Analysis: Bitcoin's 'new whale' cohort has taken profits exceeding $1.2 billion over the past three days, as markets await a balance in selling pressure.

CryptoQuant analyst Moreno noted that Bitcoin’s "new whale" group has realized over $1.2 billion in profits over the past three days, marking the largest profit-taking event in the group’s history. Of this total, roughly $614 million was earned on August 20 alone, the highest single-day profit on record. Meanwhile, Bitcoin’s price has rebounded above the short-term whale realization price of around $68,900. On August 23, BTC traded near $77,700, approximately 12.8% higher than the total cost basis of these "new whales". In prior months, some large whales that recently accumulated Bitcoin were sitting on long-term unrealized losses. This rally has completely reshaped their position structure, giving previously trapped capital a sudden opportunity to exit at break-even and lock in substantial profits. The current trend thus constitutes an important demand test. If BTC can hold steadily above the whale cost basis of around $70,000, while profit-taking gradually returns to normal levels, it signals that new demand is effectively absorbing distribution pressure, laying a foundation for the rally to continue. Conversely, if profit-taking remains elevated and the price falls back below this cost basis, the rally may be closer to a "break-even exit rally", with previously trapped holders turning into fresh selling pressure above. The market has now regained profitability; what remains to be proven is whether it can absorb the pressure unleashed by this profit release.