Bitcoin Whales Just Realized $2.6B In Profit, Is the Market About to Crack or Soar?
Bitcoin is trading at $106,437, down 1.1% in 24 hours and nearly 4.8% below its May all-time high, within a consolidation range of $105,000 to $107,000. Significant profit realization on Binance, with over $2.6 billion realized on June 16, has influenced short-term price trends, leading to selling pressure. This event accounted for nearly 58% of the total $4.5 billion in realized profits across centralized exchanges, highlighting Binance's impact on market sentiment and price discovery. Long-term holders are selling, as indicated by on-chain metrics, but this selling does not suggest market weakness; instead, it indicates a potential redistribution of supply. Increased activity from coins held for one to three years suggests profit-taking, and the market may be absorbing sell pressure, indicating new demand and a possible foundation for future price increases.
