Markets
Bitcoin whales make unprecedented profits of $1.2 billion amid market turmoil
Bitcoin Whales Make Unprecedented Profits of $1.2 Billion Amid Market Turmoil
In the last two weeks, long term Bitcoin (BTC) the whales raked in $1.2 billion in profits. According to CryptoQuant, these “old whales” took advantage of the price surge to sell the coins they purchased at much lower values, marking a period of unprecedented profit-taking in dollar terms.
CryptoQuant’s head of research, Julio Moreno, highlighted the importance of this activity, pointing out that the last comparable event occurred in April 2022, when Bitcoin was trading at $40,000. During that time, Whales made $683 million in profits in a single day, or 17,000 BTC. In contrast, the last two weeks saw profits of 14,000 BTC but with a much higher USD value.
Bitcoin whales, typically entities holding at least 1,000 BTC (worth around $65 million at current prices), are often institutional investors rather than individuals. CryptoQuant CEO Ki Young Ju suggested that many of these sales were likely executed through brokers, meaning the market has not yet felt the full impact of this sell-off. However, he warned that brokers could deposit BTC on exchanges, potentially affecting market liquidity and prices.
This activity comes at a time when the cryptocurrency market is already facing bearish momentum. Bitcoin has fallen 3% over the past week, compounded by outflows of $300 million from Bitcoin ETFs over the past two days.