CryptoQuant: Bitcoin bull market starts, $83K is key test
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- CryptoQuant identified Bitcoin as being in the "initial phase" of a new bull market but flagged $83,000 as a critical resistance level the market must break
- CryptoQuant warned the rally may be overheated short-term, pointing to traders' unrealized profit margins climbing to 20.5% — their highest since June 2025
- The firm noted Bitcoin fell roughly 30% after the same profit metric hit 19% in early May, when BTC was trading near $82,000
- 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 as Bitcoin traded near $78,000–$79,000
- Bitcoin exchange inflows climbed to roughly 53,000 BTC — their highest since June — signaling more coins are moving onto platforms where they could be sold
- Bitcoin ETFs added $338 million during a six-day inflow streak that totaled $2.26 billion
Why it matters: CryptoQuant's own May data shows BTC shed roughly 30% after traders' unrealized profits hit 19%; that metric now sits at 20.5%, with whales already banking $1.2 billion in profits and 53,000 BTC (highest since June) piling onto exchanges — concrete sell-side pressure that must be absorbed before $83,000 resistance breaks.
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