The cryptocurrency market is witnessing Bitcoin’s third major profit-taking wave of the 2025 bull run, spearheaded by both new and established large holders. This movement gained momentum after BTC surged beyond the $120,000 threshold, prompting significant on-chain liquidation activities across multiple investor cohorts.
New market entrants categorized as whales have realized approximately $6-$8 billion in gains from recent sales as Bitcoin consolidated above unprecedented price levels. Simultaneously, long-term whale entities resurfaced with large-volume disposals totaling $9.7 billion in profits, strategically executed through institutional partners including Galaxy Digital and major cryptocurrency exchanges.
This profit extraction occurred against a backdrop of Bitcoin’s continued market dominance. The digital asset has notably outperformed traditional indices this year, with the S&P 500 declining 15% year-to-date when measured against Bitcoin’s performance. The synchronous selling activity from distinct whale generations highlights sophisticated institutional participation and evolving market dynamics.
Analysts emphasize that tracking such large-scale profit realization provides critical insights for navigating price volatility. These waves serve as key indicators of market sentiment shifts and offer strategic signals for investors adjusting positions during extended bull cycles.