Veteran Bitcoin Holders Pause Profit-Taking After $1B July
On-chain analytics from Glassnode show a shift in Bitcoin profit-taking: veteran holders (3–5 years) realized over $1 billion per day in July but sharply cut back in August. This contrasts with late-2023 profit-taking by 6–12-month holders, many of whom were early ETF buyers. CryptoQuant data also record rising retail futures orders and falling institutional whale trades. Network growth stays robust, with over 364,000 daily new addresses. Bitcoin trades near $120 K, up modestly amid cooling momentum: CryptoQuant’s Bull Score slid from 80 to 60, and stablecoin inflows are waning. Traders should monitor realized profit trends, on-chain metrics and capital flows for clues on support levels or renewed selling pressure.
Neutral
While veteran Bitcoin holders have paused profit-taking, providing potential price support, cooling momentum—evident in lower realized profits, a drop in CryptoQuant’s Bull Score and waning stablecoin inflows—signals cautious market conditions. Strong network growth and retail futures activity may offset selling pressure, but subdued institutional trades and slower capital inflows limit upside. Short-term traders may see range-bound price action as HODLers hold near the all-time high, while long-term outlook depends on renewed inflows. Overall, mixed signals favor a neutral stance, as support and resistance factors balance out.