The new whales took advantage of the $120,000 threshold to liquidate positions, showing a selling pressure that has not diminished the market's resilience.

In the graph on the left, which shows the realized gains and losses of bitcoin, the purple bar representing "Realized Gains" shows a significant peak in July 2025 (area marked as 3.), which is clearly comparable in magnitude to the peaks observed around March 2024 (area marked as 1.) and December 2024 (area marked as 2.). The new whales led the liquidations when the price surpassed $120,000.

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