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Maartunn from CryptoQuant took advantage of today’s weakness in the price to release a detailed, 10-part report. “Bitcoin Market Analysis” On X, which dissects post-ATH with detailed on-chain details and a clearly defined technical line. “Bitcoin broke its all-time high, but here’s the catch: long-term holders are [starting] to sell into the strength,” He wrote that the key is now how the market will digest the supply that has been placed above the breakout zone and in the area around it. According to his frame, the first test of stress is already underway.
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You can also find out more about the following: thread Anchors around a headline-grabbing statistic “the LTH selling pressure includes the 80,000 BTC sold by the Satoshi-era wallet.” Maartunn’s description of the extraordinary eight-person movement in July is what he has described. “ancient” The wallets can be used for a variety of purposes. shifted roughly 80,000 BTC After 14 Years of Dormancy, via Galaxy Digital
Maartunn believes that the tape is driven by the behavior of all holders, not just this one entity. “Retail is stepping in after the ATH,” The late-cycle optimism that followed Bitcoin’s $120,000 push in mid-July was a pattern he recognized. That surge set a new record near $123,000 before momentum faded; spot prices are now revolving around $113,000–$115,000.
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The bidder didn’t disappear entirely. “Fresh capital did help the ATH-breakout buyers,” Maartunn pointed out that “firms like Strategy and Metaplanet.” These purchases are verified. Strategy—the rebranded MicroStrategy—disclosed 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 bought 463 BTC Aug. 4, bringing its total treasury assets to 17,595 BTC. Nevertheless, these corporate flows “weren’t enough to hold Bitcoin around the ~$120k level,” The analyst stated.
Short-term hand is where the caution turns out to be more pronounced. “Short-Term Holders started to puke and sell at a loss,” Maartunn wrote, quantifying realized-loss waves of 52,230 BTC (July 15–18), 42,493 BTC (July 24–28), and 70,028 BTC “after July 31.” He referred to the episode as notable “not just [for] the size, but the duration,” Arguments that extended STH losses-realization are a valve of pressure that needs to be exhausted over time. Maartunn’s chain tallies haven’t been published separately by data providers in aggregate.
The flow image from the listed products is beginning to rhyme with this stress. “ETFs are also seeing outflows,” Observed he. Multiple trackers confirm the downswing. CoinShares recorded its first weekly net outflow (-$223 millions) in 15 weeks, with Bitcoin funds at the top of that list, at a minus 404 million dollars. Daily tallies show US spot Bitcoin exchange-traded funds bleeding over several sessions this week, including minus 196 million dollars on Tuesday. The frames vary by window but it is obvious that the ETF bid is swaying at the margin.
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Maartunn focuses his attention, technically speaking, on the previous breakout zone. “Bitcoin is finding support around its previous ATH — roughly $112K,” He wrote that there was a convergence between the chart-structure and price distribution on the chain. He wrote, pointing to a confluence between chart structure and on-chain price distribution. “backs it up,” flagging “strong support in the $108K–$112K range,” An area in which a significant amount of money has changed hands.
The context is crucial. Bitcoin’s July all-time high sits around $123,000 on major benchmarks—an extension of 2025’s institutional-heavy advance—so calling $112,000 a “previous ATH” The term refers to the price plateau which preceded the discovery of the prices, and not their absolute value. This nuance is the reason Maartunn ends with a conditional. “So far this cycle, we haven’t seen any previous ATH break down… Until that changes, this looks like a normal pullback. But if we do break below a former ATH ($112k), that’s a real shift in market behavior.”
In the near term, the credibility of that ~$108,000–$112,000 “shelf” The outcome will be determined by the balance sheet demand, organic inflows, and supply of profit-taking short-term and long-term investors. Maartunn’s baseline is if the shelf remains stable. “a normal pullback” This bleeds away excesses of the ATH drive. If it fails decisively, he argues, the cycle would be showing its first meaningful breach of a prior breakout—an observable change in behavior rather than a narrative turn of phrase.
BTC was trading at $114.238 as of the time this article went to press.
Featured image was created with DALL.E chart by TradingView.com
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Source: www.newsbtc.com
