Bitcoin Drops Below $110k in Whale Sell-Off and Risk-Off Mode
The crypto market has entered risk-off mode as Bitcoin price dipped below the $110,000 mark following a major whale sell-off. On August 26, BTC fell to a six-week low of $109,204 after hitting resistance around $118,000–$120,000. Renewed doubts over Federal Reserve rate cuts and fading bullish sentiment compounded selling pressure.
A single whale reportedly offloaded 24,000 BTC (≈$2.6 billion), sparking cascading liquidations in the derivatives market. Over $939 million in positions were liquidated within 24 hours, affecting more than 206,000 traders. Analysts at Presto Research warn the next key support zones lie at $105,000 and the $100,000 integer level. A breach below $100,000 could trigger another wave of de-leveraging.
Other major tokens followed suit: Ethereum plunged 7.4% to $4,341, Ripple (XRP) slid 5.3% to $2.88, Solana (SOL) dropped 11.7% to $187.92, and BNB fell 3.6% to $847.30. CoinGlass data shows $939 million in total liquidations, 88% of which were long positions.
Macro uncertainty and seasonal trends add to the bearish outlook. CoinShares reports $1.43 billion in net outflows from crypto investment products last week, ending a two-week inflow streak. Historically, September has been the weakest month for digital assets, putting further pressure on trader confidence.
Overall, the sharp decline in the Bitcoin price underscores waning risk appetite in the crypto market. Traders should watch support at $105,000 and $100,000 closely and prepare for potential volatility ahead.
Bearish
The news is bearish for the crypto market. A substantial whale sell-off of 24,000 BTC and fading Fed rate-cut optimism have eroded trader confidence, pushing Bitcoin price below critical support levels. The resulting $939 million in liquidations and net outflows of $1.43 billion from crypto investment products signal a broader risk-off sentiment. Historical seasonality in September, typically a weak month for digital assets, further amplifies downside pressure. Short-term, traders face heightened volatility and may test the $100,000 support. Long-term recovery hinges on renewed bullish catalysts, such as clear Fed easing signals or positive macro developments, but near-term sentiment remains subdued.