Bitcoin Hovers Near $115K Despite Recent Outflows; Whales Accumulate Quietly
Bitcoin (BTC) is trading just below $115,000, showing a 3% dip from teh previous week. The major cryptocurrency remains 7% off its all-time high, caught between a strong summer rally and current market uncertainty.
Exchange-traded funds (ETFs) are experiencing outflows,with U.S. spot Bitcoin ETFs losing $121 million on Aug. 18 alone.This month, outflows have totaled almost $140 million, contrasting sharply with Ethereumâs (ETH) notable inflows of $2.83 billion recently. CoinShares reports that year-too-date, ETH has attracted $11 billion compared to Bitcoinâs $5.3 billion.
Despite these trends, large Bitcoin holders, known as âwhales,â have quietly increased thier holdings by 20,000 BTC, totaling over 225,000 BTC since March. Historically, such accumulation has coincided with price surges.
- Whales may be preparing for further growth.
- A potential technical reset coudl lead to strong rallies, similar to patterns in 2017 and 2021.
Short-term technical analysis suggests Bitcoin remains under some pressure but is nearing a point where sellers might loose steam. If whales keep accumulating and $114,000 acts as a solid support, Bitcoin could climb towards $118,000â$120,000. Continued support here could hint at a retest of the all-time high.
