Bitcoin steadies near $115,000 following a week of volatile trading, as ETF outflows weigh on market sentiment while whale wallets quietly continue to accumulate.
Since hitting an all-time high on August 14, Bitcoin has dropped roughly 6% and remains down about 3% over the past week. After a robust summer rally that pushed BTC from the $97,000 range in late May to fresh highs in August, this pullback signals a potential market cooldown.
Traders remain divided on whether this represents a normal retracement within an ongoing uptrend or the start of a deeper correction.
ETF outflows dampen sentiment while Ethereum leads the inflows
Data from SoSoValue reveals that U.S. spot Bitcoin ETFs experienced $121 million in net outflows on August 18, bringing total outflows for the month close to $140 million. In contrast, Ethereum (ETH) has seen a surge in demand, drawing a record $2.83 billion in inflows over the past month.
CoinShares’ August 18 report highlights this trend, showing year-to-date inflows of $11 billion for Ethereum compared with $5.3 billion for Bitcoin. The report notes that investor interest is increasingly shifting toward ETH, driven in part by growing expectations for staking approval in Ethereum ETFs.
Whales step in, accumulating BTC amid price dip
According to Santiment’s latest on-chain data, wallets holding 10–10,000 BTC have added more than 20,000 BTC since last week’s pullback, pushing their total accumulation to over 225,000 BTC since March. Given the historically strong correlation between this group’s activity and future price movements, many speculate that smart money could be positioning for the next upward move.
Market analyst Rekt Capital noted on an August 18 X post that Bitcoin is currently at a stage in its cycle where minor retracements have historically paved the way for significant gains. In 2017 and 2021, rapid pullbacks of 25–29% served as technical resets ahead of fresh rallies. If $114,000 holds as support this time, a similar pattern could set the stage for a new phase of price discovery.
Bitcoin technical analysis
On the 4-hour chart, Bitcoin is trading below the midline of its Bollinger Bands, signaling ongoing downward pressure. The bands are beginning to contract, often hinting at an upcoming larger move. With the Relative Strength Index approaching oversold levels at 38, selling pressure may be starting to ease.
Short-term EMAs (10–30) are leaning bearish, though the 50-, 100-, and 200-day moving averages continue to support the broader trend. Oscillators show divergence: while momentum and MACD signal selling pressure, the Bull-Bear Power indicator suggests a potential rebound toward buyers.
If whale accumulation persists and the $114,000 support holds, Bitcoin could climb back into the $118,000–$120,000 range. A retest of the recent all-time high near $124,000 may be possible if accompanied by strong volume. Key supports lie at the 100-day and 200-day moving averages, around $110,000 and $103,000. A break below $114,000, however, could trigger a deeper correction.
