#打榜优质内容# Bitcoin is currently trading at around 113,000 USD, and the actual market capitalization ( realized cap ) continues to rise steadily, with spending activities mainly focused on coins with a duration of less than three months. Take profit operations are still actively ongoing, with short-term traders fluctuating around the breakeven point, while there are almost no signs of distribution in long-term supply. On August 20, Bitcoin closed at 113,599 USD, with a weekly drop of 7.9% and a 3.3% decrease over the past 30 days, but still recorded a 1.7% rise over the past 90 days. The liquidity in the spot market has cooled down, with a 7-day average trading volume of 2.68 billion USD per day, lower than the 30-day average level of 2.88 billion USD. This decline reflects the weak performance of last week, but on-chain data indicates that selling activities are orderly and aimed at taking profits, rather than panic dumping.

On-chain data indicates that the market is in a stable issuance state, with no signs of selling pressure. Although prices and volume have cooled, the actual market capitalization continues to grow in line with real earnings and miner issuance. Short-term investors maintain balance near the breakeven point, while long-term investors only sell partially during high-profit situations. The supply held for the long term remains quiet, causing no pressure on the market. In the coming days, the factor to watch is the short-term investors' SOPR. If this indicator falls below 1 for several consecutive days, it will signal that investors are starting to cut losses, which typically leads to stronger declines. However, current data still shows stability: new supply is being well absorbed, profits are being regularly taken, and the market has not yet shown signs of tension.