The Bitcoin supply controlled by whale entities has dropped by 40% over the past eight years, signaling sustained profit-taking behavior among large holders.
Key Trends in Whale Activity
- Whale entities (holding 10,000–100,000 BTC) have reduced their holdings from 2.7 million to 1.6 million BTC since 2017.
- Analyst Willy Woo attributes this to long-term investors cashing out after 8–16 years of holding.
- Recent all-time highs (peaking at $112,000 on May 22) triggered intensified profit-taking, with realized profits exceeding $500 million/hour on June 3.
👉 Why are Bitcoin whales selling now?
Market Implications
- Institutional Demand vs. Whale Sales: While sovereign and institutional buyers accumulate, whales liquidate positions acquired at $700 or lower.
- Short-Term Caution: Woo notes that six-figure Bitcoin prices may not appeal to short-term traders but remain a decade-long growth opportunity.
Current Price Action
- Bitcoin dipped to $105,000 on June 3 before recovering to $106,800.
- As of June 4, it hovered near $105,750, maintaining a record 27-day streak above $100K.
Data highlights from Glassnode:
- Only 8% of trading days were more profitable than recent levels.
- Average coin profit reached 16% during the May rally.
FAQs
Q: Who’s selling Bitcoin despite institutional buying?
A: Long-term whales who bought at sub-$700 prices are cashing out after years of holding.
Q: Is Bitcoin still a good investment at $100K+?
A: Analysts like Woo argue that while short-term gains may be limited, long-term potential remains strong.
Q: How significant is the current profit-taking phase?
A: Glassnode metrics show it’s among the top 8% most profitable periods historically.
👉 Discover expert insights on crypto cycles
Future Outlook
- Analysts project 2025 price tops between $180K–$250K, though whale selling could temper rallies.
- Watch for institutional accumulation to offset whale supply dips.
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