New whales trigger Bitcoin’s third profit-taking wave of current cycle

A fresh wave of profit-taking from newly emerged Bitcoin whales has marked the third major distribution event of this bull run, according to CryptoQuant.

Bitcoin’s failure to hold above $120,000 was accompanied by a surge in selling from large holders, marking what analysts call the “third major profit-taking wave of this bull run.”

Realized profits on Bitcoin (BTC) spiked to between $6 billion and $8 billion in late July —  levels that coincided at or near local tops in March and December 2024, according to onchain analytics firm CryptoQuant.

This latest sell-off was driven by “new whales,” who began realizing gains once BTC crossed the $120,000 mark, CryptoQuant noted.

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