Bitcoin Whales Sold $1.2 Billion Worth in Two Weeks

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  • Bitcoin whales have cashed out $1.2 billion in BTC over the past two weeks
  • These HODLers have held at least 1,000 Bitcoin for several years before selling
  • This sell-off has raised concerns about a potential market top

Well-established Bitcoin whales have cashed out $1.2 billion worth of BTC in the past two weeks, according to data from CryptoQuant. This massive sell-off by these seasoned HODLers, who have held at least 1,000 Bitcoin for several years, indicates an increased appetite for profit-taking as they make the most of current market prices. The data raises concerns that the market top could be in, given that the last time such activity was seen was close to the 2022 high.

Market Hasn’t Felt the Impact Yet

CryptoQuant’s on-chain data highlights that the profit realization in USD by these “old whales” surged in June, with CEO Ki Young Ju suggesting that a substantial portion of these sales likely occurred through brokers, meaning the market hasn’t fully felt the impact of this sell-side liquidity:

Ki warned that if these holdings were to hit the market directly, it could potentially intensify the current bearish trend in the crypto market, a decline that has seen $300 million in outflows from Bitcoin ETFs in just two days and Bitcoin mining firms selling their coins to maintain operations. As a result, Bitcoin has seen a 6.6% decline over the past week and sits on a key line of support.

Whales Still Accumulating

While CryptoQuant’s data for old whales indicates significant profit-taking, the broader picture shows that Bitcoin whales, in general, are still accumulating coins, albeit at a slower rate compared to earlier this year. Similarly, stablecoins are experiencing growth in market cap, though the pace has decelerated.

Julio Moreno, Head of Research at CryptoQuant, told Decrypt that this level of profit-taking in USD terms is unprecedented, only comparable to when Bitcoin traded at $40,000 in April 2022. This period saw $683 million in profits in a single day.