Bitcoin Whales Cash Out Amid Record Highs

Bitcoin Whales- Top Bitcoin Investors Reduce Holdings Despite Market Rally

Bitcoin Whales– Large Bitcoin holders, often referred to as “whales,” have been steadily cashing out after the cryptocurrency recently reached new all-time highs, continuing a trend that has been ongoing for years.

Analyst Willy Woo highlighted on June 3 that “big whales” owning over 10,000 Bitcoin “have been selling since 2017,” addressing the question of who is selling despite institutional and sovereign investors buying billions in BTC. Woo explained, “Most of those coins were bought between $0 and $700 and held for 8 to 16 years.”

Data shows that Bitcoin supply held by whale entities with balances between 10,000 and 100,000 BTC has steadily decreased over the past eight years. Their holdings dropped approximately 40%, from 2.7 million to around 1.6 million BTC during this period.

Woo also noted that while investing in Bitcoin at six-figure prices may not make sense in the short term, in the next decade it could become “probably one of the best investments you’ll see in your investment career.”

On June 3, analytics firm Glassnode reported that the recent Bitcoin all-time high, peaking just under $112,000 on May 22, triggered “a notable uptick in profits locked in, with the average coin capturing a 16% profit.” Less than 8% of trading days have been more profitable for investors, “suggesting a meaningful transition into profit-taking activity is underway.”

Glassnode also revealed that entity-adjusted realized profit surged above $500 million per hour three times on June 3, “signaling intense profit-taking activity.”

After hitting its peak, Bitcoin retraced 5.5% and briefly dropped to $105,000 on June 3 before bouncing back to around $106,800. It has now maintained a price above $100,000 for 27 consecutive days, the longest stretch in history, surpassing the previous record of 18 days in January.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.