Bitcoin Whales Act Unusually Amid Ongoing Bull Market Dynamics

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Ki Young Ju, the creator of the blockchain analytics platform CryptoQuant, disclosed that Bitcoin whales are behaving unusually regarding profit-taking. These whales seem to believe that the bullish trend is far from concluded, which explains their reluctance to secure as much profit as they have in previous bull markets.

Bitcoin Whales Are Taking Less Profit in This Market Cycle Compared to Previous Ones

Ki Young Ju stated in an X post that if the Bitcoin bull cycle were to conclude at this point, it would indicate that Bitcoin whales would have established a record for the lowest profit-taking across all cycles ever. Crypto analyst Ali Martinez attempted to refute Ki Young Ju’s assertion by highlighting how these whales have been dispersing their BTC across various addresses, resulting in a decline in the number of addresses holding between 1,000 and 10,000 BTC.

Nonetheless, the CryptoQuant founder asserted that this still reflects the lowest return rate throughout all cycles, regardless of how much these whales sold via those different wallets. He further mentioned that the whales currently selling are doing so with minimal profit, indicating they are likely new players with weaker hands.

In the meantime, Ki Young Ju pointed out that the transactions Martinez referenced shouldn’t always be regarded as sales. He highlighted the importance of analyzing more comprehensive aggregated data, like historical realized profit, instead of solely focusing on transactions for a clearer perspective.

These whales are perceived to be withholding profit-taking for now, considering the bull run appears to be far from its conclusion. The CryptoQuant CEO also mentioned earlier that Bitcoin remains in the midst of a bull run based on the market cap to realized cap ratio.

Rather than cashing out, these Bitcoin whales are still increasing their BTC holdings ahead of the next phase of the bull run. CryptoQuant recently disclosed a significant increase in outflows from exchanges, the highest since November 2022. Additionally, Ki Young Ju also observed that new whales are accumulating at an unprecedented rate.

When Is This Market Cycle Anticipated to Peak?

Crypto analysts such as Rekt Capital have forecasted that the Bitcoin market peak could occur around mid-September or mid-October 2025. However, in a recent analysis, CoinMarketCap provided an alternative perspective, suggesting that the cycle peak could potentially fall between mid-May and mid-June 2025.

The platform noted that Bitcoin is currently ahead of historical trends, especially since it reached a new all-time high (ATH) before the Halving event. CoinMarketCap pointed out that this market cycle is speeding up by roughly 100 days, indicating that the next peak could arrive sooner than anticipated.