Bitcoin Price Analysis: BTC Reclaims $113,000 As Bulls Ignore Sell Pressure
Bitcoin (BTC) has recovered well after Monday’s crash, when it fell to an intraday low of $109,275. The flagship cryptocurrency fell even lower on Tuesday, dropping to $108,670. However, it rebounded from this level as market sentiment improved, thanks to traders shrugging off risk.
BTC is up almost 2% during the ongoing session, trading around $113,201.
Spot Bitcoin ETFs End Outflow Streak
Spot Bitcoin ETFs ended a six-day outflow streak on Monday, registering $219 million in daily inflows, according to data from SoSoValue. The outflow streak began on August 15 and extended to Friday. The largest outflows were on August 19 when investors pulled $523 million, followed by $311 million on Wednesday. The outflows came as BTC corrected after reaching record highs.
Fidelity and BlackRock led the recovery, driving a significant chunk of daily inflows. The Fidelity’s Wise Origin Bitcoin Fund (FBTC) registered $65 million in inflows, while BlackRock’s iShares Bitcoin Trust (IBIT) registered $63 million. ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) also recorded significant inflows of $61 million. CoinShares head of research James Butterfill blamed the recent outflows on “increasingly polarized” investor sentiment over US monetary policy.
Ethereum ETFs Outshine Bitcoin ETFs
Spot Ethereum ETFs have registered a staggering $1.83 billion in inflows since August 21. Ethereum inflows have dwarfed Bitcoin funds, which registered only $171 million in the same period, according to data from CoinGlass. The trend continued on Wednesday, with the nice Ethereum ETFs registering $310 million in inflows, while the 11 Bitcoin ETFs registered just $81 million.
ETH has also recovered faster than BTC this week, up almost 8%. Meanwhile, BTC is marginally down over the past week. The staggering interest in ETH has not been missed by industry experts, with Ethereum educator and investor Anthony Sassano stating,
“$310 million into the ETH ETFs today. $81 million into the BTC ETFs. Brutal.”
NovaDius Wealth Management president Nate Geraci stated that spot Ethereum ETFs have registered close to $10 billion in inflows since the beginning of July.
“Over $300 300mil inflows into spot eth ETFs… Now $1.2 billion for the week. $4 billion in August. Approaching $10 billion since the beginning of July.”
Investor interest and momentum have shifted towards Ethereum after the passing of the GENIUS Act stablecoin regulation. VanEck CEO Jan van Eck called ETH “Wall Street’s token,” while Bloomberg ETF analyst James Seyffart stated that investment advisors were the top holders of the altcoin.
“Yesterday, we published our note on the top holders of Ethereum ETFs. Advisors are dominating the known holders and have pulled away from Hedge Funds.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) ignored sell pressure to reclaim $113,000 as bulls overcame a fresh round of selling by an OG whale. The flagship cryptocurrency’s resurgence liquidated around $40 million in short positions. The recovery comes despite selling pressure thanks to an OG whale who began distributing more of their holdings. The whale sent 250 BTC to Binance after sending 750 BTC a day prior, according to data from Lookonchain. Discussing the recent selling trend among Bitcoin whales, market analyst Peter Brandt stated,
“It represented SUPPLY. Tops in markets are created by SUPPLY or DISTRIBUTION.”
BTC started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856. Despite the overwhelming selling pressure, the price was back in positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276. Selling pressure returned on Thursday as BTC fell 1.57% and settled at $112,480. Bullish sentiment returned on Friday as BTC rallied, rising nearly 4% to reach an intraday high of $117,416 before settling at $116,908.
Source: TradingView
The price lost momentum on Saturday, dropping 1.30% to $115,383. Selling pressure intensified on Sunday as BTC plunged to an intraday low of $110,635. However, it rebounded from this level to reclaim $113,000 and settle at $113,478, ultimately dropping nearly 2%. Selling pressure persisted as BTC started the week in the red, dropping almost 3% to a low of $109,275 before settling at $110,127. The price fell to an intraday low of $108,670 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $111,000 and settle at $111,788, ultimately rising 1.51%. The flagship cryptocurrency was back in the red on Wednesday, dropping 0.48% to $111,253. BTC has recovered during the ongoing session, up nearly 2% at $112,959.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
