Who’s Dumping BTC Now? Glassnode Exposes Bitcoin Profit-Takers Cashing Out
Bitcoin's rally has traders playing hot potato—Glassnode just revealed who's taking chips off the table.
The profit-taking shuffle
Whales, miners, and early hodlers are quietly rotating out while retail FOMO heats up. Classic 'buy the rumor, sell the news' behavior—except the rumor is a decade old and still prints money.
Market psychology at work
Every ATH triggers primal instincts: lock in gains before the suits on Wall Street 'discover' volatility. Never mind that Bitcoin's crashed harder than hedge fund reputations in 2008.
Smart money sells quietly. Dumb money YOLOs at the top. The cycle continues—just with fancier charts this time.
BTC Holders Take Profits
According to Glassnode’s tweet, bitcoin’s realized profits hit $2.46 billion on June 30, while the network’s seven-day Simple Moving Average (SMA) spiked to $1.52 billion.
The SMA, which identifies trends by averaging prices over a specific period, is currently above its year-to-date (YTD) average of $1.14 billion. However, the metric is still below its November-December 2024 peak of approximately $4.5 billion.
The spike in Bitcoin’s seven-day SMA indicates that coin distribution on the network is on the rise. Mid-to-long-term BTC holders have been leading this profit-taking spree; Glassnode said investors aged three to five years have realized at least $849 million in profits. This cohort of market participants is followed by those aged seven to ten years, with $485 million in profits, and investors aged one to two years with $445 million.
Short-term BTC holders, those holding for under one year, have been cashing out the least gains, at less than $6 million.
Interestingly, older BTC holders have been leading the profit-taking for this cycle. CryptoPotato reported a rise in spending by this cohort in late May, which drove the aggregate volume for the one- to five-year cohorts to $4 billion, its highest level since February. While older investors take the lead, the bulk of the volume is coming from this particular group of Bitcoin holders.
Whales Are Redistributing Too
Glassnode’s latest report is further substantiated by an analysis from the institutional decentralized finance (DeFi) analytics platform, Sentora (previously known as IntoTheBlock).
The firm disclosed that wallets holding more than 1,000 BTC have been steadily reducing their balances. This indicates that although institutional money is flowing into Bitcoin, whales are still offloading their holdings.
It is worth mentioning that Sentora sees the redistribution by whales as a sign of a maturing market rather than weakness. Older whale coins being dispersed could become a dynamic that WOULD strengthen Bitcoin’s long-term potential.
Meanwhile, BTC was still consolidating at the time of writing, hovering under $110,000 – a level, which it has remained confined to in the last few weeks.
