Bitcoin remains bullish despite massive profit-taking

Bitcoin holders have achieved a net profit of 110,000 BTC since August 19

According to CryptoQuant data, since August 19, Bitcoin holders have achieved a net profit of approximately 110,000 BTC. The profit-taking followed a strong rally that pushed Bitcoin prices up from below $65,000 to above $82,000. Currently, Bitcoin trading prices remain at around US$80,000, and multiple indicators show that market demand is slowing down. As a result, the risk of a correction has increased, but the overall trend has not yet turned bearish.

Overview of key data

• Cumulative net profit: Since August 19, holders have achieved a net profit of 110,000 BTC units.
• One-day peak: On August 21, the net profit achieved reached a daily peak of 23,000 BTC.
• Changes in demand: Market demand showed signs of slowing after Bitcoin rebounded above US$82,000.
• U.S. demand weakens: The Coinbase premium index returns to negative territory, indicating that U.S. buyers are less willing to buy.
• Key resistance level: US$83,000 is the main resistance level that Bitcoin needs to overcome.

Four major indicators signal weakening momentum

Despite reduced market volatility, on August 21, net realized profit still reached a record high of approximately 23,000 BTC. Since August 19, this number has accumulated to 110,000 BTC.

It should be noted that this does not mean that 110,000 bitcoins were actually sold to the exchange. The indicator measures profits associated with bitcoins that move at a price higher than the previous transfer value. According to CryptoQuant's report, these capital flows may correspond to internal operations or transactions between wallets.

The following statistics summarize the current market tensions:

1. Since August 19, a total of 110,000 BTC units have achieved net profit;
2. The single-day peak reached 23,000 BTC on August 21;
3. Apparent demand briefly rose by 43,000 BTC, and then shrank again;
4. The Coinbase Premium Index returned to negative territory at approximately-0.05.

At current prices, 110,000 BTC units represent a value of nearly US$8.8 billion. This conversion provides a rough reference to scale, but is not equivalent to the exact profits actually realized, because profits are calculated at different prices during this period.

U.S. demand no longer supports a rebound

Between August 19 and 21, Bitcoin rose by more than 20%, and its price rose from below US$65,000 to around US$80,000. It then exceeded US$82,000 for a while, but fell back below US$80,000 after being rejected.

This rapid rise allows early investors to lock in some of the gains. For CryptoQuant, this phenomenon represents a typical cooling period after a rebound.

Analysts pointed out in the report: "This is a characteristic of a cooling period in a bull market. The signal remains positive because profits are achieved during a strong phase, but their concentration may limit short-term upside."

However, the decline in apparent demand has exacerbated caution. This data measures the net accumulation of Bitcoin by active holders. After expanding by 43,000 BTC units, its growth rate turned negative.

U.S. demand also shows signs of weakness. The Coinbase Premium Index compares the price of Bitcoin on the exchange with other platforms. A negative signal suggests U.S. buyers are paying slightly lower prices, reflecting weak demand. Three periods of weakness before 2026 have limited Bitcoin's gains. If continued profit-taking does not return buyers, selling pressure will increase.

The US$83,000 threshold is crucial for Bitcoin's movement

Data have not yet confirmed the beginning of a new bear market. As a result, CryptoQuant's "Bull Score" is approximately 70 points, which is above the historical threshold of 60 points associated with sustainable bull markets.

CryptoQuant estimates: "The overall pattern is still constructive. Even if short-term momentum slows, Bitcoin is still in the early stages of a new bull market."

Currently, the main resistance level is around $83,000. That level corresponds to the 365-day moving average, which prevented price increases in May this year.

Analysts believe: "The official bull market will not begin until prices close above the 365-day moving average."

If it continues to close above US$83,000, the risk of a significant correction will be significantly reduced. Conversely, if prices consolidate below $80,000, gains could weaken with further profit-taking and negative demand data. The realized profit of 110,000 BTC is a short-term warning sign, but it is not enough to prove a lasting bearish reversal.