Institutional Titans Replacing Early Bitcoin Holders in Largest Rotation Ever Seen

Bitcoin just absorbed a $9 billion sell-off of almost 80,000 units “without breaking stride,” said analysts at BTC financial services firm Swan on Wednesday.

The sell-off refers to last week’s market dump when BTC fell from just over $119,000 to around $115,000 in a few hours on July 25 A Satoshi-era whale, one of the few remaining OGs, cashed out, “and the market barely blinked.”

“That’s not just liquidity. That’s maturity, and a signal to the big fish of Bitcoin’s resilience.”

This appears to be the climax of “the largest holder rotation in Bitcoin history,” which is almost complete, said the Swan analysts.

Bitcoin Rotation Almost Complete

Every bull market requires a rotation where old hands sell into strength and new buyers step in, they said. However, this has been the biggest and longest rotation from old holders to new ones in Bitcoin’s history.

Over the past two years, long-term institutional investors such as exchange-traded products and corporations have replaced early adopters and weak hands.

“The old guard is being replaced by new titans with conviction.”

Bitcoin just absorbed an $9B selloff—80,000 coins—without breaking stride.

But the real story isn’t the sale.

It’s what it confirms:

The largest holder rotation in Bitcoin history is almost complete.

Are you ready for what comes next? pic.twitter.com/9XkQudeZNx

— Swan (@Swan) July 30, 2025

The market’s maturity is evident in reduced volatility and steady demand, suggesting the next major price movement may come from gradual capital accumulation rather than speculative euphoria, they suggested.

“This isn’t a one-off moment. It’s a generational shift. Rotations like this build the base for the next exponential run. Only this time, the foundation is stronger, more patient, and backed by deeper pools of global capital.”

Swan said that those still waiting for a “2021-style blow-off top” might miss the next 10x, “because the next move may not come from euphoria,” it will come from the “slow burn of capital rotating, consolidating, and locking in for the next decade.”

Bitcoin Price Holding Steady

Glassnode reported that long-term Holders – investors who held for 155 days or more, not OGs – still command 53% of supply despite recent distribution.

“The enduring concentration signals more supply could unlock if price rises – requiring sustained demand to absorb it.”

The asset dumped 2% to just over $116,000 following the Fed’s rate decision; however, it rapidly recovered to reclaim $118,300 during the Thursday morning Asian trading session.

Bitcoin remains within its range-bound channel that formed three weeks ago as the consolidation continues.