Bitcoin Whales Continue Sell-Off as Profits Hit Rare 16% High

• Large Bitcoin holders are now selling their coins for profit after holding them for several years.
• Bitcoin’s Entity-Adjusted SOPR shows a rare 16% profit per coin, seen in under 8% of days.
• Bitcoin remains above $ 105,000 while supply nears its cap, and buyer interest remains strong.

Large Bitcoin holders have steadily taken profits after the asset’s new peak, continuing a multi-year trend of major selloffs. According to on-chain data, whales holding between 10,000 and 100,000 BTC have reduced their positions since 2017. This has happened even as Bitcoin’s price recently surged past $110,000, a record milestone. Crypto analyst Willy Woo posted a Glassnode chart on X that shows this long-term trend.

He pointed out, “Who are the idiots who are selling when institutions and sovereigns are racing to buy billions in BTC?” Woo said that most of these coins were bought between $0 and $700 and have been held for 8 to 16 years. “They’re stupid,” he added, highlighting the shift between early adopters and current market demand. Meanwhile, institutional and sovereign buyers are showing growing interest in accumulating Bitcoin.

Glassnode Sees Major Profit-Taking Spike in SOPR Data

Besides Woo’s insight, on June 3rd, Glassnode shared another chart on X that revealed a clear rise in Bitcoin profit realization. The chart measured the Entity-Adjusted SOPR (Spent Output Profit Ratio), showing a 16% profit per coin sold. The analytics firm noted this level of profitability is rare, observed on fewer than 8% of Bitcoin’s historical trading days.

Consequently, this indicates a key distribution phase where many investors are locking in gains, a pattern commonly seen near market tops. Glassnode notes that this behavior could introduce short-term volatility if the selling pressure continues.

Related: Bitcoin’s Rally Ends as Market Reacts to Trade Tensions

Bitcoin Remains Above $105K Amid Market Movements

Meanwhile, according to CoinMarketCap data, Bitcoin trades at $105,494.10, reflecting a 0.21% daily gain at press time. The market capitalization stands at $2.09 trillion, with a 24-hour trading volume of $44.64 billion. Circulating supply is now at 19.87 million BTC, closing in on the 21 million cap.

Additionally, Bitcoin reached an intraday high of $106,700 and maintains support above $105,000 despite multiple retracements. The volume-to-market cap ratio is 2.14%, showing consistent liquidity across the market.

Furthermore, Bitcoin remains the leader in market sentiment, boasting a 100% profile score. As supply nears its limit, scarcity may play a major role in upcoming price moves. Will continued whale profit-taking influence Bitcoin’s price trajectory despite rising institutional demand?

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