Since mid-July, bitcoin's (BTC) ascent has slowed above $120,000. Prices hit a new high of $124,157 early Thursday but have since pulled back to $123,000, lacking momentum.

This raises a question: who is cashing out of bitcoin and adding selling pressure to the market? According to observers, the answer lies in blockchain data, which shows old wallets have been liquidating their holdings.

"It may be linked to concentrated selling pressure from long-term holders who have recently accelerated their selling," Gabriel Halm, senior blockchain analyst at Sentora, told CoinDesk.

"Historically, long-term holders’ selling phases are cleanly defined within the bitcoin cycle. This time, however, accumulation during Q2’s pullback has given way to renewed selling, suggesting the market’s structure m

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