- Bitcoin whales (10K+ BTC holders) have been offloading since 2017, reducing their share by 40%.
- Profit-taking surged after BTC’s May 22 peak near $112K, with over $500M in profits realized per hour at times.
- Despite retracing slightly, Bitcoin has remained above $100K for a record 27 straight days.
So, here we go again—Bitcoin surges to new highs, and the big whales? They’re cashing out. According to analyst Willy Woo, those with over 10,000 BTC have been selling off steadily since 2017. Most of their stash was picked up between $0 and $700—yeah, you read that right—and they’ve held it for somewhere between 8 and 16 years. That’s a long time to HODL.
A closer look at the numbers tells us that the supply held by those mega-wallets—between 10,000 and 100,000 BTC—has shrunk about 40% over the last eight years. It dropped from around 2.7 million BTC to just about 1.6 million. While governments and massive institutions are rushing to buy, the OGs are heading for the exit with their profits (and who can blame them?).
Bitcoin Profit-Taking Spikes in June
Glassnode chimed in on June 3, pointing out that the recent all-time high—just under $112K on May 22—triggered a major wave of profit-taking. The average coin locked in a 16% gain, and apparently, fewer than 8% of trading days have ever been more profitable. It’s not panic selling, but there’s definitely a shift toward realizing gains.
Interestingly, the platform noted that realized profit per hour cracked $500 million not once, but three times in a single day. That’s not a normal Tuesday. This level of activity kind of screams, “Hey, maybe now’s the time to take a little off the table.”
Still Holding Strong… For Now
Even with all that profit-taking, Bitcoin’s still hanging in there. After a little dip to $105K on June 3, it bounced back to $106.8K, but early on June 4, it slipped again—hovering around $105,750. So far, though, it hasn’t dipped below the six-figure mark. In fact, BTC has now stayed above $100K for 27 consecutive days, beating its previous streak of 18 days back in January.
Willy Woo added that buying BTC at this stage might not make short-term sense, but long term? It could still be “one of the best investments you’ll see in your investment career.” Depends on your risk appetite… and maybe your stomach for rollercoasters.
