Bitcoin Drops 1.1% as Whales Realize $2.6 Billion in Profits on Binance

Bitcoin has been trading within a narrow range, struggling to surpass the $110,000 mark. At the time of writing, the leading cryptocurrency by market capitalization is trading at $106,437, down 1.1% over the past 24 hours and nearly 4.8% below its May all-time high. The current consolidation range between $105,000 and $107,000 has prompted close monitoring of market behavior, especially from whales and long-term holders (LTHs), as the market attempts to find its next direction.

Recent data from CryptoQuant suggests that a significant shift in realized profits on Binance may be influencing short-term price trends. On June 16, over $2.6 billion in profits were realized on Binance alone, the second-largest spike of its kind on the platform. This activity was followed by immediate selling pressure and market reaction, suggesting that profit-taking from large investors remains a core factor in the current price movement. According to the analyst, the June 16 event saw a total of $4.5 billion in realized profits across centralized exchanges, with Binance accounting for nearly 58% of that volume. The analyst emphasized Binance’s role in price discovery and how whale behavior on the platform often serves as a proxy for broader market sentiment. As institutional participants and high-net-worth investors execute large moves on Binance, their actions can foreshadow phases of trend reversals or sustained accumulation.

The data also shows the importance of tracking realized profit and loss (PnL) metrics, especially on high-volume exchanges. The event reflects what the analyst described as “strategic profit-taking by sophisticated participants,” many of whom rely on Binance’s infrastructure for executing high-liquidity trades. In a separate analysis, another analyst offered a different perspective by analyzing long-term holder activity. The analyst observed that although Bitcoin has been trading sideways between $100,000 and $110,000 since May, on-chain indicators such as Spent Output Age Bands (SOAB) and Binary CDD show persistent selling from long-term holders. These are entities that have held their coins for more than six months, indicating a redistribution of supply. However, the analyst argues that this selling may not imply weakness. “Despite this steady LTH selling, the price hasn’t broken down. This means the market is absorbing the sell pressure—implying new demand is coming in,” the analyst explained. According to the analyst, this dynamic, a rotation from older holders to new buyers, is common during mid-to-late stages of a bull market. The analyst also noted increased activity from coins held for one to three years, possibly reflecting profit-taking from previous cycle participants. Ultimately, the analyst suggested the market may be undergoing a quiet redistribution, a phase that could lay the groundwork for future upside if buy-side demand remains strong.