Who’s Dumping Bitcoin at All-Time Highs Above $120K? The Big Players Revealed
Bitcoin just smashed through $120,000—and someone’s making a quiet exit. While retail investors cheer the rally, whales are slipping out the back door with bags full.
Who’s cashing out? Early miners? Institutional holders? Or maybe those hedge funds that swore they were 'in it for the long term' (until the profit-taking itch kicked in).
One thing’s clear: when markets hit euphoria, smart money doesn’t stick around for the group photo. And if history repeats? The 'diamond hands' crowd might soon learn why Wall Street always brings a sell button to a bull market.
What next?
The path of least resistance remains upside, thanks to signs of strong dip-demand and macroeconomic tailwinds.
"1.88 million addresses bought 1.3 million BTC at an average of $118,000, indicating a strong LAYER of demand that has so far prevented a deeper pullback," Halm told CoinDesk.
Speaking of macro, the market is increasingly getting comfortable with the idea that the new normal inflation in the post-COVID world is well above the Fed's 2% target and expects the central bank to cut rates in September.
Steve Gregory, founder of Vtrader, expects renewed rotation of funds into bitcoin from ether.
"We may see a rotation back to bitcoin and a break of the $120,000 level as bitcoin's 3-month volatility hit its lowest since September 2023. Furthermore, 95% of ETH wallets are now in profit, indicating that traders may make a logical rotation back to BTC," Gregory said.
