Overview

• Bitcoin is oscillating between $104,000 and $116,000, slipping below $110,000 at times, with Glassnode identifying a sustained break above $114,000–$116,000 as key to restoring bullish momentum.
• Spot Bitcoin ETFs notched their strongest two-day inflows since early August at $633.3 million, including about $301 million on Wednesday, yet the 14‑day average has cooled to roughly 540 BTC per day from more than 3,000 BTC earlier this year.
• Bitfinex analysts caution that losing short‑term support near the realized price around $108,900 could open a path toward a dense supply zone at $93,000–$95,000, a risk echoed by September’s historically weak seasonality and near‑multi‑year‑low options volatility.
• Capital is rotating toward Ethereum, which is holding near $4,300–$4,400 as ETFs draw interest and treasuries accumulate; reports cite a whale selling 4,000 BTC to buy about 97,000 ETH and corporate holdings topping $12 billion.
• Traders are watching U.S. labor data and the Federal Reserve’s mid‑September meeting for direction, with ETH facing resistance around $4,450–$4,500 and BTC needing a decisive reclaim of $114,000–$116,000 to negate downside risks.