After the recent market adjustment, Bitcoin is trading around 115,000 USD. According to CryptoQuant, Bitcoin is entering the 'third major profit-taking wave' of this bullish cycle.
CryptoQuant notes that the profit-takers are primarily new whales, who have recently accumulated and are now realizing significant gains.
Additionally, the market continues to witness some early whales from Satoshi's era selling. The account ai_9684xtpa on X confirms that some old wallets from the early days of Bitcoin are moving BTC and selling after many years of inactivity.
These wallets often attract attention due to their potential psychological impact on the market, although their size remains small compared to the total circulating supply.
Alongside the short-term profit-taking wave, the market still has some notable bullish indicators. Data from Glassnode shows that the current price of Bitcoin is above the cost basis range of short-term holders (STH) - a crucial factor in forming strong support zones if the market corrects.
