Bitcoin is holding steady near the $115,000 mark after a week of volatile price action, with ETF outflows weighing on sentiment even as whale wallets quietly expand their holdings.
The leading cryptocurrency is currently down 3% this week and 2.5% for the month, sitting about 7% below its Aug. 14 all-time high. The latest pullback follows a strong summer rally that lifted Bitcoin from $97,000 in late May to fresh highs earlier this month.
Now, the market is divided: some see this as a healthy retracement within a broader uptrend, while others fear it could be the start of a deeper correction.
ETFs See Outflows While Ethereum Gains Traction
Data from SoSoValue shows that U.S. spot Bitcoin ETFs recorded $121 million in net outflows on Aug. 18, pushing total monthly outflows close to $140 million.
This stands in sharp contrast to Ethereum (ETH), which has attracted a record $2.83 billion in inflows over the past month. According to CoinShares, Ethereum inflows for 2025 have now reached $11 billion, more than double Bitcoin’s $5.3 billion.
Analysts attribute this divergence to growing investor appetite for ETH exposure, particularly as expectations rise for Ethereum staking approval in U.S. ETFs.
Whales Quietly Accumulating BTC
Despite the ETF-driven outflows, on-chain data suggests that whales are buying the dip.
Analytics firm Santiment reports that wallets holding 10–10,000 BTC have accumulated more than 20,000 BTC in the past week alone. Since March, these large holders have added over 225,000 BTC, a trend often linked with future price recoveries.
Market analyst Rekt Capital noted on X that Bitcoin is at a cyclical stage where shallow pullbacks have historically paved the way for new rallies. In both 2017 and 2021, retracements of 25–29% acted as technical resets before Bitcoin surged to fresh highs. A similar outcome could play out now if $114,000 holds as support.
Technical Analysis: Watching $114K Support
Bitcoin is currently trading below the midline of its Bollinger Bands on the 4-hour chart, signaling ongoing downward pressure. The bands are tightening, which often precedes a larger move.
The Relative Strength Index (RSI) is near 38, approaching oversold levels, suggesting selling momentum may be fading.
- Short-term EMAs (10–30): Bearish signals
- Longer-term MAs (50, 100, 200): Still showing support for the broader uptrend
- Momentum & MACD: Leaning bearish
- Bull-Bear Power: Indicating potential buyer strength
If whales continue to accumulate and the $114,000 support zone holds, Bitcoin could bounce back toward the $118,000–$120,000 range. A retest of the $124,000 all-time high remains possible if volume supports the move.
However, failure to defend $114,000 could trigger a deeper correction, with key supports at $110,000 (100-day MA) and $103,000 (200-day MA).
Outlook
While short-term sentiment has cooled, whale accumulation and long-term technical support suggest Bitcoin’s broader uptrend may still be intact. The next few weeks particularly whether $114K holds as a floor — could determine if this is just a pause before another leg higher, or the start of a more extended correction.
