Whale profit-taking reached $8 billion at Bitcoin’s record high

2024-4-12 16:30

Quick Take

On March 14, Bitcoin reached its all-time high, followed by a significant drop to around $60,800. Data reveals that whales holding 1,000 or more Bitcoins offloaded approximately $8 billion worth of profits at the peak. Investors who hold 100,000 Bitcoin or more took profits for the first time since May 2023, when Bitcoin traded at roughly $27,500. Analyzing the spending pattern, they offloaded approximately $1 billion worth of profit each day from March 6 to March 12.

Spent Volume in Profit by Wallet Size: April 2023 – April 2024 (Source: Glassnode)

Comparing the March 2024 all-time high (ATH) of roughly $73,500 to the April and November 2021 ATHs of approximately $63,000 and $69,000, respectively, profit-taking levels were similar. However, the bear market that started in mid-2021 witnessed significantly higher profits in the second half of the year compared to the first, possibly influenced by investor concerns over the Federal Reserve’s first rate hike in 2022, prompted by headline inflation reaching around 5.5% in June 2021, according to Trading Economics.

In 2022, it was revealed that whales cashed out over $30 billion in profits on certain days despite Bitcoin being in a falling market. Historical data suggests that significant profit-taking by whales can often signal the beginning of a market correction or market tops.

Spent Volume in Profit by Wallet Size: April 2019-April 2024 (Source: Glassnode)

The post Whale profit-taking reached $8 billion at Bitcoin’s record high appeared first on CryptoSlate.

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bitcoin high billion reached holding whales reveals

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