📍The market has begun in a short-term distribution phase

📌 After $BTC surpassed $120K, on-chain data shows that the third major profit-taking of the cycle is happening – with over $6–8B in profits realized just at the end of July. Notably, 80K BTC from ancient wallets have also just been transferred – worth nearly $10B.

📌 However, the price did not collapse – the market absorbed a massive selling volume smoothly. This indicates that the current market structure is much healthier than in previous cycles.

📌 ETF cash flow continues to flow strongly, long-term holders are still accumulating – creating solid support around the $110K–115K range. Technically, BTC may need a few weeks of accumulation before it can rally again.

📌 In summary:

🐳 Whales are offloading – not new, but this time the market is handling it well.

🛡️ The $110K–115K range is a strong cushion.

🔄 There is a possibility of sideways accumulation before entering the next upward phase.

💭 The story now is not “will the market crash,” but rather: who is accumulating the BTC that has just been offloaded?