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Bitcoin Whales Trim Holdings Despite $111,000 All-Time High

Key Takeaways

  • ​Bitcoin wallets with over 10,000 BTC have reduced their holdings by 40% since 2017;
  • Longtime holders who bought BTC under $700 are steadily cashing out after years of gains;
  • Profit-taking rose after Bitcoin hit $111K, with average coins sold locking in 16% gains.

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Bitcoin Whales Trim Holdings Despite $111,000 All-Time High

Some of Bitcoin’s largest holders have been selling their assets, even as the cryptocurrency recently reached a new record high.

On June 3, analyst Willy Woo shared on X that wallets holding over 10,000 BTC BTC $102,135.75 have been steadily offloading coins since 2017.

These are long-time holders who first bought Bitcoin when it was worth between $0 and $700. Many of them have kept their coins for more than a decade.

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Woo shared a chart showing that the total Bitcoin held by this group has dropped by about 40% in the past eight years, from around 2.7 million BTC to roughly 1.6 million.

Despite the recent price rise, Woo said that buying Bitcoin at current levels may not be attractive in the short term. However, he still believes the cryptocurrency could turn out to be a strong investment over the next ten years.

Additionally, blockchain data firm Glassnode reported on X that there was an increase in profit-taking after Bitcoin reached its all-time high of $111,000 on May 22.

According to their data, the average BTC sold during that time brought in a profit of about 16%. They noted that only a small percentage of past trading days have been more profitable.

Meanwhile, Bitcoin's response to a US-China trade deal may reveal if the crypto is truly seen as a safe haven during global economic uncertainty. What did the crypto community say about it? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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