The post Bitcoin Whales Are Taking Profits, Cashing In $1.2 Billion in 2 Weeks: Analyst appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Long-term Bitcoin whales are now cashing out their BTC, realizing $1.2 billion in profit over the past two weeks, according to CryptoQuant. On-chain data provided by the firm shows that “old whales” realized profit in USD exploded in June, meaning they began selling coins at vastly higher prices than when they’d first received them on-chain. “In US dollar terms this profit-taking is unprecedented,” said CryptoQuant Head of Research Julio Moreno in a message to Decrypt. He said only comparable time was when Bitcoin traded at $40,000 in April 2022, and old whales took $683 million profits in one day. In Bitcoin terms, realized profits then were higher at 17,000 BTC, versus this month’s 14,000 BTC profits. #Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers. ETF netflows are negative with $460M outflows in the same period. If this ~$1.6B in sell-side liquidity isn’t bought OTC, brokers may deposit $BTC to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF — Ki Young Ju (@ki_young_ju) June 18, 2024 Bitcoin whales are investors who have held at least 1,000 Bitcoin (worth $65 million at today’s price) for several years. They are often companies and institutional holders rather than individuals. CryptoQuant CEO Ki Young Ju claimed much of these sales have likely taken place through brokers, meaning the sell-side liquidity hasn’t hit the market yet. “Brokers may deposit $BTC to exchanges, impacting the market,” he warned on Tuesday. A sell-off in whale holdings would exacerbate the crypto market’s bearish momentum in recent weeks, which has taken Bitcoin down 6.6% compared to last week. That’s in addition to $300…

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Filed under: News - @ June 21, 2024 3:16 am