Bitcoin Experiences Major Profit-Taking Following Record Surge

Bitcoin soared to its all-time high on March 14, after which it experienced a notable drop before surging back to $70,000.

During this time, large Bitcoin holders, known as whales, reportedly cashed out approximately $8 billion in profits.

This marked the first instance of profit-taking by investors holding 100,000 Bitcoins or more since May 2023, when Bitcoin was valued at roughly $27,500. Notably, between March 6 and March 12, these investors systematically offloaded around $1 billion in profits each day.

Comparing the March 2024 all-time high, which approached approximately $73,500, with previous peaks in April and November 2021 (approximately $63,000 and $69,000, respectively), revealed similar levels of profit-taking activity.

However, during the bear market that began in mid-2021, profit-taking intensified notably in the latter half of the year.

This trend may have been influenced by investor concerns surrounding the Federal Reserve’s anticipated interest rate hike in 2022, prompted by headline inflation reaching around 5.5% in June 2021, according to Trading Economics.

Author

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.