Bitcoin has been holding steady near the $110,000 level after achieving a new record high last week. This lack of significant upward movement is believed to be due to new large investors taking profits, according to data from blockchain analysis.

Since April 20, the price of Bitcoin has increased by more than 30% from $84,000. However, the rally has slowed down after peaking at $111,970 on May 22. Analysts suggest that the stagnation in price could be linked to selling pressure from recently established large Bitcoin holders.

A study by CryptoQuant indicates a clear trend. Most of the profits realized in the past month have come from new large investors, who have capitalized on the price surge to lock in their gains. These investors bought Bitcoin at an average price of around $91,922.

The data reveals that around 82.5% of profits taken since April 20 have been from these new whale accounts, totaling approximately $3.21 billion. In contrast, older large investors have only realized profits of about $679 million.

This shift in profit realization is causing a resistance level just below $112,000. The CryptoQuant chart shows that the majority of profit-taking activities since late April have been from new large investors. On the other hand, older investors have been less active in taking profits, possibly indicating their long-term confidence in Bitcoin's direction and helping to limit potential downside risks.

As long as new large investors continue to offload their holdings, Bitcoin may face challenges breaking past its current price levels. Observers will be monitoring whether these investors persist in selling or pause, allowing the price to gain fresh upward momentum.