A wave of profit-taking by newly emerged Bitcoin whales has initiated the third major distribution event of the current bull run, according to CryptoQuant. This sell-off followed Bitcoin's inability to sustain a price above $120,000, marking a trend that has coincided with previous profit-taking events in March and December 2024. Realized profits during this time surged to between $6 billion and $8 billion. The recent sell-off was largely attributed to 'new whales,' entities that have recently accumulated significant Bitcoin holdings. Historically, two previous profit-taking waves occurred following the launch of US spot Bitcoin exchange-traded funds and prior to Donald Trump’s inauguration, both of which were followed by extended market cooling phases. Despite a brief dip in Bitcoin's price after a significant sale of $9.7 billion by an older whale from the Satoshi Nakamoto era, the market demonstrated resilience and quickly recovered. Bitcoin's performance has substantially outpaced traditional assets like the S&P 500, reflecting continued strong demand compared to other investments.

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