Bitcoin Holders Just Cashed Out 110,000 BTC in Profits: Is a Bigger Price Drop Coming?

CryptoQuant data shows that bitcoin investors started realizing major profits after the explosive August rally, disposing of roughly 110,000 BTC in just a few weeks.

Such highly concentrated profit-taking developments have historically been followed by substantial price correction for the underlying asset, the analysts warned. Moreover, several demand indicators have weakened, which could add to the selling pressure.

110K BTC Profit Taken The major run that began on August 19 at prices of under $65,000 drove the leading cryptocurrency to almost $80,000 in just two days.

According to CQ’s latest weekly report, holders realized net profits of 23,000 BTC on that day alone (August 21), which became the largest single-day profit realization this year.