Just as Bitcoin had just refreshed its historical record, standing at the $122,600 mark, the entire market was still immersed in collective celebration when a sudden wave of large sell-offs unexpectedly ignited the market, catching the bulls off guard.
In just 24 hours, market selling pressure surged, with approximately $3.5 billion worth of Bitcoin profit-taking being dumped, causing Bitcoin's price to plunge directly from a high to around $116,000, a drop of over 4%. Even more shocking is that the main sellers this time were a group of long-silent old miners and early holders!
Old players take the lead in selling: a historic reduction action is initiated.
According to on-chain data agency Glassnode, among the $3.5 billion in selling pressure, long-term holders accounted for as much as 56%, approximately $1.96 billion, while short-term speculators accounted for 44%.
Those who have held firm during the bear market for years, when market sentiment is high and prices reach historical peaks, take the opportunity to "cash out" and declare a phase harvest.
"This wave has risen for 14 years, it's already enough to break even," lamented an early investor. Indeed, they have been waiting for this moment.
A giant whale that has been dormant for 14 years awakens, transferring $4.6 billion worth of Bitcoin!
An even more astonishing plot unfolds on-chain:
A Bitcoin "prehistoric whale" that hasn't moved since 2011 suddenly awakens! 14 years ago, it accumulated over 40,000 BTC at a cost of $30 each, and now it has finally acted, beginning to transfer over 40,010 BTC (approximately $4.6 billion).
Of these, 28,600 BTC have already been transferred to the crypto asset management firm Galaxy Digital, with the remaining 10,200 also transferred the next day, almost clearly signaling "preparing to cash out."
On-chain analyst EmberCN bluntly stated:
"This type of concentrated transfer often indicates that a sale is imminent. The unrealized gains from this batch of coins are as high as 2.4 million times!"
Even more exaggerated, the transaction fee for this nearly $5 billion transfer was just 0.0005%, hundreds of times more efficient than traditional finance.
The bull market appears lively on the surface, but funds are secretly contending.
The timing of the whale's awakening is no coincidence. Just the day before, Bitcoin officially surpassed Amazon, claiming the title of the fifth-largest asset globally.
Good news continues to be released.
Bitcoin ETF continues to see net inflows.
Multiple crypto regulatory legislations are underway.
Trump publicly expresses strong support for the crypto industry.
Washington enters "crypto policy week."
These factors have indeed supported the market's optimistic sentiment. However, when old players quietly exit and whales begin to cash out, does this also suggest that the bull market is entering a critical switching period?
The clearing moment in a bull market: Who is selling? Who is buying?
Looking back in history, after every significant rise, the market has undergone structural adjustments:
Institutions are quietly building positions or accumulating.
Retail investors chasing high prices become the "bag holders."
The whale gradually cashes out profits after a surge.
This time is no exception. When players who have held for over a decade choose to exit, it may indicate: they believe this is the optimal price range for the current phase. Such changes cannot be reflected by a single ordinary candlestick but signal a transformation in the entire game ecology.
What should we do next?
In the face of the awakening of whales, the selling off by old miners, and the uncertainty of the phase peak, how should ordinary investors respond?
This does not necessarily mean the end of the bull market, but it indicates that the window for "mindless chasing" is closing.
Perhaps, this is more like a "mid-game reshuffle" in a bull market: turnover, consolidation, and then restart.
Whether exiting or increasing positions, what matters is not the emotion but the rhythm and risk control.
Summary
$4.6 billion BTC escapes at a peak, with the main players being long-term holders.
The whale that hasn't moved for 14 years transfers assets to Galaxy, suspected of preparing to cash out.
Bitcoin's short-term surge hits a wall, with huge capital games brewing beneath the surface.
Next will be a key battleground for bulls and bears, beware of high-level turnover traps.