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2w ago

Bitcoin Tops $123,000 on Record ETF Flows and Whale Accumulation

Softer US inflation data boosting Fed-cut odds drove heavy spot-ETF trading alongside unprecedented coin accumulation

Ethereum
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Bitcoin tops $122k, eyes fresh record, with ether just 3% from 2021 ath
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Overview

  • Bitcoin climbed past $123,000 on August 13, setting a fresh intraday high fueled by over $3.7 billion in spot-BTC ETF trading from BlackRock’s IBIT and $530 million in Fidelity’s FBTC.
  • The latest US CPI reading of 2.7% year-over-year lifted September Fed-cut odds to roughly 94%, reducing the opportunity cost of crypto and driving renewed risk-on flows.
  • On-chain data show whale addresses holding more than 100 BTC hit a record 18,996 while corporate treasuries such as Michael Saylor’s Strategy and El Salvador amassed Bitcoin, tightening circulating supply.
  • Chart patterns confirm a bullish flag breakout for Bitcoin with key support near $119,000 and evolving resistance between $124,000 and $126,000, suggesting potential rallies toward $160,000 to $200,000 if momentum persists.
  • Ethereum approached its November 2021 peak on the back of $1.5 billion in weekly spot-ETH ETF inflows and rising institutional accumulation, though heightened leverage across altcoins raises short-term volatility risks.