BTC Enters 'Initial Phase' of Bull Market: CryptoQuant — SkimNews
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- CryptoQuant declared Bitcoin has entered the 'initial phase' of a new bull market but identified $83K as the key level to watch.
- CryptoQuant warned the rally may be overheated in the short term, pointing to rising trader profits, heavy whale profit-taking, and a spike in Bitcoin deposits to exchanges.
- Traders' unrealized profit margins climbed to 20.5%, their highest since June 2025 — a metric that hit 19% in early May near $82,000 before Bitcoin fell roughly 30%.
- Short-term holder whales realized approximately $1.2 billion in profits between Aug. 20 and Aug. 22, including a record $614 million on Aug. 20 while Bitcoin traded near $78,000–$79,000.
- Bitcoin exchange inflows climbed to roughly 53,000 BTC, the highest since June, signaling more coins moved onto trading platforms where they could be sold.
Why it matters: The $83K threshold serves as CryptoQuant's pivot for confirming the bull market thesis. Short-term overheating signals — record whale profit-taking of $614M in a single day and 53,000 BTC in exchange inflows — mirror the May pattern that preceded a 30% correction, putting the near-term rally on a knife's edge despite the optimistic framing.
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