Overview

• Bitcoin trades near $115,000 after a sharp retreat from its mid-August peak above $124,000, with analysts identifying support at $116,000–$117,000 and resistance around $120,000.
• Record open interest and elevated futures leverage produced roughly $534 million in liquidations affecting over 127,000 traders, including approximately $210 million in Ethereum positions.
• Spot ETF inflows and concentrated whale buying off exchanges have sustained structural demand, highlighted by whales accumulating about 2 billion Dogecoin this week.
• A hotter-than-expected Producer Price Index print and Treasury warnings on stablecoins reduced odds of a September Fed rate cut, shifting sentiment toward caution.
• A U.S. Treasury report estimating up to $6.6 trillion in potential deposit outflows from stablecoins adds a systemic risk backdrop as markets await Jackson Hole and the Fed’s September meeting.