Bitcoin whales have been selling, but analysts from Glassnode say it’s normal late-cycle behavior. Owen Gunden transferred 2,400 BTC worth $237M to Kraken, part of a trend of whales moving away from crypto. Long-term holders are distributing Bitcoin evenly, not dumping. Profit-taking is typical in late cycles, not a cause for panic.

Kronos Research CIO Vincent Liu sees whale sales as part of a structured cycle, not a market top. Late-cycle phases can continue if buyers absorb new supply. Bitcoin’s net unrealized profit ratio suggests a potential bottom forming. Fearful market sentiment linked to macroeconomic factors affecting the broader market.

Australian crypto exchange BTC Markets’ Charlie Sherry notes that market tops historically occur roughly four years apart. Recent lack of support for whale selling could indicate a cycle peak, though it’s too early to tell. The four-year cycle concept may not hold as Bitcoin evolves with new demand dynamics.

Sherry highlights that the four-year cycle concept is not guaranteed due to Bitcoin’s evolving nature. New demand dynamics from ETFs and corporate treasuries may impact market cycles. The strength of these fundamentals is being tested currently. Time will reveal if the market has just seen a cycle top or if Bitcoin’s cycle rhythm has changed.

Read more at Cointelegraph: Whales Selling Behavior Could Mean It’s Late in the Cycle