{"id":646379,"date":"2024-10-05T16:00:35","date_gmt":"2024-10-05T16:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=646379"},"modified":"2024-10-05T05:42:31","modified_gmt":"2024-10-05T05:42:31","slug":"bitcoin-whales-set-profit-taking-record-in-bull-cycle-whats-happening","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-whales-set-profit-taking-record-in-bull-cycle-whats-happening\/","title":{"rendered":"Bitcoin Whales Set Profit-Taking Record In Bull Cycle \u2014 What\u2019s Happening?"},"content":{"rendered":"

The price of Bitcoin has not had the most straightforward performance in 2024 despite a strong start to the year. The flagship cryptocurrency has spent most of the last two quarters in consolidation, fluctuating within the $50,000 and $70,000 range.<\/span><\/p>\n

This uninspiring performance has sparked conversations about the current cycle, with several analysts and experts predicting whether the bull run is still on<\/a>. Amongst the latest to comment is the CryptoQuant CEO, who offered an interesting on-chain insight into the cycle.<\/span><\/p>\n

Why Are Whales Taking Less Profit This Cycle?<\/b><\/h2>\n

In a post on the X platform, CryptoQuant CEO Ki Young Ju revealed<\/a> that the Bitcoin whales have held onto their assets this cycle. As a result, the large investors have set the record for the least profit-taking compared to other cycles if the current bull run ends now.<\/span><\/p>\n

Related Reading: XRP Macro Charts Signal Explosive Bullish Move Despite SEC Appeal: Analyst<\/a><\/div>\n

This on-chain revelation is based on the Realized Profit Ratio by Balance Cohort metric, which measures the ratio of coins sold at a profit by an investor class relative to the total coins sold at a given time. It basically evaluates the profitability of different cohorts of Bitcoin holders.<\/span><\/p>\n

\"Bitcoin\"
Source: Ki_young_ju\/X<\/a><\/figcaption><\/figure>\n

Typically, when the Realized Profit Ratio of whales is high, it implies that a sell-off<\/a> is likely ongoing, with the large investors believing that prices have peaked. On the other hand, a low Realized Profit Ratio often indicates a low level of profit-taking, meaning that investors are not cutting their losses or expecting further price gains.<\/span><\/p>\n

The current on-chain data points to a trend where the large holders have taken the least amount of profits across any bull cycle. This could mean that the Bitcoin whales still have faith in Bitcoin\u2019s long-term potential<\/a>. Ultimately, this suggests that the current bull run is far from the end, and there is the possibility of the Bitcoin price uptrend resuming.<\/span><\/p>\n

Bitcoin ‘Dolphin’ Addresses On The Rise Again: Santiment<\/b><\/h2>\n

In a post on X, Santiment revealed<\/a> that the Bitcoin\u2019s \u201cDolphin\u201d cohort, holding between 0.1 to 10 BTC, have been growing steadily over the past few months. The analytics reported that this tier of investors mostly sold for profit in the first half of the year.<\/span><\/p>\n

However, addresses holding between 0.1 and 10 BTC have been on the rise since early July. Specifically, the 0.1 – 1 BTC wallets have increased by 25,671 more addresses, while the 1 – 10 BTC wallets have climbed by about 4,000 addresses.<\/span><\/p>\n

Related Reading: Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important<\/a><\/div>\n

This indicates that small-scale investors might be returning to the market, which could be positive for the Bitcoin price over the coming months. As of this, the premier cryptocurrency is valued at $61,94, reflecting a 1.7% increase in the past day.\u00a0<\/span><\/p>\n

\"Bitcoin\"
BTC hovers around $62,000 on the daily timeframe | Source: BTCUSDT chart from TradingView<\/a><\/figcaption><\/figure>\n
Featured image created by Dall.E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has not had the most straightforward performance in 2024 despite a strong start to the year. The flagship cryptocurrency has spent most of the last two quarters in consolidation, fluctuating within the $50,000 and $70,000 range. This uninspiring performance has sparked conversations about the current cycle, with several analysts and experts predicting whether the bull run is still on. Amongst the latest to comment is the CryptoQuant CEO, who offered an interesting on-chain insight into the cycle. Why Are Whales Taking Less Profit This Cycle? In a post on the X platform, CryptoQuant CEO Ki Young Ju revealed that the Bitcoin whales have held onto their assets this cycle. As a result, the large investors have set the record for the least profit-taking compared to other cycles if the current bull run ends now. Related Reading: XRP Macro Charts Signal Explosive Bullish Move Despite SEC Appeal: Analyst This on-chain revelation is based on the Realized Profit Ratio by Balance Cohort metric, which measures the ratio of coins sold at a profit by an investor class relative to the total coins sold at a given time. It basically evaluates the profitability of different cohorts of Bitcoin holders. Typically, when the Realized Profit Ratio of whales is high, it implies that a sell-off is likely ongoing, with the large investors believing that prices have peaked. On the other hand, a low Realized Profit Ratio often indicates a low level of profit-taking, meaning that investors are not cutting their losses or expecting further price gains. The current on-chain data points to a trend where the large holders have taken the least amount of profits across any bull cycle. This could mean that the Bitcoin whales still have faith in Bitcoin\u2019s long-term potential. Ultimately, this suggests that the current bull run is far from the end, and there is the possibility of the Bitcoin price uptrend resuming. Bitcoin ‘Dolphin’ Addresses On The Rise Again: Santiment In a post on X, Santiment revealed that the Bitcoin\u2019s \u201cDolphin\u201d cohort, holding between 0.1 to 10 BTC, have been growing steadily over the past few months. The analytics reported that this tier of investors mostly sold for profit in the first half of the year. However, addresses holding between 0.1 and 10 BTC have been on the rise since early July. Specifically, the 0.1 – 1 BTC wallets have increased by 25,671 more addresses, while the 1 – 10 BTC wallets have climbed by about 4,000 addresses. Related Reading: Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important This indicates that small-scale investors might be returning to the market, which could be positive for the Bitcoin price over the coming months. As of this, the premier cryptocurrency is valued at $61,94, reflecting a 1.7% increase in the past day.\u00a0 Featured image created by Dall.E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":646387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,679,1119,78790,92146,83534],"class_list":["post-646379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-cryptoquant-ceo","tag-ki-young-ju"],"acf":[],"yoast_head":"\nBitcoin Whales Set Profit-Taking Record In Bull Cycle \u2014 What\u2019s Happening?<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has not had the most straightforward performance in 2024 despite a strong start to the year. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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