The CEO of CryptoQuant, Ki Young Ju, has identified an interesting trend in Bitcoin transactions based on on-chain data. It appears that veteran Bitcoin whales, who are early adopters holding large amounts of the cryptocurrency, are beginning to sell off their Bitcoin. Surprisingly, the primary recipients of this selling activity are not retail investors, but rather a new group of whales emerging from traditional finance (TradFi).

During Bitcoin bull markets, a common occurrence is a wealth transfer from old to new investors. As Bitcoin hits new all-time highs (ATH), those who accumulated Bitcoin at lower prices in the past tend to increase their selling pressure.

CryptoQuant's head of research, Julio Moreno, shared a recent incident involving an early Bitcoin miner from what is believed to be the Satoshi era. This miner shifted 2,000 BTC mined in 2010 to a newly created address. Additionally, an analysis by CryptoQuant revealed that short-term Bitcoin holders have been amassing significant amounts of the cryptocurrency in recent months, now constituting 50% of the realized Bitcoin cap.

With Bitcoin reaching an ATH of $73,750 on March 14, there has been a 1.17% increase in the past 24 hours, bringing the price to $70,613, down 4.29% from the recent ATH. Glassnode, an on-chain analytics firm, has reported that as Bitcoin hits new ATHs, there is a shift in dominance where new investors and speculators hold more funds compared to longer-term HODLers. Following the ATH, Glassnode noted that $2.6 billion in realized profit was secured through on-chain spending, with nearly 40% of this attributed to long-term holders, including those divesting from the GBTC Trust.