CryptoQuant: Bitcoin Sees Third Major Profit-Taking Wave in This Bull Market, with New Whale Entrants Leading Sell-Off Above $120,000
BlockBeats News, July 31 — CryptoQuant reported that Bitcoin has just experienced the third major round of profit-taking in this bull market. At the end of July, realized profits surged to between $6 billion and $8 billion, reaching levels comparable to the peaks in March and December 2024. The main sellers in this round, offloading above $120,000, were newly entered whales.
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U.S. commercial crude oil inventories fell more than expected, with distillate inventories also declining and gasoline unexpectedly rising.
According to EIA data released on Thursday, for the week ending October 9, U.S. commercial crude oil inventories decreased by 8.6 million barrels to 415.6 million barrels, about 3% below the five-year average for the same period. Crude oil production fell by 300,000 barrels per day, and imports dropped by 791,000 barrels per day. Refinery crude runs increased by 135,000 barrels per day. Gasoline inventories rose by 3.5 million barrels, exceeding expectations, while distillate fuel inventories (including diesel and heating oil) decreased by 2.5 million barrels. The decline in crude inventories was mainly due to production shutdowns and reduced imports caused by a Gulf of Mexico hurricane.
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