According to the firm, this decline marks a continuation of a trend that began in November 2024.
Checkonchain data shows that long-term Bitcoin holders realized between $3 billion and $4 billion during the market highs in January and July this year.
These sales show that this cohort aggressively converted their paper gains into realized profits, which directly contributed to the fall in average whale holdings.
Despite the renewed selling pressure, Bitcoin continues to trade near $110,000, showing that market demand remains strong enough to absorb the whales profit-taking.
