Charles Esther
Bitcoin’s long-term holders—often called “whales”—are cashing out after years of accumulation.
Recent data shows that these major players have significantly reduced their holdings, even as the cryptocurrency hits record highs.
This shift highlights an evolving profit-taking trend in the crypto space, especially among investors who entered the market early.
Whale Bitcoin Holdings Drop by 40% Over 8 Years
New research shows that the amount of Bitcoin held by whale entities—wallets with between 10,000 and 100,000 BTC—has fallen sharply.
Since 2017, this group has reduced its collective holdings from 2.7 million BTC to around 1.6 million BTC.
This represents a staggering 40% drop in just eight years.
The data was shared by on-chain analyst Willy Woo, who explained that these coins were mostly bought at prices between $0 and $700.
They have now been held for as long as 16 years in some cases.
Who’s Selling While Institutions Are Buying?
The recent sell-off raises an important question—who is selling when institutions and sovereign nations are buying Bitcoin in the billions?
Willy Woo provided a simple answer.
It’s the early whales who are finally taking profits.
These long-term holders, having seen exponential growth, are now offloading their assets as Bitcoin trades around $105,000.
Bitcoin Peaks Then Retraces
Bitcoin reached a new all-time high of just under $112,000 on May 22.
Since then, the price has seen a 5.5% pullback, dipping to $105,000 on June 3 before slightly recovering to $106,800.
As of early trading on June 4, Bitcoin is trading around $105,750.
Still, Bitcoin has now held above the $100,000 mark for 27 consecutive days—setting a new record above the previous high of 18 days from January.
Massive Realized Profits in June
According to analytics platform Glassnode, the recent rally triggered a massive wave of profit realization.
The platform noted that fewer than 8% of all trading days in Bitcoin’s history have been more profitable than recent days.
This has led to a significant shift toward profit-taking behaviour among holders.
On June 3, realized profits exceeded $500 million per hour three separate times.
Glassnode described this as a clear sign of “intense profit-taking activity.”
Long-Term Outlook Remains Bullish
Despite the current sell-off, analysts like Willy Woo believe that Bitcoin still has massive long-term potential.
He acknowledged that investing at six-figure prices may not seem attractive in the short term.
However, he remains confident that within the next decade, Bitcoin will likely become “one of the best investments you’ll see in your investment career.”
Conclusion
The behaviour of Bitcoin whales reveals a mature and evolving market.
Early adopters are cashing out after years of holding, while institutions and new investors step in.
Although recent trends show increased profit-taking, the long-term outlook for Bitcoin remains strong, with some analysts predicting price peaks between $180,000 and $250,000 in 2025.
As the market shifts, all eyes remain on how high Bitcoin can go—and who will be holding when it gets there.
