The spot side tells a similar story. Over 40,000

The spot side tells a similar story.

Over 40,000 BTC flooded into exchanges this week, triggering a sharp wave of sell-side pressure as OTC desks and whales aggressively hit order books.

This rise in exchange volume usually indicates potential downside, with Bitcoin offered for sale in bulk.

Adding to the tension, 3.9K BTC from 10+ year-old wallets moved on-chain; the second major instance of ancient coin activity this month after 80K BTC was reactivated on the 4th of July.

Despite this, Bitcoin has held above $110,000, so there is resilient net demand and medium-term buyer confidence.

While profit-taking is clearly underway, the market hasn’t broken… yet.