Massive Sale Of Bitcoin Whales, Is This The End Of The Euphoria?

As Bitcoin has just reached an all-time high above $93,000, on-chain data reveals a massive wave of profit-taking, primarily led by long-term investors. Over $5 billion in gains have been crystallized in just a few days.

Bitcoin whales take their profits

Bitcoin holders have massively secured their positions between November 12 and 14 on the American markets, with daily profits realized exceeding $5 billion, according to CryptoQuant data.

This frenzy of profit-taking occurs in a context where the first cryptocurrency has smashed its previous record to establish itself above $93,000.

The scale of the movements is particularly notable on November 12, with $5.1 billion in gains crystallized as Bitcoin traded around $88,000. Although slightly down the following days to $4.75 and then $4.8 billion, these figures remain historically high.

The SOPR (Spent Output Profit Ratio) ratio, a key indicator measuring the profitability of positions, has reached its highest level since August 2023, confirming that it is primarily historical “hodlers” who are taking their profits.

A rally fueled by political optimism

This wave of profit-taking comes after a meteoric rise in Bitcoin, driven in part by the electoral victory of Donald Trump on November 5. The former American president, a pro-cryptocurrency advocate, had made numerous promises in favor of the sector during his campaign.

Analysts note that such volumes of profit-taking generally occur as local peaks approach. Historically, these periods often precede phases of consolidation that allow the market to digest its gains.

The particularly high SOPR suggests that the most experienced investors are potentially anticipating a technical correction after this rise of over 450% since January.

These massive movements from historical holders could signal a necessary stabilization phase after this explosive progression. Nevertheless, the fundamentals remain strong with growing institutional adoption and a favorable macroeconomic context.