Bitcoin Cools Off After Bullish Run, Profit-Taking Intensifies

Bitcoin’s recent upswing has slowed as traders lock in gains and demand drops to about two-thirds of last month’s level, shifting the market from “extra bullish” to a “bullish cooldown,” per CryptoQuant’s weekly report.

Apparent demand has fallen from a July peak of 174,000 BTC to roughly 59,000 BTC. Large buyers are still accumulating but at a reduced pace, with purchases sliding from a November 2024 high of 171,000 BTC to about 27,000 BTC in the last 30 days. Spot Bitcoin ETFs are also at a four-month low in net buys, averaging about 11,000 BTC over 30 days.

CryptoQuant’s Bull Score shifted from “Extra Bullish” to “Bullish Cooldown” after BTC topped $120,000, a phase that often precedes sideways trading or mild pullbacks unless demand revives. Whales have realized at least $74 billion in profits since July 4—including a $9 billion single-day peak—and booked another $2 billion on Aug. 16.

At publication time, BTC hovered near $116,000. Analysts see potential support around $110,000—the trader on-chain realized price—where unrealized gains tend to reset to zero and selling pressure typically eases during bull cycles.