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A bitcoin whale has sold a significant portion of their holdings after five years, netting huge profits in the process.
According to Lookonchain data, the whale, known for their“diamond hands” in the crypto market, began selling 199 BTC ($13.55 million) recently. This first sale was their first since acquiring the holdings five years ago.
At that time, the whale purchased 801 BTC for $8.25 million from HTX, with each BTC valued at $10,297 at the time. The whale initially began offloading last month, selling 500 BTC for $32.13 million. This left them with 301 BTC, currently valued at $20.42 million.
As a result, the whale has amassed a total profit of $44.28 million both from the sold and the unsold coins. Despite the profitable sale, the coin's price remains in a consolidation phase.
Bitcoin's Price Consolidates
Bitcoin, which has gained around 10% over the past seven days, is currently trading at $68,458, per Coingecko data. Over the past several months, Bitcoin has been trading within a downward-sloping channel after setting a new peak price of $73,800 in March.
Analyst Rekt Capital noted that Bitcoin's recent rejection from the top of the downtrend channel isn't an isolated case, with previous attempts following a similar pattern. He emphasized the importance of a weekly close within the red resistance zone to avoid a deeper rejection.
Rekt Capital predicted a further price decline should Bitcoin fail to close within this range.
BTC/USD 1-week chart. Source: Rekt Capital/X
Institutional Demand Surge
Meanwhile, institutional demand for the leading digital asset remains strong. According to Vetle Lunde, a senior analyst at K33 Research, global BTC investment vehicles have seen net yearly inflows of 360,000 BTC.
Thus, they're on track to surpass Grayscale's record of 373,000 BTC from four years ago. This surge in demand has been accompanied by record levels of capital inflows into Bitcoin-related investment products, with US spot Bitcoin ETFs alone reaching a total of $20 billion in net flows.
Bitcoin ETF netflows. Source: Vetle Lunde/X
With institutional interest at record highs and miner earnings continuing to improve, the leading cryptocurrency's dominance in the crypto market will continue to soar even as price movements remain constrained.
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