Bitcoin’s recent surge to $123,000 sparked one of 2025’s biggest sell-offs, with miners and early whales cashing in $3.5 billion in profits. While this pushed BTC down to $118,229, analysts see the pullback as healthy consolidation before the next leg up.

Miners Lead the Selling Spree

• 16,000 BTC moved to exchanges July 15 (largest since April)
• Miner reserves dropped to 65,000 BTC (1-month low)
• Typical behavior after ATHs to cover operational costs

Whales Join the Profit-Taking

• Total exchange inflows hit 81,000 BTC (vs. 19,000 BTC days prior)
• Includes a Satoshi-era whale dumping 40,000 BTC
• 56% of profits came from long-term holders ($1.96B)

Why this matters:
Early investors selling is normal at peaks, but the market absorbed the volume with only a 4% dip—showing strong demand.

Bullish Signs Despite Sell-Off

1️⃣ Institutional interest growing worldwide
2️⃣ Pro-crypto US legislation improving sentiment
3️⃣ Technical support holding at $118K

As CryptoQuant noted:

“This is classic bull market behavior—profit-taking refreshes the rally.”