Crypto Market's Resurgence Sparks Concerns Over Profit-Taking
Bitcoin Miners and Ethereum Heavyweights Capitalize on Price Uptrends, Offloading Their Holdings
It seems the crypto market is on a roll, witnessing a remarkable comeback within the last week. However, this revival might have been an opportunity for clever investors to offload some Bitcoin (BTC) and Ethereum (ETH) holdings.
Bitcoin miners, the bedrock of the leading proof-of-work blockchain network, are usually optimistic posted. Yet, they occasionally capitalize on market uncertainty to lock in profits, especially during periods of expense influx. Following the choppy waters created by Trump's Trade War, which sent BTC's price crashing to a multi-month low below $75,000, miners seized the chance to bank some profits as Bitcoin mounted a nearly $20,000 rebound since April 9.
To be precise, miners secured a hefty $18.6 million in profits, according to analyst Ali Martinez, as Bitcoin soared above $93,000 earlier this week.
When it comes to Ethereum, the picture looks grimmer. We earlier reported instances where long-term ETH investors like Galaxy Digital shuffled their ether stash. The latest information from Martinez suggests that a whopping 305,000 ETH (valued at around $540 million at present prices) moved to exchanges over the past week – a pattern often indicative of future sales.
In addition, Martinez pointed out that Ethereum whales resumed selling post the recent trend reversal, dumping over 63,000 ETH worth approximately $110 million within just two days. This move comes on the heels of ETH's price plummeting at the start of the month to $1,400, erasing nearly seven years of gains. However, the cryptocurrency made a comeback, shooting ahead of $1,800 earlier this week, providing investors the chance to capitalize on the recent price surge.
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Enrichment Data:
- Profit-taking at psychological levels: A Bitcoin whale transferred 3,289 BTC (~$318 million) to Coinbase, presumably anticipating the $100,000 price mark. Such moves typically set the stage for subsequent selling to reap profits, especially given BTC's higher-low pattern signals a bullish trend.
- Michael Saylor's impact: While not directly connected to miners, Saylor's $1 million BTC forecast underscores institutional confidence. However, short-term profits claimed by miners could potentially delay Bitcoin’s upward momentum temporarily.
- Mixed signals: Despite ETH's 50% price slump in 2025[1], the number of whales (1,000-10,000 ETH holders) surged to a 21-month peak in May 2025[5]. Despite this positive trend, large transactions show a mix of accumulation and departures, pointing to strategic portfolio rebalancing amid ETH’s bearish trend.
- Market Implications:
- Short-term volatility: Intense selling could trigger price plunges, especially if BTC struggles to maintain $100,000 or ETH falters at the $1,535 support level[5][2].
- Long-term stabilization: Persistent whale accumulation in ETH suggests institutional optimism regarding its rebound potential, potentially counterbalancing bearish pressure[5][3].
- Centralization risks: Growing ETH whale dominance raises concerns about manipulation and potential market disruptions if coordinated selling occurs[5].
- Price Outlook:
- Bitcoin: A successful $100,000 breakout could fuel retail excitement, but failure risks a pullback to $90,000-$95,000[2].
- Ethereum: Recapturing the $1,669 resistance may signal a recovery, while a dip below $1,535 could exacerbate losses, heading towards $1,385[5]. The dual accumulation and divestment patterns displayed by large holders suggest a tug-of-war between bullish and bearish forces[3][4].
- Bitcoin miners, the foundation of the leading proof-of-work blockchain network, have taken advantage of market uncertainty to secure profits, especially during periods of expense influx.
- Despite Bitcoin's remarkable comeback within the last week, a Bitcoin whale transferred 3,289 BTC (~$318 million) to Coinbase, potentially indicating profit-taking at a psychological level, such as the $100,000 price mark.
- Ethereum miners also seem to be cashing in on the resurgence of the crypto market, with a whopping 305,000 ETH (valued at around $540 million at present prices) moved to exchanges over the past week, often a sign of future sales.
- Ethereum whales have resumed selling since the recent trend reversal, offloading over 63,000 ETH worth approximately $110 million within just two days, as Ethereum's price plummeted at the start of the month.
- A key figure in the crypto space, Michael Saylor, has stressed institutional confidence with his $1 million BTC forecast, although short-term profits claimed by miners could potentially delay Bitcoin’s upward momentum temporarily.
- While the number of Ethereum whales (1,000-10,000 ETH holders) surged to a 21-month peak in May, large transactions show a mix of accumulation and departures, pointing to strategic portfolio rebalancing amid Ethereum's bearish trend.
- The crypto market's resurgence has triggered short-term volatility, with intense selling potentially causing price plunges, especially if Bitcoin struggles to maintain $100,000 or Ethereum falters at the $1,535 support level.
