![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/08\/GxpaeRyWkAAraaE.jpg?resize=1024%2C576\")
<\/p>\nCryptoQuant analyst Maartunn used today\u2019s price weakness to publish a granular, 10-part \u201cBitcoin Market Analysis\u201d on X that dissects the post-ATH landscape with on-chain detail and a clear technical line in the sand. \u201cBitcoin broke its all-time high, but here\u2019s the catch: long-term holders are [starting] to sell into the strength,\u201d he wrote, adding that what matters now is how the market digests that supply above and around the breakout zone. In his framing, the first stress test is underway.<\/p>\n
The shifted roughly 80,000 BTC after ~14 years of dormancy via Galaxy Digital.<\/p>\n
Beyond the drama of this single entity, Maartunn argues that behavior across the holder spectrum is what\u2019s driving the tape. \u201cRetail is stepping in after the ATH,\u201d he noted, describing a familiar pattern of late-cycle enthusiasm that followed Bitcoin\u2019s push through $120,000 in mid-July. That surge set a new record near $123,000 before momentum faded; spot prices are now revolving around $113,000\u2013$115,000.<\/p>\n
The bid didn\u2019t vanish entirely. \u201cFresh capital did help the ATH-breakout buyers,\u201d Maartunn wrote, pointing to balance-sheet demand \u201cfrom firms like Strategy and Metaplanet.\u201d Those purchases are verifiable. Strategy\u2014the rebranded MicroStrategy\u2014disclosed 21,021 BTC bought between July 28 and Aug. 3 at an average of ~$117,256, lifting its holdings to ~628,791 BTC. Tokyo-listed Metaplanet added 463 BTC on Aug. 4, taking treasury holdings to 17,595 BTC. Even so, those corporate flows \u201cweren\u2019t enough to hold Bitcoin around the ~$120k level,\u201d the analyst said.<\/p>\n
Where the thread turns more cautionary is on short-term hands. \u201cShort-Term Holders started to puke and sell at a loss,\u201d Maartunn wrote, quantifying realized-loss waves of 52,230 BTC (July 15\u201318), 42,493 BTC (July 24\u201328), and 70,028 BTC \u201cafter July 31.\u201d He called the last episode notable \u201cnot just [for] the size, but the duration,\u201d arguing that prolonged STH loss-realization is a pressure valve that typically needs time to exhaust. These are Maartunn\u2019s on-chain tallies; they have not been separately published by data vendors in aggregate form.<\/p>\n
<\/p>\n
The flows picture from listed products has begun to rhyme with that stress. \u201cETFs are also seeing outflows,\u201d he observed. Multiple trackers confirm a downswing: CoinShares logged the first net weekly outflow in 15 weeks (-$223 million) with Bitcoin funds leading at -$404 million, while daily tallies this week show US spot Bitcoin ETFs bleeding for several sessions, including about -$196 million on Tuesday. Framing differs by window, but the direction is clear: the bid from ETFs is wobbling at the margin.<\/p>\n
Technically, Maartunn fixes attention on the former breakout zone. \u201cBitcoin is finding support around its previous ATH \u2014 roughly $112K,\u201d he wrote, pointing to a confluence between chart structure and on-chain price-distribution. His on-chain map \u201cbacks it up,\u201d flagging \u201cstrong support in the $108K\u2013$112K range,\u201d an area where a large volume of coins last changed hands.<\/p>\n
![\"UTXO](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/08\/GxpdjttWgAE4lxs.jpg?resize=1024%2C576\")
<\/p>\n
Context matters. Bitcoin\u2019s July all-time high sits around $123,000 on major benchmarks\u2014an extension of 2025\u2019s institutional-heavy advance\u2014so calling $112,000 a \u201cprevious ATH\u201d refers to the nearer-term breakout plateau that preceded price discovery, not the absolute record. That nuance is why Maartunn concludes with a conditional: \u201cSo far this cycle, we haven\u2019t seen any previous ATH break down\u2026 Until that changes, this looks like a normal pullback. But if we do break below a former ATH ($112k), that\u2019s a real shift in market behavior.\u201d<\/p>\n
In the near term, the credibility of that ~$108,000\u2013$112,000 \u201cshelf\u201d will likely be decided by whether supply from profit-taking long-term holders, loss-realizing short-term holders, and ETF redemptions continues to outweigh balance-sheet demand and organic spot inflows. If the shelf holds, Maartunn\u2019s base case is \u201ca normal pullback\u201d that bleeds off excesses from the ATH push. If it fails decisively, he argues, the cycle would be showing its first meaningful breach of a prior breakout\u2014an observable change in behavior rather than a narrative turn of phrase.<\/p>\n
At press time, BTC traded at $114,238.<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/08\/BTCUSDT_2025-08-06_16-39-12.png?resize=1024%2C454\")
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CryptoQuant analyst Maartunn used today\u2019s price weakness to publish a granular, 10-part \u201cBitcoin Market Analysis\u201d on X that dissects the post-ATH landscape with on-chain detail and a clear technical line in the sand. \u201cBitcoin broke its all-time high, but here\u2019s the catch: long-term holders are [starting] to sell into the strength,\u201d he wrote, adding that…<\/p>\n","protected":false},"author":1,"featured_media":6287,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[22,28,29,32,33,34],"class_list":["post-6286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/6286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=6286"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/6286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/6287"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=6286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=6286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=6286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}