Bitcoin Whales Realize $2.6B in Profits Amid Market Consolidation

Bitcoin is currently trading at $106,437, down 1.1% in the last 24 hours and approximately 4.8% below its May all-time high. The price remains within a consolidation range of $105,000 to $107,000.

Market Activity Driven by Bitcoin Whales

Data from CryptoQuant indicates significant profit realization on Binance, with over $2.6 billion in profits recorded on June 16.
This event marked the second-largest spike in realized profits on Binance.
Overall, $4.5 billion in profits were realized across centralized exchanges, with Binance accounting for nearly 58% of this figure.
Analyst Crazzyblockk emphasized Binance's influence on market trends and whale behavior as indicators of market sentiment.
The data highlights the need to monitor realized profit and loss metrics on high-volume exchanges.

Long-Term Holder Selling Observed

CryptoQuant analyst Yonsei Dent noted persistent selling from long-term holders despite Bitcoin's sideways trading between $100,000 and $110,000 since May.
Indicators such as Spent Output Age Bands reflect a redistribution of supply among holders who retained their coins for over six months.
Dent interprets this selling as constructive, suggesting new demand is entering the market.
Increased activity from coins held for one to three years may suggest profit-taking by earlier cycle participants.
This phase could set the stage for future price increases if buy-side demand remains robust.