Share this article
Bitcoin Price Rally Stalls as Whales Take Profits: CryptoQuant
Holders are taking short-term profits at the widest margin in more than a year, CryptoQuant analysts said.
Updated Mar 30, 2023, 7:58 p.m. Published Mar 30, 2023, 8:19 a.m.
Bitcoin (BTC) has rallied more than 17% in the past two weeks, displaying resilience amid regulatory headwinds and suggesting the asset could be in the early stages of a bull market.
The price briefly crossed $29,000 on Thursday before retracting to trade around $28,500. Major tokens such as ether (ETH) and XRP fell over 24 hours, pausing a multiday rally.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
On-chain data suggests some traders and whales – a colloquial term for holders of large amounts of tokens – are taking profits after weeks of gains, which may fuel a decline in the coming days.
“On-chain data shows three conditions that are worth noting in the context of bitcoin's current rally,” analytics firm CryptoQuant said in a note shared with CoinDesk.
“Short-term holders are taking profits at the highest profit margin in more than a year. There’s a recent increase in spending activity in large bitcoin holders (whales) and a slight decrease in their holdings. And price valuation momentum is increasing to overvaluation territory,” the note said.
Data from CryptoQuant's Short Term Output Profit Ratio tool, which calculates the ratio of price received/price paid for assets held between one hour and 155 days, spiked above 1 in the past week, indicating investors were probably selling token holdings at a profit.
Data tracking whale wallets showed over 320,000 bitcoin were moved, or spent, by large entities in the past week.
Nevertheless, the firm said bitcoin remains “well inside a bull market,” suggesting any short-term decline is not indicative of a widespread drop.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
KindlyMD faces Nasdaq delisting risk after failing to meet minimum share price levels
The health-care and bitcoin treasury firm has six months to lift its share price above $1 for 10 consecutive days.
What to know:
- The Nasdaq exchange told KindlyMD (NAKA) that it faces being delisted after its share price dropped below $1 for 30 consecutive business days.
- The health-care company that is building a bitcoin treasury has until June 8 to regain compliance, which requires the stock to close at or above $1 for at least 10 consecutive business days.
- The shares first fell below $1 in late October, and closed Monday at $0.38.
Top Stories
