Dormant whale wallets have started selling, raising concerns about profit-taking in August. Long-term holders cashing out as BTC nears $120,000 indicate caution, while miner outflows suggest liquidity needs or profit locking. US investor sentiment is declining as reflected in the negative Coinbase Premium.
These factors may create significant selling pressure, particularly if long-term holders continue offloading. August is often a historically weaker month for BTC, and analysts are observing trends that could indicate a correction or change in market momentum.
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