Overview

• Bitcoin traded around $112,000–$114,000 on Thursday and Friday, roughly 8%–9% below its mid‑August record, after briefly slipping under $112,000.
• Spot Bitcoin ETFs logged a fourth straight day of net outflows, including $66.8 million on Aug. 21 after larger withdrawals earlier in the week, with Ether funds also seeing sizable redemptions.
• On-chain data show large holders bought more than 16,000 BTC over the past week even as other whale wallets sent repeated 100–1,000 BTC deposits to Binance, leaving $110,000 as a key support zone.
• Retail influence has faded, with the share of small transfers down to about 0.6% of USD turnover and recent declines in retail demand, while spot and futures volumes cooled.
• Derivatives signaled stress with hundreds of millions in liquidations, rising open interest as prices fell, and a jump in downside options hedging, as hawkish Fed minutes tempered rate‑cut odds and focus turned to Jerome Powell’s Jackson Hole speech.