In brief
- On-chain data shows the third major wave of whale profit-taking since mid-2024, joined by miner sell-offs after July’s all-time high.
- Options traders are bracing for a pullback, targeting 10–30% downside into September.
- Capriole’s Edwards says Bitcoin is “undervalued,” with Q4 seasonality historically favoring strong returns.
Bitcoin is caught in a tug-of-war between profit-taking whales and long-term holders, a standoff that one on-chain report says could shape the market for months.
After hitting a record high of $123,300 on July 14, the crypto market has drifted lower, awaiting a fresh catalyst.
On-chain data firm CryptoQuant said the pullback marks the third major wave of whale profit-taking since mid-2024, in a report on Thursday.
The observation is supported by Sean Dawson, head of research at on-chain options platform Derive, who told Decrypt that the profit-taking came from both “old and new whales.”
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