Bitcoin Whales Cash Out $1.2 Billion in Profits
In the last two weeks, long-term Bitcoin (BTC) whales have sold $1.2 billion worth of their holdings, capitalizing on the recent surge in prices.
According to CryptoQuant, these “old whales” have offloaded coins they bought at much lower prices, making substantial profits.
CryptoQuant’s Head of Research, Julio Moreno, noted that the last time a similar event occurred was in April 2022, when Bitcoin was trading at $40,000.
At that time, whales cashed out $683 million in profits in a single day, equating to 17,000 BTC. The recent two-week period saw whales sell 14,000 BTC, but due to the higher current prices, the profit in USD terms was much larger.
Bitcoin whales, defined as entities holding at least 1,000 BTC (about $65 million at current prices), are often institutional investors rather than individuals.
READ MORE: Bitcoin Advocate Samson Mow Predicts $1 Million Price Target
CryptoQuant CEO Ki Young Ju pointed out that many of these recent sales were likely executed through brokers, which means the market hasn’t fully felt the impact yet. However, if brokers start depositing BTC to exchanges, it could affect market liquidity and prices.
This sell-off comes amid a bearish trend in the crypto market, with Bitcoin declining by 3% over the past week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
