The final week of June revealed intense, mixed behavior from large Bitcoin holders.
New whales realized over $641M in profits and over $1.24B in losses — a rare combination that signals a major internal shift.
While some late entrants capitulated, others locked in profits, possibly those who accumulated earlier in Q2.
Meanwhile, old whales took $91M in profits, with only minimal realized losses.
This convergence of profit-taking and capitulation may have marked a local exhaustion point. Interestingly, such activity did not continue into early July, suggesting temporary balance or a potential turning point.
Structurally, late June is also the end of H1, when ETFs and institutional funds often rebalance portfolios. That timing adds weight: this wasn't just noise — it may have been a deliberate repositioning.
Historically, sharp spikes in realized losses — especially from short-term players — often occur near local bottoms. While no signal is absolute, the alignment of behavior and timing here is worth watching closely.
For now, June’s closing week stands out — not for price action alone, but for what it revealed about underlying flows.
Written by Kripto Mevsimi
