Bitcoin Buyers Lock In $904M Profits in Bullish Wave – Coincu

Key Points:

• Mid-cycle Bitcoin wallets realized $904M in profits, leading daily sell pressure over long-term holders.
• Options data shows rising downside hedging, with skew levels shifting sharply in recent days.
• Whale inflows to Binance doubled, while retail activity stayed low, suggesting tactical institutional moves.

On June 16, Bitcoin holders in the 6–12 month range realized $904 million in profits, according to data shared by on-chain analytics platform Glassnode. This cohort represented the majority of realized gains, accounting for 83% of all profits that day. The figure ranks as the second-highest daily profit realization for this group in 2024, trailing only the peak in April.

By contrast, wallets holding Bitcoin for over 12 months realized $324 million in profits on the same day. This marks a sharp decline from the consistent activity observed in May, where long-term holders had been leading profit-taking behavior. Glassnode stated, 

“Seasoned $BTC holders are stepping back for now – and newer coins are now driving market sell pressure.”

Bitcoin Options Market Cools

Recent data from Glassnode also indicates a shift in market sentiment through the options market. The 25 Delta Skew, a measure of demand for protective options, has flipped in favor of downside risk. 

Meanwhile, the 1-week skew moved from -2.6% to +10.1%, and the 1-month skew from -2.2% to +4.9%. These readings are near the levels seen before prior market shifts, including during Liberation Day events earlier this year.

This movement suggests that traders are increasingly hedging or positioning for a potential short-term decline. The increase in skew levels points to a change in behavior from risk-neutral to risk-averse among short-term participants.

Whale Inflows to Binance Show Tactical Positioning

In addition to the shift in profit realization patterns, whale activity on Binance has increased. According to BorisVest, a CryptoQuant analyst, the 30-day sum of whale inflows into Binance has nearly doubled. At the same time, retail investor inflows have remained low. This pattern suggests institutional accounts may be preparing for either protective selling or opportunistic exits.

Bitcoin continues to trade in a narrow range. As of press time, the token is priced at $106,169, with a 24-hour volume of $33.2 billion. The asset is down 0.75% in the last 24 hours and 2.75% over the past week, based on Coingecko data.