Some of Bitcoin’s and largest holders have been selling their assets, even as the cryptocurrency recently reached a new record high.
On June 3, analyst Willy Woo shared on X that wallets holding over 10,000 BTC
These are long-time holders who first bought Bitcoin when it was worth between $0 and $700. Many of them have kept their coins for more than a decade.
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Woo shared a chart showing that the total Bitcoin held by this group has dropped by about 40% in the past eight years, from around 2.7 million BTC to roughly 1.6 million.
Despite the recent price rise, Woo said that buying Bitcoin at current levels may not be attractive in the short term. However, he still believes the cryptocurrency could turn out to be a strong investment over the next ten years.
Additionally, blockchain data firm Glassnode reported on X that there was an increase in profit-taking after Bitcoin reached its all-time high of $111,000 on May 22.
According to their data, the average BTC sold during that time brought in a profit of about 16%. They noted that only a small percentage of past trading days have been more profitable.
Meanwhile, Bitcoin’s response to a US-China trade deal may reveal if the crypto is truly seen as a safe haven during global economic uncertainty. What did the crypto community say about it? Read the full story.
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