Bitcoin Whales Dey Accumulate Amid $121M ETF Outflows for $115K
Bitcoin dey trade close to $115,000 after e drop 6% from e August high. U.S. spot Bitcoin ETFs see daily net outflow of $121 million for Aug 18, make monthly outflow now reach $140 million. On the other hand, Ethereum funds get $2.83 billion inflow for August. Whale wallets wey hold 10–10,000 BTC add over 20,000 BTC during last week pullback, increase total accumulation since March to 225,000 BTC. Market analysts talk say shallow retracements before dey usually come fresh rallies. Technical indicators show say Bitcoin dey below mid-Bollinger Band for 4-hour chart, with tight bands wey fit mean volatility. If e hold above $114,000 support fit lead to rebound go $118,000–$120,000. Key supports dey at 100-day ($110,000) and 200-day ($103,000) moving averages.
Bullish
Even though ETF dem dey flow comot recently, di way big whale wallet dem dey gather still dey show say plenty people dey buy. Historically, small small fall like di one wey happen for 2017 and 2021, na dem dey come before plenty big price jump. Di current gathering of over 225,000 BTC by big holders mean say smart money dey prepare for price go up. Technical sign dem show say market dey oversold and volatility dey tight, these ones usually mean say big movement fit happen. If Bitcoin fit hold above important support for $114,000, traders fit see am jump go $120,000 and more for medium term. Even though ETF outflow show short term feeling, di way whale buying pressure join with supportive moving averages dey support say Bitcoin price fit move up well well.