Bitcoin Whales Unleash $260.7 Billion Sell-off, Fueling Investors’ Bull Market Fears

• Bitcoin whales that have held Bitcoin for over 155 days are currently sitting on a profit of about $260.7 billion.
• According to on-chain data, this increase in profit-taking by whales is probably a means of locking in current price growth rather than further exposure to price volatility.

In the past few weeks, running into months, the crypto space has continued to see a rise in the number of old Bitcoin whales that have decided to ‘lock in’ on profits. Based on on-chain data, a large number of these whales purchased their BTC as far back as when it sold for $10.

This continued increase has raised the eyebrows of both new and latter investors, with many wondering what exactly is causing the sell-off and others trying to catch up with what’s next for the whales.

Also Read: Crypto Market Sees About $700 Million Wipeout as Bitcoin Price Falls to $110,000

Earlier on, when the month started out, Tronweekly recorded that about $8 billion had been documented so far in Bitcoin profit taking. According to the details shared, whales continued to move money to exchanges, signaling profit-taking. The article recorded that on a particular day, about 70,000 BTC was transferred to exchanges.

It didn’t end there, as a few days ago, there was another report of a single whale that sold about 24,000 BTC at once, causing the price of BTC to drop by $4,000. This move caused different reactions in the crypto market, with many questioning the cause of the massive sale that affected Bitcoin’s price. Today, on-chain data has revealed that this bull season has seen more profit-taking than the 2016-17 bull run.

The Increase in Bitcoin Profit Taking

According to data shared by Glassnode, investors who have held Bitcoin for over 155 days have sold around 3.27 million BTC so far. Which is roughly $260.7 billion according to the current market prices. This groundbreaking profit taking marks the biggest realized profit since the 2016–2017 bull market, when profit taking reached 3.93 million BTC.

Source: Glassnode

Glassnode also went on to explain that the sharp rise in realized profits shows that there is currently stronger selling activity. Many investors are cashing out on their profits after months of consistent price increases, reducing their exposure to Bitcoin during the latest rally.

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