Bitcoin retreated after reaching a new high of $124,000. On-chain data warns: mainstream CEX net inflows turn positive. It may continue to face selling pressure in the next 1-2 weeks.

The price of Bitcoin briefly surged to a historic high of $124,000 on August 14 (Thursday) before quickly retreating, lingering around $118,000 over the weekend. On-chain analyst BorisVest's latest report indicates that key indicators suggest the market may be entering the Distribution Phase: the net flow of Bitcoin from the world's largest exchange has turned positive and the exchange reserves continue to rise, indicating that investors are transferring Tokens to the exchange to seize profit opportunities. Meanwhile, the Perpetual-Spot Price Gap shows aggressive buyers getting on board, creating an ideal environment for Whale dumping. Analysts warn that despite the long-term upward trend remaining unchanged, Bitcoin prices may continue to face significant selling pressure in the next 1-2 weeks, with short-term volatility likely remaining high.

New highs met with setbacks, short-term momentum is insufficient

Bitcoin briefly broke its historical record on August 14, reaching the milestone of $124,000, but the rise could not be sustained, and the price quickly fell back to the range of $118,000. Throughout August 16 (Saturday), the BTC price fluctuated narrowly around this level, indicating that the buying momentum in the short term weakened after the record high, and the bull market pace could not be quickly restarted.

On-chain Alert: Mainstream CEX Net Inflow Turns Positive, Distribution Phase Signal

CryptoQuant platform analyst Boris Vest issued a key warning in his Quicktake report: Bitcoin may continue to face selling pressure in the next 1-2 weeks. This judgment is based on a deep analysis of on-chain data from the world's largest exchanges:

1. Netflow ( turns positive: The amount of Bitcoin flowing into this CEX exceeds the outflow, reversing the previous trend of net outflow.
2. Exchange Reserve ) rise: During the process of Bitcoin price hitting a historical high, the exchange's BTC reserves continued to increase. The combination of these two indicators strongly suggests that the market is in the Distribution Phase—investors are transferring Tokens to the exchange with the intention of selling for profit when the price pumps. BorisVest believes this directly leads to the recent high Fluctuation in the market and is one of the reasons for the rapid exhaustion of momentum after Bitcoin's last surge.

Whales are waiting for the right moment, price differences attract selling.

The report further analyzes the microstructure of the market:

• "Missing Buyer" Effect: When the price reaches its peak and real demand (buyers) intervenes, the accumulated selling pressure is released in a concentrated manner, accelerating the price correction.
• Perptual Futures - Spot Price Difference Signal: The price difference data indicates the presence of Aggressive Buyers in the market, creating an ideal distribution environment for Whales holding a large amount of chips.
• Mainstream CEX whales dominate sell pressure: With their enormous trading volume, the behavior of whale users on this platform significantly impacts the overall market. The entry of new buyers collides with the whales' high sell-off, creating substantial downward pressure on BTC prices.

Short-term Outlook: Selling Pressure Continues, Long-term Trend Unchanged

BorisVest's summary points out that although the long-term upward trend of Bitcoin remains intact, on-chain data clearly shows that in the next one to two weeks, the price is likely to continue to be affected by ongoing selling pressure, and may maintain a fluctuating consolidation pattern in the short term. As of the time of writing, the price of Bitcoin is reported at $117,490, with a slight increase of nearly 1% in 24 hours.

Conclusion

The pullback of Bitcoin after hitting a historical high of $124,000 reveals the market's fragility at extremely high levels. Mainstream CEX on-chain data is flashing red lights—net inflows turning positive and reserves rising, clearly indicating the onset of a short-term distribution phase. The aggressive buy orders revealed by the Perptual Futures price difference provide liquidity but also become an opportunity for whales to cash out at high prices. Although the foundation of a long-term bull market remains intact, investors need to be wary of potential selling pressure and the resulting price fluctuations that may persist in the next 1-2 weeks. In terms of short-term strategy, it is crucial to pay attention to the effectiveness of the $118,000 support level and the trend of changes in exchange reserves, while long-term investors can view this round of adjustment as a healthy consolidation to accumulate strength for the next upward attack.