Bitcoin Whales Accumulate Amid $121M ETF Outflows at $115K
Bitcoin trades near $115,000 after slipping 6% from its August high. U.S. spot Bitcoin ETFs saw daily net outflows of $121 million on Aug. 18, pushing monthly outflows to $140 million. In contrast, Ethereum funds attracted $2.83 billion in August inflows. Whale wallets holding 10–10,000 BTC added over 20,000 BTC during last week’s pullback, bringing total accumulation since March to 225,000 BTC. Market analysts note that past shallow retracements often precede fresh rallies. Technical indicators show Bitcoin below the mid-Bollinger Band on the 4-hour chart, with tight bands signaling potential volatility. A hold above $114,000 support could lead to a rebound toward $118,000–$120,000. Key supports lie at the 100-day ($110,000) and 200-day ($103,000) moving averages.
Bullish
Despite recent ETF outflows, the accumulation by whale wallets signals strong buying interest. Historically, shallow pullbacks—like those in 2017 and 2021—preceded significant price rallies. The current accumulation of over 225,000 BTC by large holders suggests smart money is positioning for upside. Technical indicators indicate oversold conditions and tightening volatility, which often herald larger moves. If Bitcoin holds above key support at $114,000, traders may witness a rebound toward $120,000 and beyond in the medium term. While ETF outflows reflect short-term sentiment, the combination of whale buying pressure and supportive moving averages underpins a bullish outlook for Bitcoin’s price trajectory.