Bitcoin is entering the initial phase of a new bull market, but the $83,000 level remains a key level to watch, according to CryptoQuant. Traders’ unrealized profit margins have reached 20.5%, their highest since June 2025, while short-term holder whales realized approximately $1.2 billion in profits between August 20 and 22, including a record $614 million on August 20 alone. Bitcoin exchange inflows climbed to roughly 53,000 BTC, their highest since June, signaling more coins are moving onto trading platforms where they could be sold. CryptoQuant warned of potential short-term overheated conditions, noting that Bitcoin fell about 30% when this same metric reached 19% in May when BTC was trading near $82,000.
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