- Bitcoin recent price dip from all-time highs coincides with significant on-chain whale activity.
- Dormant BTC supply is re-entering the market, indicated by a surge in Coin Days Destroyed (CDD).
- Whales have locked in over $4 billion in realized profits, the highest since early Q2.
- These synchronized movements (high CDD and Net Realized Profit and Loss) historically signal market inflection points.
- Key resistance levels for Bitcoin are $124K and $136K, while critical support levels are $113K, $111K, and especially $101K.
Bitcoin’s (BTC) remarkable rally has momentarily paused, with prices slipping 4% from their recent all-time highs. This typical bull market pullback is now accompanied by intriguing on-chain signals that suggest a potential market pivot. A closer look reveals a flurry of activity among Bitcoin whales and a resurgence of previously dormant supply, painting a complex picture of the current market dynamics.
Dormant Coins Flow, Whales Strike
Recent analysis from CryptoQuant has shed light on the shifting landscape. The “Coin Days Destroyed” (CDD) metric has surged to an impressive 28 million this week. This significant spike indicates that large holders are now transferring older Bitcoin, which had remained inactive for extended periods, as they strategically reposition their assets, particularly around cycle midpoints or local market tops.
Adding another layer to this narrative, “Net Realized Profit and Loss” (NRPL) has soared above $4 billion in realized profits, marking the highest level since early Q2. This substantial profit-taking by whales and recent buyers is occurring while Bitcoin’s price hovers between $117,000 and $120,000. The confluence of heavy realized profits and stable price action suggests either a resilient underlying demand absorbing the sales or a delayed market reaction still to unfold.
This current wave of activity stands in stark contrast to late June, when NRPL data showed realized losses and only modest profits. That period hinted at capitulation by late entrants, while long-term holders quietly accumulated. The present environment has flipped this script entirely: profits now dominate as older coins flow back into the market. This shift aligns with the typical institutional rebalancing phase observed in Q3, implying that these movements are strategic and coordinated rather than random.
Historically, simultaneous spikes in both NRPL and CDD have often preceded periods of heightened volatility, including local tops, consolidations, or mid-cycle pauses. This suggests a coordinated effort among whales and large players. The market’s direction—whether toward further distribution or an extended rally—will depend on how these trends develop in the coming weeks. For now, the message is clear: whales are active, profits are being locked in, and dormant supply is re-entering circulation. CryptoQuant posits that the market may be at a hidden inflection point, one that lies beneath the surface of seemingly stable Bitcoin price action.
Navigating Key Levels
Whales are actively influencing the market and dormant coins are re-entering circulation, drawing all eyes to Bitcoin’s critical price levels. The recent rally to $123,000 and its subsequent correction have effectively established this level as a local top.
CryptoQuant now places Bitcoin’s resistance at $124,000 and a more significant level at $136,000. The latter represents the +1 standard deviation of holders with coins less than one month old—a cohort often associated with overbought conditions when the cryptocurrency approaches this band.
On the downside, $113,000, which aligns with the +0.5 standard deviation above the Short-Term Holder (STH) Realized Price, is emerging as a crucial support level during consolidation phases. Further down, $111,000 represents the average cost basis for new entrants, creating a psychological floor should the price correct further. However, the most critical level remains $101,000. This baseline STH Realized Price historically signifies a robust medium-term bullish structure and strong holder conviction if Bitcoin manages to remain above it.
