New Whales Realize Record $1.2B Profit as Bitcoin Returns to Cost Basis

The record profit-taking by new whales at the average cost basis suggests that a cohort of large holders is treating the return to breakeven as an exit point rather than a launchpad, which can cap upside until that supply is absorbed. It matters most for market structure: if these wallets keep distributing, the cost basis itself becomes a resistance level to watch. Whether the profit-taking continues or fades as price holds above that line is the open question.