Bitcoin saw a major sell-off after failing to hold above $120,000, driven by new whales realizing profits. Previous profit-taking waves coincided with key events and led to cooling phases in the market. Despite this, Bitcoin and the broader crypto market rebounded sharply, with BTC reaching a new all-time high above $123,000 in July.

A long-dormant entity that accumulated 80,000 BTC recently realized $9.7 billion in profits through Galaxy Digital. Despite a brief price dip, the market quickly recovered, indicating strong demand and absorption capacity. Bitcoin has outperformed most assets this year, with the S&P 500 down 15% when measured in Bitcoin terms.

Source: CryptoQuant, Vijay Boyapati, Bitbo, Cointelegraph

Read more at Cointelegraph: Bitcoin Profit-Taking Surges as New Whales Realize Billions