Bitcoin Bull Run: Just Delayed, Not Over!
Key Takeaways
Bitcoin's bull run is still intact, driven by institutional investors with retail participation yet to peak, suggesting further potential for growth.
Bitcoin's [BTC] bull run might seem to be topping out. After opening at $119,720, BTC dipped 2.25% intraday, marking its longest red daily candle of the month.
However, this wasn't a panic sell-off. Glassnode data indicates investors secured $3.5 billion in realized profits. This spike was one of the largest this year, with over half coming from long-term holders.
AMBCrypto suggests this divergence is significant. It could shape the next phase of Bitcoin's bull run as we move into Q3.
Strategic Selling Indicates Market Maturity
Bitcoin's early supply is on the move. CryptoQuant data reveals a 14-year-old dormant whale offloaded 20,000 BTC from an 80,000 BTC treasury, signaling strategic exits by long-term holders.
This sell-off cut through two long liquidity clusters in under 24 hours, each valued at over $60 million in open interest.
The result was a sharp correction, erasing two days of gains and pulling BTC back into the $116k–$117k range.
Despite this, market sentiment remains positive. The Fear & Greed Index is elevated at 70, reflecting ongoing bullish sentiment. Net spot inflows have surged to a yearly high, with 15.6k BTC moving onto exchanges.
Overall, data suggests the market is not de-risking or capitulating but simply realizing gains, a healthy sign for a structurally sound bull market.
In this environment, smart money is eyeing a high-conviction reentry. If Bitcoin revisits and confirms the $110k zone as support, it could trigger the next major upward movement.
Bitcoin Bull Run Has More Room to Grow
As AMBCrypto noted, this has been Bitcoin’s most aggressive bull run to date. Weekly gains hit 12%, and open interest soared to an all-time high of $87 billion, making profit-taking almost inevitable.
Crypto analyst Nic Puckrin from “The Coin Bureau” told AMBCrypto that the recent shakeout is a greed-driven reset. With stretched leverage, the market needed to cool down before the next surge.
He noted that future funding rates are still at normal levels, reducing the risk of cascading liquidations. Interest rates remain high, and the money printers haven’t even started yet.
Puckrin added that this rally is still driven by institutional capital, with typical retail involvement signs absent. He anticipates significant retail involvement around $150,000, driven by FOMO.
From a macro perspective, BTC has rallied without a single rate cut, meaning true liquidity hasn’t fully kicked in. Coupled with the absence of retail FOMO, Bitcoin’s bull run may still be in its early stages.
The Retail-to-Institutional Address Ratio supports this view. The ratio has dropped to a yearly low, coinciding with Bitcoin’s climb to $120,000, indicating institutions are leading the rally while retail investors remain largely sidelined.
In summary, Bitcoin's bull run is far from over.
With risk appetite intact, retail euphoria absent, and a macro backdrop that could see rate cuts before year-end, BTC is poised to ignite its next leg toward new all-time highs.