sideways movement since March is indeed a phase where whales are realizing profits. Traces of large-scale movements of long-term holder bitcoins have been frequent. However, whales directly depositing into exchanges to create dumps have completely disappeared. I think approval of the U.S. Bitcoin ETF played a significant role in this.
traces of large-scale profit-taking seem to have ended outside the market now. current price volatility is not for purpose of profit-taking, but rather a price decline to alleviate market optimism and cool down overheating.
Written by Mignolet