From its historic summit near the $ 112,000 reached in May, Bitcoin has crossed a consolidation phase. Admittedly, the flagship crypto asset remains securely above $ 100,000. That said, a significant movement of profits is observed in the biggest holders. We tell you more in the following paragraphs!
In short
- Whales have won their bitcoins massively, reducing their offer by 40 % since 2017.
- The profits explodes, reaching $ 500 million in earnings per hour according to Glassnode.
Whales have been selling their bitcoins massively since 2017
According to analyst Willy Woo, whales holding between 10,000 and 100,000 BTC are In sales mode for several years. He believes that these big Bitcoin holders have been sold since 2017.
The proof: in eight years, the offer held by these entities increased from 2.7 million to 1.6 million BTC. This represents a drop of almost 40 %.
These long -term bitcoin holders, who had acquired their tokens between $ 0 and $ 700, therefore seem capitalize on their earnings. This trend marks a gradual transfer of wealth to other profiles of actors, including institutional investors. The latter take advantage of the drop in pressure to enter the cryptographic market.
Technical signals show a strong profits activity
THE Glassnode data published on June 3 show that the average profit by Bitcoin reaches 16 %, with peaks of $ 500 million in profits made per hour.
Another fact: less than 8 % of the days were more profitable than those observed recently. This confirms an intense phase of profits.
The price of the BTC fell 5.5 % from its highest, oscillating around $ 105,750 on June 4. However, the substantive trend remains upward. Crypto experts refer to Unpublished Bitcoin maintenance above $ 100,000 for 27 consecutive days.
This onchain analysis testifies to a bullish cycle that runs out of steam, but could resume if the institutional demand persists.
Whale selling pressure could therefore weigh in the short term. Nevertheless, the bullish dynamic of Bitcoin remains intact in the long term. Institutional investors may well be the next engines. Especially since the majority of them plan to increase their crypto assets. To follow!
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