Bitcoin Whale Cuts $4.70B in Exposure Following BTC’s Record Highs

An early Bitcoin (BTC) whale linked to 2011 wallets has reportedly sold 40,000 BTC, worth approximately $4.7 billion, as BTC trades near record highs, onchain data shows.

Vintage Bitcoin Entity Has Apparentlly Secured 14,624,900% Profits

The whale originally acquired the coins for just $32,000 in total 14 years ago, implying a cost basis of $0.80 per BTC.

Blockchain data shows several high-volume transfers—some exceeding 4,000 BTC per batch—originating from the wallet address bc1qq8qvezre6d0fw3q4ht…, starting roughly 5 hours ago.

The destination points to institutional brokerage Galaxy Digital, suggesting over-the-counter execution to avoid slippage. That further marks one of the largest Satoshi-era moves ever recorded and comes amid a broader wave of institutional accumulation and ETF-driven inflows.

Bitcoin’s price reaction to the news was somewhat muted. The top cryptocurrency has dropped 5.64% since establishing its record high near $123,250 on July 14, suggesting that the market had ample liquidity to absorb the selling pressure.

Overall, it appears like a usual correction witnessed after strong price pumps throughout Bitcoin’s history.

Onchain data supports this view.

According to Glassnode, realized profits—especially from long-term holders (LTHs)—spiked but remain below peak profit-taking episodes seen earlier in 2025 and all across 2024.

Bitcoin realized profit by STH-LTH. Source: Glassnode

The muted aggregate realized profit suggests that while some traders are cashing in, the broader market is not in full distribution mode. For instance, US-based Spot Bitcoin ETFs attracted over $886.40 million in net flows just as the BTC price corrected from record highs, signaling persistent institutional demand.

Historically, major realized profit spikes often coincide with local tops. The current data shows a less aggressive exit, implying strong conviction among holders despite the whale move.

Chartist Marc says that institutions like BlackRock are buying more Bitcoin than what is entering the market via miners, indicating a “supply shock” scenario, wherein the demand for Bitcoin outnumbers its availability in the market, leading to further price rise.

BLACKROCK IS BUYING!!!

$151M OF $ETH.
$394 OF $BTC.

THE ETFS ARE BUYING MORE $BTC THAN WHAT IS MINED.

THE SUPPLY SHOCK IS COMING. pic.twitter.com/gK7GPCibV1

— Marc In The Matrix⚡️🧠 (@MarcShawnBrown) July 15, 2025

Bitcoin May Correct to $110,000 Next

A bearish divergence between Bitcoin’s price and its relative strength index (RSI) suggests that a short-term correction may be underway.

On the daily chart, BTC/USD has printed higher highs around $123,250, while the RSI has failed to do the same, forming lower highs instead. This classic divergence often precedes a pullback, indicating that momentum is weakening even as price pushes upward.

Adding to the bearish case is the proximity of the 50-day exponential moving average (EMA), currently near $108,175.

Historically, Bitcoin has often retested this level during strong uptrends to reset overheated conditions. A drop toward this EMA would represent an 8% decline from current levels, well within normal volatility during bull markets.

Should the correction deepen, the next confluence support lies near $110,000–$108,000, where buyers may step in again. For now, traders are watching whether BTC can hold above $116,000 or if the RSI divergence plays out further.