Bitcoin (BTC) is holding near the $115,000 mark after a week of choppy trading, as ETF outflows weigh on sentiment even while whale wallets quietly add to their stacks.
Bitcoin Cools After Record Highs
BTC has slipped about 6% from its Aug. 14 all-time high of $124,000, and is now down 3% this week and 2.5% this month. The drop leaves Bitcoin sitting about 7% below its peak, cooling off after a summer rally that took it from $97,000 in late May to fresh highs in mid-August.
For now, analysts remain divided: is this simply a healthy retracement inside a longer uptrend, or the start of a deeper correction?
ETF Outflows Drag, Ethereum Dominates Inflows
Fresh data from SoSoValue shows that U.S. spot Bitcoin ETFs recorded $121 million in net outflows on Aug. 18, pushing total outflows this month to nearly $140 million.
In contrast, Ethereum (ETH) is seeing explosive demand. ETH ETFs brought in a record $2.83 billion in inflows over the past month, with CoinShares reporting year-to-date inflows of $11 billion, compared to $5.3 billion for Bitcoin. Investor sentiment appears to be shifting, fueled by expectations that Ethereum staking ETFs may soon gain approval.
Whales Keep Buying the Dip
Despite the weaker ETF flows, on-chain data from Santiment shows that wallets holding 10–10,000 BTC have added more than 20,000 BTC since last week’s pullback. Since March, this group has accumulated over 225,000 BTC.
Because whale accumulation has historically aligned with major price recoveries, many traders see this as a bullish signal. Market analyst Rekt Capital also pointed out that in 2017 and 2021, retracements of 25–29% acted as technical resets before fresh rallies. If $114,000 holds as support, this could set the stage for another price discovery phase.
Bitcoin Technical Outlook
From a technical perspective, BTC is still under pressure:
- Bollinger Bands (4h chart) show price below the midline, with tightening bands signaling an upcoming big move.
- RSI sits near 38, suggesting selling pressure may be slowing.
- Short-term EMAs (10–30) remain bearish, but the 50-, 100-, and 200-day MAs continue to support the broader uptrend.
- Indicators are mixed: MACD and momentum still flash sell signals, while Bull-Bear Power hints at a possible bounce.
If whales continue to accumulate and $114,000 holds, Bitcoin could climb back toward $118,000–$120,000, with a retest of the $124,000 all-time high possible if volume picks up. On the downside, the 100-day MA (~$110K) and 200-day MA (~$103K) are the next critical support levels.
Bottom Line
ETF outflows may be weighing on sentiment, but whale accumulation suggests smart money is still bullish. If history repeats, Bitcoin could be setting up for another upside move provided $114K remains a solid support zone.
