The Bitcoin supply held by whale entities has declined by 40% over the past eight years as profit-taking continues.
Large Bitcoin holders have been steadily taking profits after the cryptocurrency recently hit a new peak, continuing a years-long trend of the cryptocurrency’s “big whales” cashing out.
Analyst Willy Woo posted to X on June 3 that “big whales” with over 10,000 Bitcoin (BTC) “have been selling since 2017,” answering the question of who is selling the cryptocurrency when “ institutions and sovereigns are racing to buy billions in BTC.”
“Most of those coins were bought between $0 and $700 and held for 8 to 16 years,” he explained.
