According to Maartunn, a community analyst at on-chain data platform CryptoQuant, $5.69 billion worth of Bitcoin flowed to crypto exchanges at a loss in 48 hours as short-term holders capitulated. Deposits to exchanges often imply an intent to sell; this is the case as the market has seen a drop since the start of the week, with $441 million liquidated in the last 24 hours alone.
Maartunn observed that Short-Term Holders are selling at a loss: 50,026 BTC or $5.69 billion arrived at exchanges at a loss from this class of Bitcoin holders over just two days. This marks one of the heaviest loss-driven moves in weeks.
📉 One of the heaviest loss-driven moves in weeks.
STHs are capitulating: 50,026 BTC (≈$5.69B) flowed from short-term holders to exchanges at a loss over just 2 days. https://t.co/TmOdP7xqZ1 pic.twitter.com/vCr7Q5x2Yn
— Maartunn (@JA_Maartun) August 20, 2025
In a separate tweet, Maartunn described the profit-taking move as having the deepest value in over a month, adding that bulls would want to see this as a signal for a sharp move upward; otherwise, it could mirror the prolonged loss-taking seen from late February to late May.
Bitcoin has marked four straight months of gains from April through July. However, August is frequently associated with quieter trading activity and lower volume. The last three Augusts each ended with double-digit percentage losses.
Market retreats
The market is seeing profit-taking after reaching new highs, as major cryptocurrencies retreated, bringing the market’s total worth below $4 trillion.
On-chain data highlights significant profit-taking from Bitcoin investors who have held for over one month (excluding daily traders). According to Glassnode, on July 18, BTC holders who have held over a month realized over $1.5 billion in profits, marking the largest profit-taking spike since December 2024.
Around the time of writing, Bitcoin was trading down 1.44% in the last 24 hours to $113,683, having previously reached a low of $112,555 early Wednesday.
The losses come after Bitcoin reached a record high of $124,533 on Aug. 14, buoyed by a spree of institutional buying led by digital-asset treasury companies. In a recent move, Michael Saylor’s Strategy announced Monday that it bought $51.4 billion of Bitcoin from Aug. 11 to 17.