Bitcoin
Bitcoin Whales Make Unprecedented $1.2 Billion Profits Amid Market Turmoil
Bitcoin Whales Make Unprecedented $1.2 Billion Profits Amid Market Turmoil
In the last two weeks, in the long run Bitcoin (BTC) the whales cashed out $1.2 billion in profits. According to CryptoQuant, these “old whales” took advantage of rising prices to sell coins they acquired for much lower values, marking a period of unprecedented profit-taking in US dollar terms.
CryptoQuant head of research Julio Moreno highlighted the importance of this activity, noting that the last comparable event occurred in April 2022, when Bitcoin traded at $40,000. During this period, whales made profits of US$683 million in a single day, which is equivalent to 17,000 BTC. In contrast, the recent two-week period saw profits of 14,000 BTC, but with a much higher dollar value.
Bitcoin whales, typically entities that hold at least 1,000 BTC (worth approximately $65 million at current prices), are often institutional investors rather than individuals. CryptoQuant CEO Ki Young Ju suggested that many of these sales were likely executed through brokers, meaning the market has not yet felt the full impact of this sell-off. However, he warned that brokers could deposit BTC on exchanges, potentially affecting market liquidity and prices.
This activity occurs at a time when the crypto market is already facing bearish dynamics. Bitcoin fell 3% last week, compounded by $300 million in outflows from Bitcoin ETFs over the past two days.