Recently, the Bitcoin market experienced a significant adjustment. After breaking through the 120,000 USD mark, this globally recognized encryption currency failed to hold this high position, followed by large-scale profit-taking. Market analysts described this phenomenon as "the third major profit sell-off of this bull run."

According to on-chain analysis firm CryptoQuant, the realized profits of Bitcoin surged to a range of 6 to 8 billion dollars by the end of July, a level comparable to the local peaks in March and December 2024. It is worth noting that the main force behind this sell-off is believed to be the "new whales", who began to lock in profits after Bitcoin broke through 120,000 dollars.

In the world of encryption currency, "whales" typically refer to entities that hold at least 1000 Bits of Bitcoin; they are often early participants in the market and significant influencers. "New whales," on the other hand, refer to investors who have recently accumulated a large amount of Bitcoin quickly, which may include some institutional investors or enterprises.

The profit-taking led by the new giant whale this time is the third round following the launch of the Bitcoin spot ETF in the US and the two major profit sell-offs before President Trump's inauguration. After the first two sell-offs, Bitcoin and the overall encryption market went through a period of adjustment.

In early 2025, concerns over an economic slowdown and rising inflation triggered by Trump's tariff policy led to a widespread market sell-off. However, starting from early April, Bitcoin and the entire encryption market showed strong rebound momentum, and by July, Bitcoin even set a new historical high of over $123,000.

Despite the recent adjustment, the market remains relatively active. The behavior of new whales has caused short-term fluctuations, but it also reflects the increasing depth and liquidity of the market. Meanwhile, some long-term holders (so-called "old whales") have also begun to become active again, which may indicate that the market is about to enter a new phase.

In the future, the direction of the Bitcoin market will depend on various factors, including the global economic situation, changes in the regulatory environment, and the attitudes of institutional investors. As the market matures, such large-scale profit-taking may become the norm, and investors need to adapt to this volatility while paying attention to long-term development trends.