While Bitcoin has just reached an all-time high above $93,000, on-chain data reveals a massive wave of profit-taking, mainly led by long-term investors. More than $5 billion in gains were crystallized in just a few days.
Bitcoin Whales Take Profits
Bitcoin holders massively secured their positions between November 12 and 14 in US markets, with realized daily profits exceeding $5 billion, according to data from CryptoQuant.
This frenzy of profit taking comes in a context where the first crypto has shattered its previous record to settle above $93,000.
The scale of the movements was particularly notable on November 12, with $5.1 billion in gains crystallized while Bitcoin was trading around $88,000. Although falling slightly the following days to 4.75 then 4.8 billion dollars, these figures remain historically high.
The Spent Output Profit Ratio (SOPR), a key indicator measuring the profitability of positions, reached its highest level since August 2023, confirming that it is mainly historical hodlers who are taking their profits.
A rally fueled by political optimism
This wave of profit taking comes after a meteoric rise in Bitcoin, propelled in particular by the electoral victory of Donald Trump on November 5. The former American president, favorable to cryptocurrencies, made numerous promises in favor of the sector during his campaign.
Analysts note that such volumes of profit-taking typically occur near local highs. Historically, these periods often precede consolidation phases allowing the market to digest its gains.
The particularly high SOPR suggests that more experienced investors are potentially anticipating a technical correction, following this increase of more than 450% since January.
These massive movements on the part of historical holders could herald a necessary stabilization phase after this explosive progression. Nevertheless, the fundamentals remain strong with growing institutional adoption and a favorable macroeconomic backdrop.
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