"Bitcoin, Once Surpassing $123,000, Experiences Large-Scale Selling... Miners and Whales Realize Profits"

After Bitcoin (BTC) hit its all-time high of $123,000, analysis indicates that major holders engaged in large-scale selling activity.

On the 19th, cryptocurrency-specialized media outlet BeInCrypto cited on-chain analytics platforms CryptoQuant and Glassnode, reporting that, as of the 15th, Bitcoin miners transferred 16,000 BTC to exchanges in a single day. This is the largest single-day transfer volume since April 7, when there was a movement of 17,000 BTC. Consequently, miners’ holdings dropped from 68,000 BTC to 65,000 BTC, marking the lowest level in a month.

According to the report, whale investors also participated in large-scale selling. On the 15th, total inflows to exchanges sharply increased from 19,000 BTC to 81,000 BTC in a short period, with transfers from whale addresses rising from 13,000 BTC to 58,000 BTC. Notably, signs were detected that 40,000 BTC were moved to exchanges from long-term dormant addresses dating back to the Satoshi era.

According to on-chain analytics firm Glassnode, the total realized profit for the day on the 15th was calculated to be $3.5 billion. Of this, long-term holders realized profits amounting to $1.96 billion, while short-term holders accounted for $1.54 billion.

Despite these waves of selling, the media outlet added that market experts view recent crypto-friendly legislation in the United States and growing global institutional demand as positive signals, suggesting further upside potential remains.