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Bitcoin’s (BTC) on-chain metrics are indicating a significant shift in the behavior of long-term investors, commonly referred to as “whales.” In early October 2025, the average dormancy of Bitcoin reached its highest level in a month. This trend may signal potential selling pressure, as some investors appear eager to cash in on their holdings.

 

Recent data from CryptoQuant showed that the average dormancy period for Bitcoin has increased in recent years. This metric measures the length of time that Bitcoins are held before being transferred. An increase in this figure suggests that long-term holders may be selling their coins or moving them to different wallets, which could signal a potential price decline or increased selling pressure.

Lookonchain revealed that 100 coins, valued at approximately $12.5 million, had been moved to two new addresses from an old Bitcoin wallet that had remained dormant for 12 years. The wallet is currently worth $86 million, having first purchased 691 Bitcoin at a price of just $132. Additionally, 3,000 BTC, or about $363.09 million, was deposited in the Hyperliquid exchange by a Bitcoin whale, according to OnChain Lens.

The investor exchanged $116 million in USDC for 960 point57 BTC. The wallet still contains 46,765 Bitcoin, which is worth $5.7 billion. “For those who are unaware, the last time this whale started selling, $BTC dropped nearly $9,000,” analyst Ted Pillows added. All of these actions point to the potential for early adopters to make money.

The surge in activity coincides with a correction in the flagship cryptocurrency, which earlier this week briefly reached a new all-time high. Experts remain optimistic about Bitcoin’s future, despite these distribution indicators. It seems that the Bitcoin rally is more than just a fad.

Market dynamics and underlying structural drivers are aligning and converging, even though profit-taking may cause temporary pauses. Markets predicted that, barring significant headwinds, Bitcoin would test between $130,000 and $135,000 in Q4 2025 and possibly reach $140,000 by Q1 2026. He did, however, issue a warning that new geopolitical or macroeconomic unrest might momentarily halt the rally and drive Bitcoin back toward $117,000 or even $120,000. However, if current market confidence holds, there may be strong support from dip-buying interest at those levels.