A new wave of profit-taking has emerged from recently created Bitcoin whales, marking the third significant distribution event of the current bull run. Following Bitcoin's struggle to maintain its value above $120,000, large holders have initiated selling, resulting in realized profits amounting to between $6 billion and $8 billion in late July—a figure consistent with previous peaks in 2024. These actions were largely prompted by new whales who began to take profits as Bitcoin surpassed the $120,000 threshold. In contrast, older whales from the early Nakamoto era also participated by realizing substantial profits. The overall crypto market has seen a strong recovery since early April after earlier sell-offs driven by uncertainty about economic growth and inflation. Despite these profit-taking waves, Bitcoin has shown resilience, demonstrating strong demand even amidst major transactions.

Source 🔗