Bitcoin’s failure to hold above $ 120,000 was accompanied by a sale climbing from large holders, marked by what the analysts called the “third major wave that take the bull run.”
Realized the income in bitcoin (Btc) spiked between $ 6 billion and $ 8 billion in late July – levels that compatible with or near the local tops in March and December 2024, according to the onchain analytics firm Cryptoquant.
This latest sale-off was driven by “new whales,” which began to realize the acquisitions once the BTC crossed a $ 120,000 mark, Cryptoquant mentioned.
In crypto terms, whales are creatures that hold at least 1,000 BTC. Many of them have accumulated early and are known to influence market movements. “The new whales,” in contrast, have gathered their wealth to BTC more recently, raising the possibility of them to include Institutional investor or corporations.
The previous two waves that earn the income followed the launch of the funds exchanged by the US spot exchange and the running for the inauguration of President Donald Trump. Both periods were followed by an extended phase of cooling in Bitcoin and greater crypto markets.
However, that cooling phase rose to a fully -blown seller in early 2025 after Trump’s tariff agenda Rattled investors and raised concerns about economic growth and inflation.
However, the Bitcoin and the broader crypto market have rebuilt since early April, along with BTC reaching a new high time More than $ 123,000 in July.
Related: Bitcoin Price has been targeting $ 119K as Buury
Old whales are also living
While the cryptoquant review highlighted new whales as the main driver of recent income, a long-term creature that 80,000 BTC has accumulated During the period of Satoshi Nakamoto recently realized $ 9.7 billion income.
Number Cointelegraph reported.
Despite a short 4% sinking in Bitcoin prices following the sale, the market quickly recovered, suggesting strong demand and suction capacity even before large fluids.
This year’s bitcoin performance exceeds most other ownership, including the stock market. While the S&P 500 reached the record highs last month, it dropped 15% year-to-date When measured in bitcoin terms. Since 2012, the Benchmark index has a underperformed Bitcoin of 99.98%, according to Bitbo data.
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