From Bullish to Cooldown: Bitcoin Remains in Profit-Taking Phase as Demand Fades (CryptoQuant)

TL;DR

200K ETH Out of Exchanges

It was less than five months ago when the second-largest cryptocurrency plunged to $1,400, erasing years of gains. The overall market situation was grim due to Trump’s tariff policy, but ETH seemed to be taking the correction the worst.

However, the landscape changed big time in the following months, as etherskyrocketedto almost $4,900 last Friday to mark a new all-time high – nearly four years after its previous peak.

Different types of investors continue to accumulate the token, ranging from smaller and retail to institutions,corporations, andwhales. The ETFs are back in the green after a brief four-day hiatus, while even this Bitcoin OG swapped a big portion of their BTC holdings for spot and long ETH positions.

Ali Martinez provided more promising data for Ethereum’s short-term future, as investors using centralized crypto exchanges had pulled 200,000 ETH out of those platforms within just two days. Such withdrawals reduce the immediate selling pressure, which should, in theory, be bullish for the underlying asset if demand increases or even stays the same.

200,000 Ethereum $ETH withdrawn from exchanges in just 48 hours! pic.twitter.com/XJ3EQuLxEd

— Ali (@ali_charts) August 24, 2025

From a USD perspective, this amount is worth close to $1 billion, given ETH’s current price tag of almost $4,800.CME Gap Filled, Altseason to Begin?

The crypto market, being open 24/7, often performs faster than the traditional financial industry, and this leaves some weekend (or holiday) gaps for digital assets that trade on legacy platforms. Due to ETH’s surge in the past few weekends, it left a gap on the CME futures, and many analysts believe it had to be closed before the asset could resume its rally.

According to Rekt Capital, the weekly CME gap (in the green) has been filled and ETH has “reversed to the upside from it.”

$ETH

Ethereum has successfully filled its Weekly CME Gap (green) and reversed to the upside from it#ETH #Crypto #Ethereum https://t.co/VuKCZhPPbI pic.twitter.com/qnaNWGbbrW

— Rekt Capital (@rektcapital) August 22, 2025

Satoshi Flipper also weighed in on ETH’s recent performance, especially against the market leader. After observing the 3 Day ETH/BTC chart, the analyst concluded that the “eagle has landed,” as it’s shaping up for a “glorious” altcoin season.

$ETH / $BTC 3 DAY

The eagle has landed, I repeat, the eagle has landed

Position wisely and don’t get caught sidelined, this is all shaping up for a GLORIOUS ALT SEASON + ENDING to the cycle

(4 years we have waited for this moment) pic.twitter.com/QQbHhCkWif

— Satoshi Flipper (@SatoshiFlipper) August 24, 2025

Michael Saylor kept his latest update short as the Strategy co-founder posted an AI photo of himself riding a bright orange scooter and wrote just two words: "Bitcoin delivers." This new message came as the company’s Bitcoin holdings reached new heights in both size and value.

And this figure may increase further, if the usual Monday announcement hits the press tomorrow.

For now, according to filings, Saylor-led Strategy holds 629,376 BTC, to buy which it spent about $46 billion, averaging $73,320 per Bitcoin. At current levels, the stash is valued at $72.24 billion, putting the company more than 56% on paper.

Not to forget that Strategy is a public company and trades under the ticker MSTR with a $98 billion market capitalization, of which Bitcoin accounts for roughly 74%. Still, the enterprise value is listed at $115 billion, and its stock recently traded at around $344.

Strategy's Bitcoin and MSTR business

As all eyes are on Monday, let's remember that on Aug. 11, Strategy disclosed the purchase of 155 BTC. Then, on Aug. 18, the software provider purchased another 430 BTC.

Insider trading reports meanwhile show busy activity around the MSTR stock. Over the last three months, there have been 31 transactions: 13 open-market purchases and 18 sales. Over the last year, insiders have executed a total of 69 trades, buying 286,132 shares and selling 474,471.

TL;DR

Double-Bottom Structures in Play

Bitcoin has printed another double-bottom pattern, according to ZYN. Similar setups earlier this year were followed by sharp rallies.

In April, BTC rose by more than 50%, moving from about $86,000 to over $125,000. A second pattern in June triggered a 25% climb, lifting the price from near $100,000 back to $125,000.

$BTC double-bottom just printed.

April: +50% pump. June: +25% rally.

Even half that move now sends Bitcoin above $127K before Q3 ends.

This isn’t a chart pattern, it’s a launchpad. pic.twitter.com/rOMGmrYhyd

— ZYN (@Zynweb3) August 22, 2025

Notably, the latest structure is forming near $112,000, as BTC slipped to that level on Friday before it bounced off to over $117,000. So far, the asset’s price action is holding within a $112,000 to $124,000 range, reflectingconsolidationafter recent swings.Inverse Head and Shoulders Formation

A chart shared by Merlijn The Trader shows Bitcoin completing an inverse head-and-shoulders. The left shoulder was formed in December 2024, the head in April 2025, near $70,000, and the right one in June 2025.

The neckline, which slopes upward, has now been broken and retested near $113,000. Holding above this zone is marked as confirmation of the breakout. Based on the scale of the setup, the pattern points toward higher levels if momentum continues.Futures Market Sentiment Turns Positive

Data from CryptoQuant analyst Darkfost shows BTC futures sentiment has moved back intopositive territoryafter five days of negative readings. The sentiment index, which combines net taker flows, open interest, and long/short volumes, reflects short-term positioning in the derivatives market.

In early August, sentiment followed a similar path when the ratio dropped below -1 before recovering into positive territory. That shift coincided with a price rebound—the current bounce from -0.7 signals that bearish pressure has eased in recent sessions.

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