Bitcoin miners and whales dump BTC after all-time high, $3.5 billion profit taken

The cryptocurrency market saw one of its most aggressive profit-taking events of 2025 after Bitcoin surged to a new all-time high of $123,000.

Data from on-chain analytics firms reveals that miners and long-dormant whales offloaded massive amounts of BTC after all-time high prices, contributing to a $3.5 billion realized profit wave.

While the sell-off has cooled Bitcoin’s price to around $118,229, analysts suggest institutional demand and regulatory tailwinds could fuel another rally.

Miners lead largest single-day BTC sell-off since April

Bitcoin miners transferred more than 16,000 BTC to exchanges on July 15—their biggest single-day offload since April 7. According to CryptoQuant, this dumping of BTC after all-time high prices reduced miner reserves to a one-month low of 65,000 BTC.

“All the Bitcoin was transferred into exchanges, reinforcing the view that miners sold as Bitcoin reached the most recent all-time high,” — CryptoQuant in a market report.

The move signals that mining operations, often seen as long-term holders, are capitalizing on peak prices to cover operational costs or secure profits.

Whales join the sell-off, including a Satoshi-era giant

The selling pressure wasn’t limited to miners. Blockchain data shows exchange inflows skyrocketed to 81,000 BTC on the same day, up from just 19,000 BTC earlier in the week. A significant portion came from whales, large holders who moved 58,000 BTC to trading platforms.

One notable transaction involved a dormant wallet from Bitcoin’s early days, which suddenly transferred 40,000 BTC to exchanges. The address, untouched for over a decade, originally held more than 80,000 BTC.

“This is classic profit-taking behavior. Long-term holders often exit when markets peak, and BTC after all-time high rallies is no exception,” — Lookonchain, a blockchain analytics firm.

$3.5 billion in profits realized as market cools

The combined sell-off by miners and whales led to one of the largest profit-realization events this year. Glassnode data shows $3.5 billion in gains were locked in, with long-term holders accounting for 56% ($1.96 billion) and short-term traders making up the remaining $1.54 billion.

Realized profit, an on-chain metric tracking gains from sales, highlights how investors react to volatility. While the BTC price dipped after all-time high levels, analysts remain bullish.

“The pullback is healthy. Institutional adoption and regulatory clarity in the U.S. are still driving forces for Bitcoin’s next leg up,” — Market strategist, BeInCrypto.

BTC after all-time high: Temporary dip or start of a correction?

Despite the sell-off, optimism persists. Pro-crypto policies in the U.S. and growing institutional interest suggest that Bitcoin’s rally may have room to run. However, the dumping of BTC after all-time high prices serves as a reminder that volatility remains a hallmark of crypto markets.

Key points:

• Miners sold 16,000 BTC in a single day, the largest offload since April.

• Whales contributed to 81,000 BTC in exchange inflows, including a 40,000 BTC move from a Satoshi-era address.

• $3.5 billion in profits were realized, with long-term holders leading the exits.

As Bitcoin stabilizes near $118,000, traders watch for whether this is a brief consolidation or the start of a deeper correction.