Key takeaways
Bitcoin’s brief drop after hitting $123K was driven by short-term profit-taking, but long-term holders and miners are still holding firm. While a short-term dip is likely, the broader market still looks bullish.
After soaring to a new all-time high of $123K, Bitcoin [BTC] has hit a speed bump. A surge in exchange inflows and short-term holders rushing to lock in profits triggered a brief cooldown in price.
But long-term holders and miners are holding steady; hinting that the broader bullish sentiment might be far from over.
Crypto analyst and Coin Bureau founder Nic Puckrin framed the breakout in broader context, saying,
“Bitcoin smashed past the $120,000 mark over the weekend, breaking above a seven-year trendline that has acted as a strong resistance level since 2018. This is an incredibly bullish signal, especially given the environment this is happening in.”
Profit takers make a move as Bitcoin hits $123K
As Bitcoin surged to a record high of $123,000, on-chain data from CryptoQuant showed a sharp spike in netflows into centralized exchanges; a decisive wave of profit-taking.


Source: CryptoQuant
The inflow, which exceeded 3,000 BTC, marked the most aggressive move by sellers since at least April, breaking a multi-week streak of dominant outflows.
This abrupt reversal shows that short-term holders and a segment of whales likely viewed the $123K level as a near-term top.
While these movements often precede local corrections, the absence of sustained outflows from long-term holders indicates that the broader bullish structure remains intact.
For now.
Puckrin added,
“The Bitcoin long/short ratio is currently overbalanced in favor of the longs, while 24-hour liquidations are close to $1 billion, so a short-term reversal in the price is almost guaranteed, with liquidations looming at around $118,000.”
Selling pressure eases as miners anticipate further upside


Source: CryptoQuant
While short-term holders moved quickly to take profits, miners appear to be taking a different view. There’s been a notable decline in miner-to-exchange flows, with recent volumes retreating from last week’s brief spike.


Source: CryptoQuant
The Miners’ Position Index has also dropped back into neutral-to-negative territory, so miners are not under immediate financial pressure to sell. This restraint points to confidence in Bitcoin’s continued upside.
Given their historical accuracy in timing exits, miners’ hesitation to offload coins may be a key signal that the current bull phase still has room to run.