost basis-has triggered capitulation and forced selling. This has left recent buyers underwater, reducing the pool of natural dip-buyers during periods of heightened selling pressure. The market remains in a state of heightened caution, with limited retail or institutional capital stepping in to absorb sell pressure.

However, this environment may set the stage for a reversal. Whale accumulation and LTH inaction suggest a tightening supply dynamic, while STH distribution could eventually exhaust itself. Institutional activity, such as Twenty One Capital's $3.94B BTC transfer to a new wallet in December 2025, underscores the strategic moves of large players to position for future liquidity events.

Whale Behavior: Accumulation Amidst Fragmentation

Bitcoin whales and sharks (holders of 10–10,000 BTC) have been net buyers in 2023, accumulating 47,584 BTC since December 2025. This marks a reversal from late 2024 and early 2025, when the same groups sold 113,070 BTC. Santiment data also highlights a 2.2% increase in addresses holding at least 1,000 BTC over three weeks, while smaller wallets with less than 1 BTC have declined. This trend indicates that large holders are capitalizing on price dips to accumulate, potentially tightening exchange liquidity and stabilizing the price floor.

Notably, historically dormant wallets linked to the Silk Road marketplace have reactivated in December 2025, transferring millions of dollars worth of BTC. These movements, however, have been directed toward SegWit and Bech32 addresses rather than exchanges, suggesting internal re-keying rather than imminent sales. This aligns with broader patterns of dormant supply reactivation observed in 2025, which analysts argue could be absorbed without significant price disruption, as seen during the 2014 USMS auction.

Market Implications: Capitulation and the Road Ahead

Conclusion: Contrarian Signals in a Fragmented Market

Bitcoin's on-chain and whale data reveal a market in transition. While STHs and mid-term holders contribute to short-term volatility, LTHs and whales are reinforcing a bullish narrative through accumulation. The reactivation of dormant supply and strategic whale movements highlight the fragmented nature of the market, where supply tightness and selective liquidity could drive a reversal if conditions stabilize. For investors, the key takeaway is to monitor these signals closely: accumulation by whales and LTHs may yet outpace distribution, setting the stage for a new phase of accumulation in 2026.