Supply Test in Bitcoin Rally: New Whales Realize $1.2 Billion in Profit in 3 Days

Can Bitcoin absorb the record profit-taking by new whales? CryptoQuant data showed that large investors realized over $1.2 billion in profit in three days, and it has become critical for Bitcoin to maintain its cost basis of approximately $70,000.

The group of large investors who recently purchased Bitcoin has begun taking profits from their long-awaited positions as the price rose. According to CryptoQuant, the realized profit of new whales exceeded $1.2 billion in just three days. This marked the group’s largest profit realization to date.

The peak occurred on August 20. The profit locked in by new whales that day rose to approximately $614 million, reaching the highest daily value in recorded history.

Bitcoin price above whale cost basis

The key level that will determine the impact of these sales was approximately $68,900, which represents the average purchase cost of new whales. On August 23, Bitcoin traded around $77,700, remaining approximately 12.8% above this level.

If Bitcoin remains above this zone and profit-taking normalizes, it can be considered that new demand is able to meet the supply entering the market. Such a scenario would indicate that the rally is not progressing solely through sales by investors looking to break even.

However, if profit realization remains high and Bitcoin falls back below approximately $70,000, the uptrend could turn into a break-even selling rally. In this case, investors who bought recently could create renewed selling pressure. Profit realization alone is not a definitive bearish signal; the critical question is whether the new demand in the market can absorb this supply.