🔘At the end of July, Bitcoin faced increased selling pressure, which could signal a potential reversal in August. The activity of old whales — including wallets dormant for up to 14 years — and increased selling by long-term holders indicate profit-taking after a prolonged rally. At the same time, miner outflows have risen, and the Coinbase Premium turned negative — suggesting weakening demand from U.S. investors.
🔘On-chain metrics, including MVRV, are approaching critical levels that have historically preceded market peaks. However, analysts at Kaiko maintain cautious optimism: strong liquidity and the presence of experienced traders may cushion any correction. August could be a test of Bitcoin’s resilience.