Summary
- CryptoQuant stated that the third round of profit-taking sell-offs in Bitcoin is occurring during this bull market.
- Realized profits surged to $6~8 billion, which is similar to the levels seen during previous peak periods.
- In particular, it was noted that new whales are leading the selling in ranges above $120,000.
On the 31st (local time), on-chain analytics platform CryptoQuant announced via X (formerly Twitter) that "Bitcoin (BTC) is experiencing its third wave of profit-taking sell-offs during this bull market."
According to CryptoQuant, the realized profit surged to $6~8 billion as of the end of July, a level similar to those seen in the peak periods of March and December 2024.
Notably, this round of selling has been driven mainly by 'new whales' offloading above the $120,000 level.
Meanwhile, as of 01:57 on the 1st, BTC was trading at $118,500 on the Binance Tether (USDT) market, up 0.67% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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