Bitcoin’s rally to a new all-time high above $123,000 earlier this week has triggered a wave of profit-taking. Some of the market’s biggest players, including miners and long-dormant whales, led the charge, according to CryptoQuant.
On July 15, Bitcoin miners transferred over 16,000 BTC to exchanges, making it the largest single-day offload since April 7, when they moved 17,000 BTC.
Bitcoin Miners Offload 16,000 BTC in Largest Sell-Off Since April
According to data from CryptoQuant, this activity caused miner reserves to decline from 68,000 BTC to 65,000 BTC, a one-month low.
“All the Bitcoin was transferred into exchanges, reinforcing the view that miners sold as Bitcoin reached the most recent all-time high,” CryptoQuant stated.
Meanwhile, the selling pressure wasn’t limited to miners, as other cohorts also sought to profit near market highs.
CryptoQuant reported that total exchange inflows surged to 81,000 BTC that day, up sharply from just 19,000 BTC a few days prior. This spike was driven in large part by whales, whose exchange transfers jumped from 13,000 BTC to 58,000 BTC.
Notably, one of the standout transactions on the day was a rare move from a Satoshi-era whale, an address dormant since Bitcoin’s early days, which transferred 40,000 BTC to exchanges. The wallet originally held over 80,000 BTC.
Blockchain analytics firm Lookonchain flagged the transfer as a likely sell-off. It suggested that long-term holders may be seizing the moment to lock in gains.
Unsurprisingly, the day’s heavy selling translated into one of the largest profit-taking events of 2025.
According to Glassnode, realized profits surged to $3.5 billion, with long-term holders accounting for 56% of that total, or $1.96 billion. Short-term holders realized $1.54 billion in gains.
Realized profit is an on-chain metric that tracks the value of coins sold at a price higher than their last recorded transaction. It offers insight into investor behavior during volatile periods.
Due to these heavy trading actions, Bitcoin’s price has since cooled to around $118,229 at press time, according to BeInCrypto data.
Still, market observers remain optimistic about Bitcoin’s future price potential. They highlight recent pro-crypto legislation in the US as a key driver of sentiment. Additionally, growing institutional interest worldwide suggests there is still room for further upside.
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