Long-term Bitcoin holders began selling heavily after BTC first hit $100,000 in Dec 2024, with major whale sell waves in late 2024/early 2025, July 2025 and November 2025. The largest single move was ~80,000 BTC (~$9B) sold in July by a Satoshi-era holder through Galaxy Digital. ETF flows and emerging corporate digital-asset treasuries absorbed part of the supply, but overall whale unloading contributed to downward price pressure (peak >$126K in early Oct to ~$86K on Dec 15). Analysts call this a "great redistribution" as new liquidity channels change cycle dynamics.

Summary states long-term holders sold en masse after BTC hit $100,000 (Dec 2024) with multiple whale unloading waves including an 80,000 BTC (~$9B) July sale via Galaxy Digital; ETFs and corporate treasuries absorbed some supply; these sales coincided with price falling from >$126,000 in early October to ~$86,000 on Dec 15 — facts that support a negative near-term market view and material market impact.