Overview

• Bitcoin dipped below $113,000 over the weekend before stabilizing around $114,400 on modest spot ETF flow data.
• US spot Bitcoin ETFs posted a $404 million net outflow last week after July’s record $12.8 billion inflow, with Bitwise reporting a $18.7 million net inflow on Monday.
• On-chain liquidity on major exchanges fell to levels representing roughly three months of supply, leaving the order book vulnerable to price swings.
• Average netflows from centralized exchanges have been negative since February 2024, signaling sustained off-exchange accumulation by long-term holders.
• Over 56 million whale-level Bitcoin transactions have taken place on Binance, underscoring its dominance in large-scale trading.