This morning, I noticed bitcoin cooling off after a massive rally—the price dropped about 5% from its all-time high of roughly $123,000. That's pretty typical of a bull‑market pullback, but it caught my attention because several long-dormant “whale” wallets suddenly moved coins to centralized exchanges—what usually comes before a sale .
Digging deeper, I found that one OG wallet—holding around 80,000 BTC—transferred a big chunk to Galaxy Digital, and then roughly 6,000 BTC went on to Binance and Bybit . An uptick in the “Coin Days Destroyed” metric and increased inflows to major exchanges really point toward profit‑taking. But despite the selling pressure, bitcoin hasn’t plunged—a testament to strong institutional demand and structural resilience .
On the ETF front, I saw that inflows into U.S.–listed spot BTC ETFs slowed dramatically—only $297 million yesterday, down 70% from Friday. ETH ETFs, however, pulled in $259 million, up from $204 million . It suggests to me that buyer confidence in bitcoin is wavering at these lofty levels, while some are shifting toward ether.
I'm keeping a close watch on the upcoming U.S. CPI report and Wednesday’s PPI data. Elevated inflation or new tariffs could further spook buyers, but a soft surprise might help stabilize the market .
Something else on my radar: the House is voting on the GENIUS and CLARITY Acts this week. If they pass, it could be a real catalyst for institutional adoption that goes well beyond bitcoin .
Lastly, I couldn’t help but notice Coinbase breaking records—its stock hit a high of $398.50, and the company’s market cap crossed $100 billion . Plus, SharpLink Gaming just scooped up an additional 24,371 ETH, per Arkham Intelligence .
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Bottom line: I believe today marks a classic bull‑market shakeout. Whales are shifting to profit‑taking mode, inflows are slowing, and macroeconomic events ahead could steer the next big move. But strong fundamentals—robust ETF demand, institutional backing, and potential regulatory tailwinds—are keeping my long‑term confidence intact.
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