Key Notes

Bitcoin’s price has dropped from its all-time high of $123,000 to $117,090, amid a massive 20,000 BTC sell-off by a Satoshi-era whale and a surge in realized profits.

Whale Activity and Profit-Taking

• Over 1,800 BTC worth over $210 million was deposited in a single day on Binance, dominated by transactions over $1 million.
• These coins are not new entrants, but rather older, well-positioned coins being mobilized, signaling either profit-taking or leveraged speculation.
• Binance accounts for over 25% of global spot volume, and whale-driven flows often precede sharp price moves.

Realized Profits and Coin Days Destroyed

1. More than $3.5 billion in realized profits has entered the market in the past week, much of it flowing onto centralized exchanges.
2. 98.9% of the circulating supply of BTC is currently in profit, with the Net Unrealized Profit to Loss (NUPL) ratio having climbed into euphoria levels.
3. Coin Days Destroyed (CDD) has jumped to 28 million, showing long-dormant BTC is now on the move.

Market Sentiment and Analysis

The Realized Profit to Loss Ratio has surged from 3.0 to 3.6, confirming that realized profits were far outpacing losses and suggesting a market in active profit-booking mode.

Momentum indicators suggest caution, with the RSI indicating overbought conditions and the MACD showing weakening momentum.

Technical Analysis and Outlook

BTC is trading near $117,090, pulling back from its ATH of $123,000.

1. Key Fib support lies at $106,000, with deeper downside targets near $99,000.
2. A clear breakout above $120,000 could target $130,000–$135,000.
3. If selling pressure builds, BTC may retest $106,000–$99,000.

For now, indicators hint at short-term cooling, even as the broader trend remains bullish.

Disclaimer

Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice.