Markets
Bitcoin Whales Make Unprecedented Profit of $1.2 Billion Amid Market Turmoil
Bitcoin Whales Make Unprecedented Profit of $1.2 Billion Amid Market Turmoil
Over the past two weeks, long term Bitcoin (BTC) the whales took in $1.2 billion in profits. According to CryptoQuant, these “old whales” took advantage of the price surge to sell the coins they acquired at much lower values, marking a period of unprecedented profit-taking in US dollar terms.
Julio Moreno, head of research at CryptoQuant, highlighted the importance of this activity, pointing out that the last comparable event occurred in April 2022, when Bitcoin traded at $40,000. During this period, whales made $683 million in profits in a single day, or 17,000 BTC. In contrast, the recent two-week period saw profits of 14,000 BTC, but with a much higher USD value.
Bitcoin whales, typically entities holding at least 1,000 BTC (worth about $65 million at current prices), are often institutional investors rather than individuals. Ki Young Ju, CEO of CryptoQuant, suggested that many of these sales were likely made through brokers, meaning the market has yet to feel the full impact of this sale. However, he warned that brokers could deposit BTC on exchanges, which could affect market liquidity and prices.
This activity comes at a time when the crypto market is already facing bearish momentum. Bitcoin has fallen 3% over the past week, compounded by $300 million in outflows from Bitcoin ETFs over the past two days.