币界网报道：Bitcoin whale supply has dropped to its lowest level in over five years, signaling potential market shifts as large holders reduce their BTC positions. According to Glassnode data, addresses holding at least 1,000 BTC now control just 25.4% of the circulating supply, down from 33% in early 2021. This decline coincides with Bitcoin's recent price volatility, including a dip below $40,000 before rebounding to $42,000. Analysts suggest whales may be redistributing coins to smaller investors or moving holdings to institutional custody solutions like ETFs. The reduced whale concentration could decrease market manipulation risks but may also reflect profit-taking after Bitcoin's 150% rally in 2023. Meanwhile, exchange reserves continue falling, hitting multi-year lows as investors opt for self-custody. Some experts interpret the whale exodus as long-term bullish, indicating wealth distribution and stronger network decentralization. However, others caution that whale selling pressure could persist if macroeconomic conditions worsen. The trend emerges as Bitcoin ETFs see record inflows, with BlackRock's IBIT surpassing $3 billion in assets under management just weeks after launch. Market watchers are divided on whether whale supply declines precede major price movements or simply reflect the natural maturation of Bitcoin's investor base.