Bitcoin Hovers Near $115K Despite ETF Holdbacks
Bitcoin finds itself hovering near the $115,000 mark. In the past week, it’s been on a rollercoaster ride, dropping 3%. Yet whales—big investors—are stockpiling the cryptocurrency.
This comes despite spot Bitcoin ETFs losing $121 million in one day. Since early August, monthly withdrawals hit almost $140 million. But there’s a twist. Ethereum ETFs saw inflows surpassing $2.83 billion. Investors seem to favor Ethereum’s staking feature.
- Bitcoin trades down 6% from its Aug 14 peak.
- Whales piled 20,000 BTC since March.
- Ethereum ETFs are popular choices now.
Santiment’s data reveals large wallets bought up over 20,000 BTC in recent weeks. Total accumulation since March? Over 225,000 BTC. Historically, such activity suggests a potential price hike.
Market expert Rekt Capital believes today’s pullbacks resemble those of 2017 and 2021, leading to powerful rallies. Should Bitcoin hold above $114,000, a climb to $118,000-$120,000 seems possible.
On the flip side, if it fails to stabilize at $114,000, it may sink further. Support levels include the 100-day ($110,000) and 200-day ($103,000) moving averages.
Bitcoin faces headwinds but shows signs of resilience. Large investors’ actions hint at bullishness. Yet caution is advised until the dust settles.
