As of July 24, Bitcoin is trading at $118,687, just shy of its all-time high of $120,000, according to CoinGecko.
Despite the elevated price, there are minimal signs of profit-taking, especially among large holders suggesting continued conviction in the ongoing rally.
Recent data from CryptoQuant reveals that the Inter-Exchange Flow Pulse (IFP), a key on-chain indicator—is behaving differently from previous market peaks in 2017 and 2021. During those cycles, major price surges were closely followed by a spike in Bitcoin inflows to centralized exchanges, signaling sell-offs and market corrections.
In contrast, the 2025 market cycle tells a different story. While Bitcoin experienced a strong surge in the first half of the year, the volume of BTC moving to exchanges has declined. This drop suggests that investors particularly institutions and long-term holders are choosing to hold rather than sell.
This behavior, analysts say, reflects a growing conviction in Bitcoin’s long-term value. Lower flows to exchanges typically mean reduced supply pressure, which supports price stability during consolidation phases.
However, CryptoQuant cautions that the IFP remains a crucial metric to monitor. A sudden increase in exchange flows would likely signal a shift in sentiment, raising the potential for volatility and downward price action.
Meanwhile, the muted selling activity, coupled with sustained high prices, points to a maturing market that favors strategic accumulation over short-term speculation. With no clear profit-taking wave in sight, Bitcoin’s bullish momentum appears poised to continue though investors remain alert to potential shifts.
This resilient performance comes amid a broader wave of institutional demand. According to Bitwise’s Q2 2025 data, 159,107 BTC were added to the balance sheets of 46 newly listed public companies, underscoring the growing trend of corporate treasury allocations into Bitcoin.
Companies are buying bitcoin, Q2 2025 edition pic.twitter.com/0UxrlIZQvb
— Bitwise (@BitwiseInvest) July 9, 2025
Further strengthening this outlook, recent on-chain analysis by CryptoQuant contributor Darkfost suggests Bitcoin may be entering a fresh phase of upward momentum, fueled in part by weakening U.S. dollar conditions and a renewed shift in investor sentiment.
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