Bitcoin Whales Shed Billions as Profit-Taking Accelerates
Big Whales Are Cashing Out After Years of Accumulation
The biggest holders of Bitcoin—entities with between 10,000 and 100,000 BTC—have steadily sold off their holdings over the past eight years, even as institutional and sovereign buyers ramp up their positions.
According to crypto analyst Willy Woo, these so-called “big whales” have been trimming their portfolios since 2017, unloading coins that were largely acquired for between $0 and $700 years ago.
“They’ve been selling since 2017,” Woo wrote on X. “Most of those coins were bought between $0 and $700 and held for 8 to 16 years.”
The total Bitcoin supply held by these entities has dropped by 40%, from 2.7 million BTC to around 1.6 million BTC, based on data from Glassnode.
Supply held by entities with a balance between 10,000 and 100,000 BTC. Source: Glassnode
BTC Rally Spurs Profit-Taking Surge
The most recent Bitcoin price rally, which saw the cryptocurrency hit a record just under $112,000 on May 22, has triggered a fresh wave of profit-taking.
Glassnode reported on June 3 that the average coin sold during this period locked in a 16% profit, marking a “notable uptick” in realized gains. It added that fewer than 8% of all trading days in Bitcoin’s history have been more profitable.
Bitcoin sees surge in profit-taking in May and June. Source: Glassnode
Adding to the frenzy, realized profit adjusted for unique entities exceeded $500 million per hour on three separate occasions on June 3. That kind of velocity, according to analysts, points to intense selling pressure from long-time holders eager to bank gains.
Bitcoin Corrects After All-Time High But Remains Above $100K
Following its May peak, Bitcoin retraced 5.5%, briefly falling to $105,000 on June 3 before rebounding to $106,800, only to slip again to $105,750 in early trading on June 4.
Still, the asset has held above six figures for 27 consecutive days, a new record and well beyond its previous run of 18 days above $100,000 in January.
Woo: Short-Term Risks, Long-Term Opportunity
Despite the current environment, Woo maintains a bullish long-term view. He cautioned that buying Bitcoin at six-figure levels may not deliver short-term gains, but he called it “probably one of the best investments” over the next decade.
Rhapsody of Realities is a life guide that brings you a fresh perspective from God’s Word every day. It features the day’s topic, a theme scripture, the day’s message, the daily confession and the Bible reading plan segment. It is God's Love Letter to You!
