Bitcoin Surpasses $80,000...ETF Pre-Era Whales Begin 'Dumping'

▲ Bitcoin (BTC) Whale / AI Generated Image

As Bitcoin (BTC) rebounded past $80,000, long-term holders who purchased before and after the ETF launch began to realize large-scale profits. On-chain metrics show that investors who held Bitcoin for 2 to 3 years capitalized on the recent rally as a selling opportunity, generating over $209 million in realized profits per hour.

Bitcoinist reported on May 6, citing data from on-chain analytics firm Glassnode, that the realized profit metric for Bitcoin investors holding for 2 to 3 years recently surged. Realized profit is a metric calculated based on the difference between the previous acquisition price and the current price when a Bitcoin holder moves or sells their holdings.

The group that garnered attention this time consists of long-term holders who purchased Bitcoin 2 to 3 years ago. The original text explained that these investors either bought in anticipation of the launch of a spot Bitcoin ETF in the US or entered the market with initial ETF launch expectations. After holding for a long period, they began to realize profits during the rally when Bitcoin surpassed $80,000.

According to Glassnode, at the peak of selling, these holders realized over $209 million in profits per hour. Their acquisition costs were relatively low, resulting in holding returns ranging from 60% to 100%. Bitcoinist reported that some long-term holders appear to have used this price rebound as an opportunity to exit the market.

Among long-term investors, Strategy was mentioned as the most notable company. Michael Saylor, co-founder and chairman of Strategy, stated via X (formerly Twitter) that the company increased its Bitcoin holdings by 63,410 BTC this year alone. The original text explained that Strategy's aggressive accumulation continued despite a bearish trend.

Bitcoin recently surged 3% in a single day, surpassing the $81,500 mark. However, the fact that long-term holders from the pre-ETF era began realizing profits indicates increasing selling pressure behind the short-term rally. Glassnode metrics revealed that the breakthrough of $80,000 not only attracted new buying interest but also triggered the release of older holdings.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*