The rise of Bitcoin $BTC

to a new all-time high above $123,000 earlier this week amid a wave of profit-taking. According to CryptoQuant, some of the market's largest players, including long-dormant miners and whales, led this wave.

On July 15, Bitcoin miners transferred over 16,000 Bitcoin to exchanges, making it the largest dump in a single day since April 7, when they moved 17,000 Bitcoin.

Bitcoin miners offload 16,000 Bitcoin in the largest sell-off since April.

According to data from CryptoQuant, this activity caused miner reserves to drop from 68,000 Bitcoin to 65,000 Bitcoin, the lowest level in a month.

"All Bitcoin was transferred to exchanges, reinforcing the view that miners sold when Bitcoin reached its latest all-time high," CryptoQuant reported.

Bitcoin miners' transfers to exchanges.

Meanwhile, the selling pressure was not limited to miners, as other groups also sought to take profits near market highs.

CryptoQuant reported that total inflows to exchanges rose to 81,000 Bitcoin that day, a sharp increase from just 19,000 Bitcoin a few days earlier. This increase was largely driven by whales, whose transfers to exchanges jumped from 13,000 Bitcoin to 58,000 Bitcoin.

Bitcoin whale transfers to exchanges.

Notably, one prominent transaction that day was a rare move from a Satoshi-era whale, an address dormant since the early days of Bitcoin, which transferred 40,000 Bitcoin to exchanges. The wallet originally held over 80,000 Bitcoin.

Blockchain analytics firm Lookonchain noted that the transfer was likely a sale. It suggested that long-term investors may be seizing the opportunity to lock in profits.

It is not surprising that heavy selling on that day translated into one of the largest profit-taking events of 2025.

According to Glassnode, realized profits rose to $3.5 billion, with long-term investors accounting for 56% of this total, or $1.96 billion. Short-term investors realized $1.54 billion in gains.

Realized profit for Bitcoin.

Realized profit is an on-chain metric that tracks the value of coins sold at a higher price than their last recorded transaction. It provides insight into investor behavior during volatile periods.

As a result of these heavy trading actions, the price of Bitcoin has since dropped to around $118,229 at the time of publication.

However, market observers remain optimistic about the future price potential of Bitcoin. They highlight recent pro-cryptocurrency legislation in the United States as a key driver of sentiment. Additionally, increasing institutional interest worldwide indicates that there is still room for further upside. $BTC #CryptoMarket4T #BTC120kVs125kToday #BTCWhaleTracker #GENIUSAct #AltcoinBreakout