Weakness Begins to Emerge For Bitcoin as Crypto Market Trends South
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, meanwhile, has ticked up to August 1 and July 30 levels. The last time this happened also saw an old Bitcoin whale transfer their holdings, triggering a near 6% drop.
Options data shows a shift in sentiment, with the 30-day skew…
