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Ki Young Juthe founder of the on-chain analytics platform CryptoQuant, revealed that Bitcoin whales they are currently out of shape in terms of profit taking. These whales probably believe that the bull is far from over, which is why they haven’t made as much profit as they did past bull run.
Bitcoin Whales Have Taken Less Profits In This Market Cycle Than Ever Before
Ki Young Ju said in an X post that if the Bitcoin bull cycle ends here, it would mean that the Bitcoin whales have just set a record for taking the smallest profit of all cycles ever. Crypto analyst Ali Martinez tried to counter Ki Young Ju’s point by highlighting how these whales were distributing their BTC to different addresses, resulting in a drop in the number of addresses holding between 1,000 and 10,000 BTC.
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However, founder of CryptoQuant said that this is still the lowest rate of return in all cycles, regardless of how much these whales were sold in those different currencies. He also pointed out that commercial whales are now doing this for a small profit, suggesting the possibility of new whales with weak hands.
Currently, Ki Young Ju he noted that the type of activities that Martinez referred to cannot always be considered sales. He noted that one should look at aggregated macro-level data, such as historical profits, rather than simply looking at transactions to get the big picture.
The whales are believed to be holding back on taking profits for now, given that the bull run looks far from over. The CEO of CryptoQuant also stated earlier that Bitcoin was still in the middle of a bull run based on the market cap to cap metric.
Instead of taking profits, these Bitcoin whales are still hoarding more BTC before the next leg of the bull run. CryptoQuant recently it was revealed that there was an increase in cash flow from the exchange, the largest since November 2022. Meanwhile, Ki Young Ju also noted that new whales are accumulating at a rate the market has never seen before.
When Is This Market Cycle Expected to End?
Crypto analysts like Rekt Capital they predicted that Bitcoin market up may be mid-September or mid-October 2025. However, in latest reportCoinMarketCap offered a different view, predicting that the peak of the cycle could be between mid-May and mid-June 2025.
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The platform noticed that Bitcoin it’s currently ahead of historical trends, especially considering it’s new all time high (ATH) before the Halfing event. CoinMarketCap has revealed that this market cycle is accelerating by about 100 days, indicating that the next peak may come sooner than expected.
The featured image was created with Dall.E, a chart from Tradingview.com