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Profit-Taking Surge: Bitcoin Miners and Ethereum Whales Cash Out Amid Price Rallies
The crypto market has been showing impressive signs of resurgence in the past week, but it appears that investors might have used these opportunities to dispose of some BTC and ETH holdings. Bitcoin miners started selling, and the same can be said about Ethereum whales and other investors.
Bitcoin Miners Lock In Profits
Miners, the backbone of the largest proof-of-work blockchain network, tend to be bullish. They typically hold onto their BTC during market rallies. However, they sometimes lock in profits during market uncertainty, especially if they have to cover some costs. Following the massive turbulence experienced in the past several weeks due to Trump’s Trade War, when BTC’s price plummeted to a multi-month low of under $75,000, miners decided to secure some profits after the cryptocurrency added nearly $20,000 since April 9.
More specifically, they locked in around $18.6 million in profits as bitcoin jumped above $93,000 earlier this week.
Ethereum Whales Cash Out
The landscape surrounding Ethereum is more dire. As previously reported, many long-term ETH investors, such as Galaxy Digital, had decided to dispose of large portions of their ether holdings. More recent data shared by the same analyst indicates that 305,000 ETH (valued at roughly $540 million at today’s prices) was moved to exchanges within just a week, which is typically a sign for future sales.
Furthermore, Martinez revealed that Ethereum whales started selling again after the recent trend reversal, offloading more than 63,000 ETH within just two days. In USD terms, this stash equals $110 million. Whales capitalized on the recent price surge, unloading over 63,000 #Ethereum $ETH in the past 48 hours!
The article highlights a significant increase in the selling of both Bitcoin and Ethereum by miners and whales, respectively.
Source: https://cryptopotato.com/profit-taking-surge-bitcoin-miners-and-ethereum-whales-cash-out-amid-price-rallies/
