Bitcoin has long proven its strength and resilience in the face of volatility. July was no exception, with a slew of on-chain data showing strong moves in older coins, yet the market remained remarkably stable.
CDD Explosion – A Sign of Profit Taking
In July 2025, more than $421 million worth of Bitcoin that Capital sitting idle was moved, causing the Coin Days Destroyed (CDD) index to skyrocket.
Normally, such moves would make analysts wonder: are long-term holders (LTH) leaving the market in droves at high prices? However, the actual data tells a different story – this is not a sign of a run, but a calculated profit-taking strategy.
The sharp rise in the Spent Output Profit Ratio (SOPR), which reached 1.17, supports this view. The figure shows that the majority of investors took profits with clear gains, far exceeding the levels of 0.88 in March 2023 and 0.97 in April 2025. Despite the presence of selling pressure, the market's growth structure remains solid.
Miners Sell But the Trend Is Reversing
During the period from June to August 2025, the market recorded two large-scale sell-offs from Bitcoin mining companies, creating notable fluctuations.
Specifically, on June 19, ViaBTC made a huge transfer to Binance and Coinbase Advanced, immediately increasing selling pressure on the market. Not stopping there, on August 7, F2Pool followed with a scattered Capital transfer to many smaller exchanges, causing the anxiety in the investment community to spread even more.
These two consecutive Dump have pushed the flow of money from miners to record highs, raising fears of a concentrated sell-off that could shock the market.
However, the current picture shows a marked change. The 30-day moving Medium of the Miners to-exchange money flow index has fallen sharply to a short-term low, signaling that selling pressure has cooled and even hinting at the possibility that Miners are starting to accumulate again.
Bitcoin price continues to hold above $116,000, and the restraint of miners further strengthens the belief that a new bull market momentum is forming.
$117,000 – Important Psychological Threshold
In the current context, $117,000 is becoming a pivotal price zone for Bitcoin. Technical indicators such as CVDD Channel and Fibonacci-adjusted market Medium indicate that whenever BTC approaches this level, the market often falls into a state of indecision, sometimes even creating a local top.
Therefore, $117,000 can be XEM as a “tug of war” zone between buyers and sellers. For cautious traders, it is reasonable to wait for a clear breakout above $118,000 to confirm a new uptrend, instead of rushing to open orders at the current price level , which is potentially risky.
History has proven time and again that important on-chain signals like CCD or SOPR rarely appear randomly. Now, as BTC approaches $117,000, the entire market is once again watching to XEM if this is the launch pad for a new rally, or just a short-term top.
Despite the profit-taking pressure and miner selling, it is worth noting that the market has not been volatile. On the contrary, this stability has further reinforced the belief that Bitcoin still has the upper hand in the game.
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