Bitcoin's rebound in August is faltering as sell signals emerge. On-chain data indicates that dormant whale accounts are moving 3,000 BTC—a typical sign of a price peak. Additionally, increased taker sell volume on futures suggests mounting downward pressure. The options market reflects this sentiment with a drop in the 30-day skew from +2% to -2%, indicating heightened demand for downside protection. Institutional caution is evident with $1.2 billion withdrawn from spot Bitcoin ETFs in just two days, leading to a notable shift in sentiment and a wider outflow for digital asset investment products. Historically, August sees a median return of 0.96%, but current indicators suggest potential volatility, with predictions of sideways trading before recovery. Analysts warn of macroeconomic uncertainty and concentrated market gains contributing to the current climate. Despite this, some remain optimistic about long-term trends in the crypto market.

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