Recent data shows that major Bitcoin holders, often referred to as 'whales', are cashing out as the cryptocurrency reached a milestone price of nearly $112,000. Analyst Willy Woo highlighted that whales with over 10,000 Bitcoin have been steadily selling their assets since 2017, amidst growing institutional interest. Woo stated that most of the Bitcoin sold was acquired at much lower prices, often between $0 and $700, and held for many years.
A recent report from Glassnode indicated that after the recent price peak, a marked increase in profit-taking was observed, with the average Bitcoin realizing gains of about 16%. The analytics platform also noted that on June 3, realized profits surged above $500 million per hour three times, signifying heavy profit-taking patterns. Bitcoin’s price, after reaching a record high, pulled back slightly and was trading at $105,750 as of early June 4.
This pattern of whales taking profits isn't new; they have been selling their holdings for several years, which has led to a significant decrease in the amount of Bitcoin held by these large entities, dropping around 40% over eight years. Woo suggests that while the short-term outlook may not appear favorable for investing in Bitcoin at current high prices, the long-term potential remains promising, with expectations of significant future growth.
A recent report from Glassnode indicated that after the recent price peak, a marked increase in profit-taking was observed, with the average Bitcoin realizing gains of about 16%. The analytics platform also noted that on June 3, realized profits surged above $500 million per hour three times, signifying heavy profit-taking patterns. Bitcoin’s price, after reaching a record high, pulled back slightly and was trading at $105,750 as of early June 4.
This pattern of whales taking profits isn't new; they have been selling their holdings for several years, which has led to a significant decrease in the amount of Bitcoin held by these large entities, dropping around 40% over eight years. Woo suggests that while the short-term outlook may not appear favorable for investing in Bitcoin at current high prices, the long-term potential remains promising, with expectations of significant future growth.
