Bitcoins’ failure to reach $120,000 was followed by an increase in sales from big holders. This is what analysts refer to as the Bitcoin crash. “third major profit-taking wave of this bull run.”
Bitcoin: Realized ProfitsBTC) spiked to between $6 billion and $8 billion in late July — levels that coincided at or near local tops in March and December 2024, according to onchain analytics firm CryptoQuant.
This recent sale of shares was driven by “new whales,” CryptoQuant reported that those who started realizing profits once BTC passed the $120,000 threshold began to do so.
Whales in crypto are those entities who hold 1,000 BTC or more. They are known for their early accumulation and influence on the market. “New whales,” By contrast, they have accumulated their BTC wealth recently and are therefore more likely to include institutional investors or corporations.
Two previous waves of profit taking followed the launch US Spot Bitcoin Exchange-Traded Funds, and the build-up towards the US President Donald Trump’s inauguration. After both of these periods, the Bitcoin and crypto markets went through a long cooling phase.
The cooling period escalated in the early part of 2025 into a full blown market sell off. Trump’s tariff agenda Investors became agitated and worried about inflation and economic growth.
Bitcoin, and other crypto markets, have recovered sharply from early April. BTC reaching a new all-time high Above $123,000 in July
Related: Bitcoin price retargets $119K as treasuries buy 28K BTC in two days
Even old whales resurface
CryptoQuant’s recent analysis emphasized new whales to be the primary driver of profit taking. A long-dormant institution that accumulated 80,000 BTC Recently, the Satoshi Nakamoto era realized profits of $9.7 billion.
The following are some of the ways to get in touch with us. Cointelegraph reportedGalaxy Digital executed the transactions in various tranches, while sales were made through Binance Bybit Coinbase Bitstamp and other major exchanges.
Even though Bitcoin experienced a short 4% decline in price, it quickly recovered. It shows that there is still a strong market and a high capacity for absorption, even when large scale liquidations are made.
Bitcoins’ performance has been better this year than other assets. This includes the stock market. While the S&P 500 reached record highs last month, it is down 15% year-to-date when measured in Bitcoin terms. Data from Bitbo shows that since 2012, the benchmark has performed 99.98% worse than Bitcoin.
Magazine: Crypto traders ‘fool themselves’ with price predictions: Peter Brandt
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Source: cointelegraph.com
