Bitcoin: Whats next as $421 mln in old coins move and miners sell?

Bitcoin

Bitcoin: Whats next as $421 mln in old coins move and miners sell？

Bitcoin [BTC] never fails to keep traders on their toes.

July was no exception, with a sudden spike in Coin Days Destroyed (CCD) indicating that long-dormant coins (worth over $421 million) finally decided to stretch their legs.

Profit-takers were quick on the draw, confirmed by a jump in SOPR to 1.17.

Yet, despite miners adding extra weight to the sell-side in two clear waves, the market didnt flinch.

Old coins on the move, but no panic in sight

In July 2025, over $421 million worth of dormant Bitcoin was moved, pushing CCD sharply higher.

Source: CryptoQuant

Normally, that kind of activity brings questions about LTHs rushing to exit near a market top. But the data told a different story — this is profit taking!

Source: CryptoQuant

The SOPR spiked to 1.17, confirming that sellers locked in healthy gains compared to the lows of 0.88 in March 2023 and 0.97 in April 2025. Despite the selling, the markets bullish structure held firm.

Miners pull back

Between June and August 2025, miners made their presence felt with two historic inflow waves.

Source: Cryptoquant

First came ViaBTC‘s sharp transfers on the 19th of June, largely funneled into Binance and Coinbase Advanced, followed by F2Pool’s 7th of August push that spread across smaller exchanges.

Together, these phases drove miner inflow realized price to record highs, driving short-term volatility and concerns of concentrated selling.

Source: Cryptoquant

But the tone has shifted since then. The 30-day moving average of Miner-to-Exchange Flow has dropped to short-term lows, proving reduced distribution and even signs of accumulation.

With Bitcoin holding above $116K, that miner restraint has only added confidence to the latest rally.

$117K: The level to watch

Right now, $117K is a critical zone. Both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price show that above this level, the market often hesitates or tops out.

That makes it a zone of strong interest but also indecision. The smarter play would be to wait for a convincing move, like a breakout above $118K, before calling further upside.

History suggests these markers dont miss often, and at press time, Bitcoin was once again approaching that make-or-break threshold with traders watching closely.