According to CoinMeta, the price of Bitcoin (BTC) saw a slight rebound in July, and holders are expecting more gains this month. However, the behavior of current long-term holders is not in line with these expectations, which may indicate an impending risk of selling off. According to the latest (CryptoQuant) data, the accumulation by long-term holders remains weak, and the outflow continues to exert selling pressure. The reserves of Bitcoin exchanges have been rising since the end of July and have now rebounded to 2,725,578 coins, indicating that the market is still in a state of panic. Although investors are holding more Bitcoin in exchanges, this does not necessarily mean an increase in selling pressure. The market is awaiting lawmakers to pass the much-anticipated "Clarity Act," which, if passed, could mark the return of a bull market.