Bitcoin’s $109K Hold in Peril as Whales Flock to ETH
Bitcoin’s grip on the $109,000 support level is weakening as major investors reroute billions into Ethereum. On-chain data shows a whale that had held Bitcoin for over five years sold $4 billion in BTC for ETH via Hyperliquid. Meanwhile, Bitcoin derivatives signal growing downside risk: a drop below $107,000 could liquidate $390 million in leveraged longs. Market sentiment has soured after a 12.5% pullback from the August high of $124,000. U.S. bond yields are also on the rise, with 20-year gilt yields reaching 1998 highs amid inflation concerns. These macro pressures, combined with $127 million ETF outflows, underscore traders’ caution. All eyes now turn to Friday’s U.S. jobs data, which could sway Federal Reserve rate decisions and set the next direction for Bitcoin and broader crypto markets.
Bearish
The shift of billions from Bitcoin to Ethereum by whales indicates declining confidence in the $109K support level. Combined with $127 million in ETF outflows and rising U.S. bond yields to 1998 highs, traders face mounting macro risks. Crypto derivatives data shows significant liquidation danger if Bitcoin dips below $107K, mirroring past sell-offs after Fed policy jitters. Unless U.S. jobs data triggers dovish Fed action, short-term pressure on Bitcoin is likely to persist. Longer term, renewed rate cuts could revive demand, but the immediate outlook remains cautious.