Bitcoin News Today: Whales Flee Bitcoin, Staking Ethereum's New Throne

Bitcoin is facing renewed selling pressure as the cryptocurrency's price continues to retreat, with recent data revealing a $1.43 billion outflow from crypto ETPs—the largest outflow since March. This trend has raised concerns about the potential end of the current bull market, particularly as Bitcoin has fallen to levels not seen since early July. Market participants are closely watching whether this pullback will lead to a retest of the $100,000 level, which has historically acted as a key support zone for Bitcoin.

The latest bearish price action has been attributed to a combination of factors, including the influence of large whale movements. One particularly significant whale sold a massive 22,769 BTC over the past several days, moving those funds to Hyperliquid and using them to purchase over 472,920 ETH and open a long position on Ethereum. The transaction, analyzed by crypto intelligence firm Arkham and shared by onchain analytics firm Lookonchain, highlights a broader trend of whale investors shifting their Bitcoin holdings toward Ethereum. This whale’s Bitcoin holdings are now valued at approximately $11.4 billion, reflecting a 1,675% profit margin.

This whale migration is not isolated. Institutional investors and corporate treasuries are also showing a growing preference for Ethereum, particularly with the approval of Ethereum ETF staking on the horizon. Ethereum ETFs have seen significantly stronger inflows than Bitcoin ETFs in August, signaling a shift in institutional demand. The trend has been supported by recent regulatory developments, including the SEC’s clearer guidance on staking services and the passage of the GENIUS Act, which established a regulatory framework for stablecoins—most of which operate on the Ethereum blockchain.

Smaller Bitcoin holders, however, remain in accumulation mode, according to onchain analytics platforms such as CryptoQuant and Glassnode. Wallets holding up to 10 BTC have been steadily adding exposure, while those with holdings between 10 and 100 BTC have begun taking profits. The largest impact on market dynamics, however, continues to come from older whale wallets that hold between 1,000 and 10,000 BTC. As of Sunday, there were 2,000 such wallets, marking an August high and indicating ongoing distribution by large holders.

Analysts have begun to question whether the current bull market is already over. Technical indicators, including bearish divergences in Bitcoin’s RSI and declining volume, suggest that the asset has lost some of its upward momentum. Some traders have pointed to a potential head and shoulders reversal pattern on Bitcoin’s 1-day chart as evidence that the market is preparing for a bearish move. If the pattern completes, it could signal a significant drop in price. Others, however, remain cautiously optimistic, noting that the current pullback could be a necessary correction before the next leg of the bull run.

In the broader macroeconomic context, the Federal Reserve’s upcoming inflation data will play a critical role in shaping investor sentiment. The release of the July PCE index later in the month will be closely monitored for any confirmation of a potential interest rate cut in September. A dovish outcome could provide a short-term boost to risk assets, including Bitcoin and Ethereum. However, with the Fed signaling a cautious approach to rate cuts, market volatility is expected to remain elevated as investors await more clarity on the central bank’s next steps.

The cryptocurrency market’s recent performance has also been influenced by a broader shift in institutional and corporate interest toward Ethereum. With exchange-reserve balances for Ethereum declining, the shrinking supply of liquid ETH has created a scarcity dynamic that could further support its price. As the market continues to evolve, investors will need to monitor key levels, whale activity, and macroeconomic developments to navigate the next phase of the market’s trajectory.

Source: [1] BTC bull run over at $111K? 5 things to know in Bitcoin this ... (https://cointelegraph.com/news/btc-bull-run-over-at-111k-5-things-bitcoin-this-week) [2] Ether erases gains from Jackson Hole rally after hitting new ... (https://www.cnbc.com/2025/08/24/crypto-market-today.html) [3] Bitcoin slips to $112700 amid continued whale migration to ... (https://www.theblock.co/post/368060/bitcoin-under-112700-whale-migration) [4] Ethereum News: As ETH Soars, Analyst Explains Why ... (https://www.coindesk.com/markets/2025/08/24/as-eth-breaks-above-usd4-900-analyst-sums-up-crypto-market-btc-is-exhausted-eth-isn-t) [5] Ethereum briefly touches new high, nears $5,000 (https://finance.yahoo.com/news/ethereum-jumps-record-price-move-184709473.html) [6] Fed Chair Jerome Powell speaks at Jackson Hole speech (https://www.wivb.com/news/national/fed-chair-jerome-powell-to-give-jackson-hole-speech-as-traders-await-cues-on-us-monetary-policy/)