Bitcoin’s recent surge past $110,000 has reignited a familiar pattern among the cryptocurrency’s largest holders. According to analyst Willy Woo, “big whales” — investors holding over 10,000 BTC — have been steadily selling their Bitcoin since 2017, a trend that continues despite institutional and sovereign buyers racing to accumulate billions in the asset.
"Who are the idiots who are selling when institutions and sovereigns are racing to buy billions in BTC?"
— Willy Woo (@woonomic) June 3, 2025
This chart sheds light. The big whales >10k BTC have been selling since 2017.
"They're stupid!"
Most of those coins were bought between $0-$700 and held 8-16 years. pic.twitter.com/pv1elMx9N1
Woo explained on June 3 that many of these whales purchased their Bitcoin when prices were between $0 and $700 and have held these coins for 8 to 16 years. Over the past eight years, the supply held by whale entities with balances between 10,000 and 100,000 BTC has declined by roughly 40%, dropping from 2.7 million to about 1.6 million BTC, data from Glassnode reveals.
The recent #Bitcoin ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit.
— glassnode (@glassnode) June 3, 2025
Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway. pic.twitter.com/3Fz1A6Ccis
Profit-Taking Accelerates Amidst New All-Time High
The recent Bitcoin all-time high breakout, which peaked just below $112,000 on May 22, triggered a notable surge in profit-taking activity. Glassnode reported that the average coin captured a 16% profit during this period, with fewer than 8% of trading days being more profitable historically. This indicates a significant shift as many investors lock in gains after the price rally.
On June 3, realized profits adjusted for entity activity spiked above $500 million per hour on three separate occasions, marking intense selling pressure from large holders. This heightened profit-taking aligns with Bitcoin’s retracement of 5.5% from its May peak, briefly dipping to $105,000 before rebounding slightly.
Realized Profit Surge
— glassnode (@glassnode) June 3, 2025
Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity. https://t.co/I4LWr5KE3w pic.twitter.com/QKwdbWkVfE
Bitcoin Holds Above Six Figures for Record Duration
Despite the recent pullback, Bitcoin has maintained its position above the $100,000 threshold for a record 27 consecutive days. This surpasses the previous longest streak of 18 days above six figures seen in January, highlighting sustained bullish momentum.
Also Read: Bitcoin Breaks $100K But Google Trends Stay Flat — Is a Bigger Move Coming?
However, analyst Willy Woo cautions investors, noting that while investing in Bitcoin at six figures may not make short-term sense, the asset could prove to be “one of the best investments you’ll see in your investment career” over the next decade.
As Bitcoin consolidates near $105,750 amid profit-taking, market watchers remain focused on whether institutional demand can absorb the selling pressure from whales and sustain the cryptocurrency’s historic bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
