Overview

• Bitcoin fell to roughly $108,500–$109,000 on Friday after retreating from its August record above $124,500, extending a short-term correction.
• On-chain data show BTC below the 1- and 3-month realized prices ($115,300 and $113,700), with the 6-month realized price near $107,400 flagged as critical support.
• More than $545 million in positions were liquidated over the past 24 hours, mostly longs, as derivatives funding and open interest signaled fragile positioning.
• Whale activity has picked up on Binance, where the 7‑day mean deposit size rose to about 13.5 BTC and top traders reduced long exposure.
• Capital continues to rotate toward altcoins, with Solana recently outperforming, while Ethereum faces resistance below $4,630 and a record validator exit queue exceeding 1 million ETH with an ~18–19 day wait; U.S. GDP at 3.3% and upcoming PCE data add macro catalysts.