The Bitcoin pullback is not the end of the bull run, as institutional funds are brewing a new wave of attack.

Bitcoin daily chart shows the largest pullback in July, with LTH realizing profits of 3.5 billion USD On July 16, Bitcoin opened at $119,720, declining 2.25% during the day, recording the largest single-day drop of the month. However, according to Glassnode data, that day did not see panic selling, but rather a realized profit outflow of as much as $3.5 billion, with more than half coming from long-term holders (LTH). This type of structural selling reflects a more mature market.

AMBCrypto points out that the differentiated operations of this "smart money" may become a key watershed for the trends in the third quarter.

14-year-old address transferred 20,000 BTC, breaking through two levels of liquidity support According to CryptoQuant, an old address that had been inactive for 14 years recently transferred 20,000 BTC from a reserve of 80,000 BTC, triggering short-term market turbulence. This wave of selling pressure broke through two long positions with a total liquidity of over $120 million within 24 hours, causing BTC to briefly fall to the range of $116,000–$117,000.

Nevertheless, the panic sentiment did not spread. The Fear and Greed Index remains high at 70, indicating that the overall bullish atmosphere in the market is unchanged. Meanwhile, the net spot inflow of 15,600 BTC has reached a new high for the year, showing that funds are still entering the market.

Healthy shipments vs market panic: Currently not the peak of a bull market Looking at the on-chain data comprehensively, this round is not a risk-off or capitulatory sell-off, but rather a profit-taking behavior that dominates. In other words, this is a structurally healthy pullback, and the foundation of the bull market remains solid.

Smart money is waiting for a re-entry opportunity. Once BTC effectively pulls back and stabilizes at $110,000, that position may become the launchpad for the next wave of increase.

The bull market still has room: retail investors have not entered the market, and the funding has not fully launched According to AMBCrypto's analysis, this surge is one of the most intense in Bitcoin's history. Over the past week, BTC has risen by as much as 12%, and the total amount of open contracts has also reached a historic high of 87 billion dollars. Famous analyst and founder of Coin Bureau Nic Puckrin stated that this pullback is a "greed-driven washout," which is a natural cooling of the market after excessive leverage. He pointed out:

"Unlike past historical peaks, the funding rate of perpetual contracts is still at a normal level, and the liquidation risk is very low. In addition, the Federal Reserve has not yet started to cut interest rates, and liquidity has not yet been truly released."

Puckrin further stated:

"Currently, this wave of market is still dominated by institutions, while retail indicators such as search volume and app download rankings are still at low levels. I believe that retail investors will only truly FOMO in when the price reaches around $150,000."

Institutions drive the main upward wave, the bull market continues as retail investors remain on the sidelines From a macro perspective, the fact that BTC can rise to $120,000 in a zero interest rate environment indicates that true liquidity has not yet been injected. Once the Federal Reserve shifts to easing, it may become the catalyst for the next market cycle.

The Retail-to-Institutional Address Ratio has currently dropped to an annual low, further confirming that the current rise is led by institutions, with retail investors remaining on the sidelines.

Conclusion: The Bitcoin bull market is far from over, and the real climax may not have arrived yet Overall, Bitcoin is currently in the "profit-taking + institutional accumulation" phase, rather than at the end of a bull market. Under the resonance of multiple factors such as macro policy expectations, ETF inflows, institutional positions, and retail investors not yet experiencing FOMO, the next wave of Bitcoin hitting a historical new high is still worth looking forward to.