Bitcoin Whales Cash Out $1.2 Billion in Profit, Exacerbating Bearish Momentum

• Bitcoin whales cash out $1.2 billion in profit over two weeks.
• Old whales selling at higher prices, impacting market liquidity.
• Whale moves $44 million in Bitcoin after a decade of dormancy.
• Market bearish with 6.6% Bitcoin drop and $300 million outflows from ETFs.
• Bitcoin whales accumulating coins at a slower rate than before.
• Bitcoin trading at short-term holder cost basis, leading to potential price drawdowns.

Summary :
Bitcoin whales, or investors who hold at least 1,000 Bitcoin, have been cashing out their BTC and realizing $1.2 billion in profit over the past two weeks, according to on-chain data from CryptoQuant. This profit-taking by "old whales" is unprecedented in US dollar terms and is comparable to when Bitcoin traded at $40,000 in April 2022. The sell-off by these long-term holders could exacerbate the bearish momentum in the crypto market, which has already seen a 6.6% decline in Bitcoin compared to last week. However, it's important to note that not all Bitcoin whales are selling, as the overall cohort continues to accumulate coins, albeit at a slower rate than earlier this year. Additionally, stablecoins are still rising in market cap. It's worth mentioning that the recent sell-off by old whales may not have hit the market yet, as much of it is likely taking place through brokers.

Sources :

- Decrypt