Bitcoin reaches the third wave of profit-taking.. Here’s what it indicates for the market

After Bitcoin BTCUSD surpassed the 120,000$ barrier in July, on-chain data revealed a series of notable profit-taking activities by whales.

In this context, monitoring whale behavior and capital flows in and out of major exchanges remains essential for identifying upcoming market movements.

After the recent market correction, Bitcoin is trading around the 115,000$ area. According to yptant, Bitcoin is entering the "third major wave of profit-taking" in this bullish cycle.

Additionally, the market continues to see some early-era Satoshi whales selling. The account ai_9684xtpa on X confirmed that several old wallets from the early days of Bitcoin are moving again and selling after years of dormancy.

These wallets often attract attention due to their potential psychological impact on the market, although their size remains relatively small compared to the total circulating supply.