Bitcoin Hits $6-8 Billion in Realized Profits Amid Third Major Whale Sell-Off in 2024 Bull Market
Main Idea
Bitcoin's third large-scale profit-taking event in 2024 saw realized profits surge to $6-8 billion, driven by newly entered whales selling Bitcoin above $120,000, impacting market liquidity and price stability.
Key Points
1. Bitcoin's realized profits reached $6-8 billion in July 2024, matching previous peaks in March and December 2024.
2. Newly entered whales were the main sellers, offloading Bitcoin at prices above $120,000.
3. Whale sales above $120,000 influence market liquidity and price stability, causing short-term corrections but signaling long-term confidence.
4. Previous large-scale profit-taking events occurred in March and December 2024, with similar profit levels.
5. Realized profit measures actual gains and is a key indicator for Bitcoin investors.
Description
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