Old Bitcoin being sold to new institutions is a sign of its “integration with the financial system," Ryan McMillin, chief investment officer at Merkle Tree Capital told Cointelegraph.
While many Bitcoin whales “woke up” in the last month to sell their BTC at big profits as it rallied over $122,000, analysts say it is a good sign of a maturing market and doesn’t hurt the value of Bitcoin.
In an X post on Wednesday, Bitcoin financial services company Swan Bitcoin said the largest rotation in Bitcoin (BTC) history is almost complete as the “old guard are being replaced by new titans with conviction,” such as corporations and treasury firms.
Earlier in the month, a whale from the Satoshi era unloaded their entire stack of 80,201 Bitcoin, worth $9.6 billion, across several transactions.
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