Bitcoin News Today: Whales Accumulate as ETF Outflows Signal Market Crossroads

Bitcoin’s recent price pullback has coincided with a notable shift in investor behavior, marked by significant outflows from Bitcoin-related funds and a contrasting buildup of whale-level holdings. Despite a 6% decline from its Aug. 14 all-time high of $124,000, Bitcoin remains near $115,000 as of the latest data, with market participants closely monitoring technical and on-chain indicators for signs of a reversal. The market is polarized on whether the current correction is a short-term retracement or the beginning of a more prolonged bearish phase.

Exchange-traded fund (ETF) activity has played a key role in shaping market sentiment. Data from SoSoValue reveals that U.S. spot Bitcoin ETFs experienced $121 million in net outflows on Aug. 18, contributing to a total monthly outflow of nearly $140 million. This stands in stark contrast to Ethereum, which has drawn $2.83 billion in inflows in the same period, driven by growing expectations around staking approval for Ethereum ETFs. Year-to-date, Ethereum inflows now exceed Bitcoin’s by over $5 billion, signaling a shift in investor preferences toward ETH exposure.

On the on-chain front, whale accumulation appears to be accelerating. Santiment’s analysis shows that wallets holding between 10–10,000 BTC have added more than 20,000 BTC since the recent market pullback, bringing their total accumulation to over 225,000 BTC since March. This trend has historically been associated with price recoveries, as whale activity often precedes broader market moves. Analyst Rekt Capital noted on Aug. 18 that Bitcoin is in a phase of its cycle where shallow retracements have historically acted as technical resets for renewed bullish momentum, particularly if key support levels hold.

Technical indicators also hint at a potential reversal. The 4-hour chart shows Bitcoin below the midline of its Bollinger Bands, indicating ongoing downward pressure. However, the bands are starting to tighten, a sign of increased volatility ahead. The relative strength index (RSI) is nearing oversold territory, suggesting that selling pressure may be waning. Although short-term EMAs (10–30) remain bearish, the 50-, 100-, and 200-day moving averages still offer support for the broader uptrend. Oscillators like the MACD and momentum lines show mixed signals, with divergences pointing to a possible shift in market control back toward buyers.

Market analysts are also watching derivatives activity and stablecoin behavior for further clues. The Bitcoin options skew metric, which had been in a neutral band, has surged to a four-month high, indicating heightened fear among retail investors. However, historical precedents suggest that similar levels of skew often precede sharp rebounds. Meanwhile, stablecoin demand in China remains mixed, with Tether trading at a 0.8% discount against the yuan, indicating mild bearish sentiment but no worsening of retail exodus.

Taken together, these factors suggest that Bitcoin’s pullback may be nearing completion, with key support levels such as $114,000 acting as a critical barrier. If whales continue to accumulate and this level holds, Bitcoin could regain momentum toward the $118,000–$120,000 range and potentially retest its all-time high. However, a breakdown below $114,000 could signal the start of a more significant correction, particularly if ETF outflows continue and macroeconomic headwinds persist.

Source:

[1] Bitcoin ETFs Outflows BTC Whale Buys Reversal 2025 (https://crypto.news/bitcoin-etfs-outflows-btc-whale-buys-reversal-2025/)

[2] Was the Bitcoin Price Bottom $114.7K? (https://cointelegraph.com/news/was-the-bitcoin-price-bottom-dollar114-7k-data-suggests-it-s-time-for-a-reversal)

[3] 15-Week Crypto Inflow Streak Ends with a $223M Shock (https://www.mitrade.com/insights/news/live-news/article-3-1049771-20250819)

[4] Binance and Mastercard: Instant Crypto Withdrawals (https://en.spaziocrypto.com/fintech/binance-and-mastercard-instant-crypto-withdrawals-in-euros/)