Overview

• Bitcoin fell to its lowest level since early July, down roughly 12% from its mid‑August record above $124,000, with Ethereum retreating after setting a new all‑time high last week.
• Across exchanges, forced unwinds erased roughly $500 million to $570 million in 24 hours, with CoinGlass tallies showing longs bearing the bulk of the losses.
• On‑chain watchers flagged large whale activity, including a 24,000 BTC sale this week, as rotation toward Ether drew attention even as ETH also gave back gains.
• Fresh U.S. PCE data showed a 2.6% annual rise, reinforcing sticky inflation as markets weigh a potential September Fed rate cut pending jobs and CPI prints.
• Analysts highlight weakening momentum and a bearish RSI divergence, note elevated illiquid BTC supply and cooled yet positive ETF inflows, and warn that failure to reclaim $112,000 could expose $105,000 to $100,000.