Bitcoin Premium on Coinbase is in the red for the first time since May29.

This means demand for $BTC

from U.S. investors is low.

Historically, when this premium is positive, Bitcoin rallies to new highs.

Currently, Bitcoin ETFs are seeing NET OUTFLOWS, with $114.83M outflow on Jul 31.

New whales led the selling above $120K.

That might be the rotation to altcoins or maybe they want to get profits.