According to Glassnode, all bitcoin wallet cohorts are currently in distribution mode, signaling weakened demand across the market. The Accumulation Trend Score (ATS) has dropped to 0.26, remaining below 0.5 for several days, indicating broad distribution among wallets ranging from those holding over 10,000 BTC to those with less than 1 BTC. This marks a notable change from the previous week when these wallets were in accumulation mode due to bitcoin reaching record highs above $124,000. Historically, bitcoin often experiences corrections following all-time highs. August tends to be quieter in trading volumes, and recent patterns suggest potential for significant price corrections, as seen in the past three Augusts. This data is vital for understanding current market dynamics as market sentiment shifts consistently.

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