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CryptoQuant: Bitcoin is experiencing a large-scale profit-taking in the third round of this bull run, with market makers selling above $120,000 being new entry whales.
On July 31, CryptoQuant stated, "Bitcoin has just experienced the third round of large-scale profit-taking in this bull run. By the end of July, profit realizations surged to between $6 billion and $8 billion, levels comparable to the peaks in March and December 2024. The market makers behind the selling above $120,000 this round are new whales entering the market."