BTC breaks through 71,000, have the whales really taken profits?

BTC has surged past the 71,000 USD mark, sparking market debate over whether the whales are initiating a large-scale profit-taking. On-chain data shows it’s not simply a “collective sell-off,” but rather a differentiated operation with intensified long and short battles. The key conclusion: some early whales are taking small profits and exiting, while major whales are still accumulating, and there is no sign of panic selling overall.

1. On-chain core data: clear differentiation, not a one-sided liquidation

1. Exchange inflows and outflows: net outflows dominate, indicating long-term holding signals
Over the past 7 days, whale addresses holding 10-10k BTC have net withdrawn over 16k BTC (about $16k) from exchanges, transferring to cold wallets for long-term storage; only a few early whales (holding for over 5 years with a cost basis below $10,000) have transferred about 4,200 BTC (about $298 million) back to exchanges, representing small batch profit-taking rather than full liquidation.

2. Holding structure: major players increasing holdings, retail investors cashing out
Top whales holding 1,000-10,000 BTC have accumulated over 56k BTC in the past 10 days, reaching a new phase-high; meanwhile, retail addresses holding less than 0.01 BTC have reduced holdings by about 23k BTC, showing a typical mid-bull market pattern of “whales accumulating, retail investors cashing out.”

3. Cost basis and profit/loss: loss-cutting vs profit-reducing
Some whales that entered at high prices in 2025 (USD 90,000-100k) are shifting positions at the 71,000 USD level, which is a stop-loss rather than profit-taking; whereas low-cost whales that entered between 2013-2020 have only reduced 5%-10% of their holdings, retaining most of their positions with a bullish outlook.

2. Key conclusion: profit-taking is localized, major players are still accumulating

1. No large-scale panic selling: overall net outflow from whales to cold wallets, with concentrated holdings reducing circulating supply, supporting prices.

2. Differentiated operation is core: early low-cost whales are slightly reducing positions to realize profits, while new entrants and institutional buyers continue to accumulate, offsetting selling pressure.

3. Mid-bull market feature: “Whale accumulation, retail reduction” is a healthy signal, with room before a collective top-out of the cycle.

3. Market outlook

In the short term, the 71,000-73,000 USD range may face some pressure from profit-taking, causing oscillations, but whale accumulation and institutional buying (ETF daily net inflow exceeding $280 million) will support prices; if the price breaks through 72,100 USD, it could trigger forced liquidations of short whales, potentially pushing the price to new highs.