Bitcoin failed to hold above $120,000, accompanied by a surge in selling from large holders, which analysts have termed "the third major profit-taking wave of this bull market."
According to on-chain analysis firm CryptoQuant, the realized profits of Bitcoin (BTC) soared to between $6 billion and $8 billion at the end of July, a level that coincides with or is close to the local tops in March and December 2024.
CryptoQuant noted that this latest round of selling was driven by "new whales," who began to realize profits once BTC broke through the $120,000 threshold.
In cryptocurrency terminology, a whale refers to an entity that holds at least 1,000 BTC. Many whales accumulated wealth early on and are known for influencing market trends. In contrast, "new whales" have only recently accumulated BTC wealth, increasing the likelihood that they include institutional investors or corporations.
The first two profit-taking waves occurred after the launch of the spot Bitcoin exchange-traded fund in the U.S. and during the pre-inauguration rally of U.S. President Donald Trump. Following these two periods, both Bitcoin and the broader cryptocurrency market experienced prolonged cooling phases.
However, in early 2025, Trump's tariff agenda unsettled investors, triggering concerns about economic growth and inflation, which escalated the cooling phase into a full-blown sell-off.
Despite this, since early April, Bitcoin and the broader cryptocurrency market have rebounded significantly, with BTC reaching a new all-time high of over $123,000 in July.
While CryptoQuant's analysis emphasizes that new whales are the main driving force behind the recent profit-taking, a long-dormant entity—having accumulated 80,000 BTC during the Satoshi era—recently realized $9.7 billion in profits.
Cointelegraph previously reported that the transaction was executed in multiple parts through Galaxy Digital, with sales conducted through major exchanges including Binance, Bybit, Coinbase, and Bitstamp.
Although Bitcoin's price briefly dropped 4% after the sell-off, the market quickly recovered, indicating that demand and absorption capacity remain strong even in the face of large-scale liquidations.
Bitcoin's performance this year has outpaced most other assets, including the stock market. While the S&P 500 index reached an all-time high last month, it has fallen 15% year-to-date when measured in Bitcoin. According to Bitbo, since 2012, the benchmark index has underperformed Bitcoin by 99.98%.
Related: Bitcoin (BTC) continues to oscillate within a range, with a breakout trend brewing.
Original article: “New Whales Trigger the Third Profit-Taking Wave of Bitcoin (BTC) This Cycle”
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