Bitcoin Sees Third Profit-Taking Wave This Cycle as New Whales Enter the Market
New Bitcoin whales are fueling the third wave of profit-taking, yet the market remains strong and continues to outperform traditional assets.
Bitcoin has entered its third profit-taking wave of the current bull run, driven by the selling of newly emerged Bitcoin whales.
New Bitcoin Whales Spark Third Profit-Taking Wave
The third profit-taking wave of the current bull cycle has emerged after Bitcoin failed to hold above $120,000, resulting in a surge in selling from large holders. The sell-off was caused by “new whales,” big holders with at least 1,000 BTC who can move the market.
The previous two profit-taking waves followed the launch of the U.S. Bitcoin exchange-traded fund and the run-up to President Donald Trump’s inauguration.
Both times, the crypto market cooled down and later saw a major sell-off after Trump’s tariff plans scared investors and sparked fears about inflation and slow economic growth.
Since early April, Bitcoin and the broader crypto market have recovered strongly, with BTC reaching a new all-time high above $123,000 in July.
Satoshi-Era Whales Have Also Reappeared
According to CryptoQuant, new whales are leading recent profit-taking, but an old wallet from the Satoshi era just sold 80,000 BTC, making $9.7 billion in profit.
Galaxy Digital carried out the sale in parts across major exchanges like Binance, Bybit, Coinbase, and Bitstamp.
Bitcoin dropped 4% after the big sale but quickly bounced back, showing strong demand and the market’s ability to handle large sell-offs.
So far this year, Bitcoin has outperformed most assets, including the stock market. Even though the S&P 500 hit a record high last month, it’s down 15% when compared to Bitcoin. Since 2012, the S&P 500 has underperformed Bitcoin by 99.98%, according to Bitbo.
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