According to CoinMeta, Bitcoin ($BTC) rebounded to $63,600 on August 3, after briefly falling to $62,200 earlier in the day. This rebound has drawn attention to the pressure on the blockchain and the expansion of whales' holdings. Analyst Axel Adler Jr pointed out that the adaptive seller risk ratio has dropped to 0.031, which is in the third percentile of the current halving cycle. Meanwhile, Santiment data shows that large wallets increased their holdings by 19,610 BTC, while the balances of small retail wallets have decreased. This divergence indicates that strong holders are absorbing supply, yet short-term confidence remains fragile. The adaptive seller risk ratio usually indicates limited profit-taking and a reduced willingness to sell. The latest reading of 0.031 is lower than 97% of daily observations since April 2024. Although the current market structure is described by Glassnode as a state of consolidation, Bitcoin prices need sustained buying volume to break through the current range.