Bitcoin drop below $115.8K, leverage dey dip as market dey wait catalyst
Bitcoin drop sharply under di key support wey be $115,800, e hit $112,210 after three weeks wey dem dey test am. Dis breakdown join with plenty risk reduction for di crypto market. Di OTHERS index wey dey track altcoins outside di top 10, comot 18.7% for ten days, e erase $59 billion before small rebound. On August 2, daily liquidations pass $1 billion, led by $922 million long position for BTC and ETH. Ethereum sef end di week down 9.7%, while broader altcoin sector drop 11.4%. Structural difference dey: Bitcoin market cap stand $2.2 trillion—double di 2021 cycle peak—but altcoins dey slow. With ETF flow dey cool down and macro pressure dey rise—dat one wey US inflation no wan go down, slow consumer spending and labour market wey weak—e look like say more consolidation or downside fit happen unless new institutional buying or clear macro catalyst show. For institutional side, SharpLink Gaming add $295 million ETH, dem hold 438,000 ETH now. SEC Chairman Paul Atkins show “Project Crypto” to clear token classification and encourage tokenised finance. Nasdaq-listed DevvStream put $10 million into Bitcoin and Solana for their sustainable treasury program.
Bearish
Di sharp breakdown of Bitcoin below $115,800 plus di bigger liquidation wey get over $1 billion daily liquidation, dey show say people dey fear risk for crypto market. For history, the same kind high-leverage unwind wey happen for 2021 and 2022 cause short-term price wahala and further drop before e recover. Macro wahala—persistent US inflation, slow GDP growth, and weak work report—make e no too likely say Fed go cut rates quick, wey be one main support for risk assets. Even though institutions dey buy steady, like SharpLink buy $295 million worth of ETH and DevvStream dey put money for Bitcoin and Solana, e never fit balance the current pressure to reduce leverage. If ETF money no start come again or any clear macro reason no show, traders fit still dey careful, leading to prices to consolidate or fall more. So, short term outlook na bearish, but if institutional demand mature well, e fit help stabilise price medium to long term.