New whales trigger Bitcoin’s third profit-taking wave of current cycle
Main Idea
New Bitcoin whales have triggered the third major profit-taking wave of the current cycle, with realized profits reaching $6-$8 billion in 2024, while old whales from the Satoshi era also resurfaced with significant sales.
Key Points
1. Bitcoin's failure to hold above $120,000 led to a surge in selling from large holders, marking the third major profit-taking wave of this bull run.
2. Realized profits on Bitcoin spiked to between $6 billion and $8 billion in 2024, driven by 'new whales' who began selling after BTC crossed $120,000.
3. Previous profit-taking waves followed the launch of US spot Bitcoin ETFs and the run-up to Donald Trump’s inauguration, both followed by market cooling phases.
4. A long-dormant entity from the Satoshi era sold 80,000 BTC, realizing $9.7 billion in profits, causing a brief 4% dip in Bitcoin's price.
5. Despite large-scale liquidations, Bitcoin and the broader crypto market rebounded sharply, with BTC reaching a new all-time high above $123,000 in July.
Description
A fresh wave of profit-taking from newly emerged Bitcoin whales has marked the third major distribution event of this bull run, according to CryptoQuant.
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