Key Takeaways:
Over 81,000 $BTC flowed into exchanges as whales and miners locked in profits.
Bitcoin price corrected from $123K to $118K, signaling short-term sell pressure.
Analysts maintain a bullish long-term outlook, despite current volatility.
Bitcoin’s recent rally to a record-breaking $123,000 was met with swift profit-taking by whales and miners, leading to a notable correction. On-chain data reveals a surge in exchange inflows, with over 81,000 BTC moved for potential sale. While this has sparked short-term bearish sentiment, experts believe the broader bull market remains intact. Let’s break down the dynamics behind this shift and what it means for investors.
Whales Flood Exchanges, Lock in Gains
CryptoQuant data shows that whales sent 58,000 BTC to exchanges in a single week, marking a sharp increase from the previous 13,000 BTC. This move coincided with Bitcoin’s peak, suggesting large holders viewed $123K as a near-term top. Such inflows typically precede price dips, and this time was no exception; $BTC dropped to $118K shortly after.
Miners Join the Sell-Off Wave
Miners followed suit, transferring 16,000 $BTC to exchanges on July 15, their largest outflow since April. The Miner Position Index (MPI) spiked to 2.7, indicating elevated selling pressure. This behavior reflects a strategic move to capitalize on high prices and boost cash flow, especially after months of holding mined BTC.
Analysts Still See Bullish Momentum Ahead
Despite the sell-off, analysts argue that the correction is temporary. The MPI remains below levels typically seen at the end of bull cycles, and long-term holders continue to show confidence. On-chain expert Avocado_Onchain believes the market is in a cooling phase, not a reversal, with potential for new highs later this year.
