Bitcoin News Today: Bitcoin Whales Lock 109% Profit as Price Nears $120,000

Bitcoin whales have been actively moving their holdings into exchanges, signaling a significant trend of profit-taking as the cryptocurrency's price approaches $120,000. Between July 14 and 18, large holders increased their average monthly Bitcoin inflows from $28 billion to $45 billion, marking a $17 billion surge. This substantial increase indicates that whales are capitalizing on the recent price surge to secure their profits.

One notable example is a whale who deposited 400 BTC, worth approximately $47.1 million, into an exchange. This same wallet had previously acquired 1,500 BTC at an average price of $56,282 in mid-2023 and late 2024. By selling 400 BTC, the investor locked in a profit of $91.5 million, achieving a return on investment (ROI) of 109%. This action underscores the strategy of whales to take profits during new all-time highs.

Historically, such large inflows of Bitcoin into exchanges have often preceded market corrections, especially when the total inflows exceed $75 billion. This pattern suggests that the current profit-taking could lead to a consolidation phase or even a price correction in the near term. However, the slowing of whale inflows in recent days may indicate that the selling pressure is easing, which could help stabilize Bitcoin's price.

The Exchange Whale Ratio, a metric that tracks the amount of Bitcoin sent to exchanges by whales, has shown varying levels of activity. In 2022, the ratio frequently exceeded 0.8, aligning with periods of price turbulence. In contrast, 2023 and 2024 saw more steady flows, with ratios ranging between 0.2 and 0.6, suggesting reduced but consistent selling. Recent data indicates that daily Bitcoin inflows are slowing down, which could further ease selling pressure and contribute to market stability.

As Bitcoin's price hovers around $119,000, the market is in a state of consolidation, awaiting the next significant move. Analysts have noted that Bitcoin has taken liquidity below the $116,800 mark and reversed upwards, indicating potential for further gains. However, there is caution in the market, with some predicting a possible pullback to around $113,000 if the price fails to sustain above $118,000. The profit-taking behavior of whales adds to this uncertainty, as they seek to lock in profits before the next major price movement.

The market is also watching for a potential "Golden Cross," a technical indicator that occurs when a short-term moving average crosses above a long-term moving average. This event could signal the start of a new upward trend, potentially pushing Bitcoin's price above the $120,000 threshold. However, for this to happen, Bitcoin needs to clear the $120,000 resistance level, which has historically been a challenging barrier.

Despite the profit-taking activity, Bitcoin remains firm above $118,000, with altcoins also experiencing a rally. Ethereum, for instance, has surged nearly 9%, contributing to the overall bullish sentiment in the crypto market. This rally is driven by the anticipation of further gains, with some analysts predicting that Bitcoin's next target could be as high as $136,000, fueled by the current breakout momentum.

In summary, as Bitcoin's price nears the $120,000 mark, whales are increasingly taking profits, which could lead to a period of consolidation or even a pullback. However, the potential for a "Golden Cross" and the overall bullish sentiment in the market suggest that Bitcoin could continue its upward trajectory, provided it can clear the $120,000 resistance level. The market is currently holding its breath, awaiting the next significant move that could determine Bitcoin's near-term future.