Bitcoin is down 7% from its recent highs 📉

U.S. Government BTC transfers sparked the pullback, but elevated unrealized profits had already left the market vulnerable.

Government wallets moved 17,468 BTC ($1.44B) since Oct 6

• Oct 6: 569 BTC ($48.6M)
• Oct 7: 4,632 BTC ($385.8M)
• Oct 8: 12,267 BTC ($1.01B)

The remaining balance is 174,481 BTC.

The transfers were the catalyst, not the cause. When holders sit on large gains, even minor shocks can trigger profit-taking.

Short-term holders are selling

They sent 45.6K BTC to exchanges in 24 hours. Of that, 29.1K BTC moved at a loss, the largest loss-side exchange flow since June’s pre-rally consolidation.

Key level: $74.6K (STH Realized Price)

Holding above it keeps the early bull-market structure intact. Losing it raises the risk of a deeper correction.

📊 All the data.

@cryptoquant_official