In brief
- On-chain data shows dormant whales moving 3,000 BTC—often a sign of local tops.
- Options skew turns negative, indicating rising demand for downside protection.
- Spot ETF outflows and halted fund inflows suggest waning institutional appetite.
Bitcoin’s August recovery is heavy-footed as multiple sell signals converge.
Weakness is evidenced by two key metrics that suggest a shift in sentiment. The signals point to a potential pause in upward momentum as long-term holders take profits and sellers gain an edge.
On-chain data shows old whales, dormant for seven to 10 years, moved roughly 3000 BTC on Tuesday. Historically, transfers from these cohorts have often coincided with local tops.
The taker sell volume on futures contracts,…