Weakness Begins to Emerge For Bitcoin as Crypto Market Trends South

Key Points

1. Dormant whales moved 3,000 BTC, historically a sign of local tops, adding to sell-side pressure.

2. Bitcoin's August recovery is weak, with key metrics indicating a shift in sentiment and futures data showing increased hedging demand.

3. Ethereum retail investors remain 'sidelined' despite institutional demand, with futures data reflecting cautious sentiment.

4. Spot Bitcoin ETFs saw $1.9 billion in outflows over two days, contributing to broader sell-side pressure.

5. Analysts suggest Bitcoin and Ethereum ETF outflows may be temporary, attributing them to macroeconomic concerns and potential regulatory impacts.