Overview

• On‑chain data shows whales have net sold about 147,000 BTC since Aug. 21, the fastest monthly distribution of the cycle, according to CryptoQuant’s Julio Moreno.
• Large holders moved sizeable amounts to exchanges, with Binance inflows of roughly $120 million on Sept. 22 and $52 million early Sept. 23, coinciding with a drop briefly below $112,000.
• Price now trades near $112,000–$113,000 after losing the 50‑day and 100‑day SMAs, and analysts warn a failure of the $110,000–$114,000 zone could usher a deeper slide toward ~$100,000 or the 200‑day SMA near ~$104,000.
• Spot Bitcoin ETFs were reported to post $466.7 million in outflows since Monday, per SoSoValue data cited by Sherwood News, even as some treasury buyers continue to accumulate.
• Derivatives positioning has de‑risked, with BTC futures open interest slipping from $44.8 billion to $42.8 billion, a leverage flush Glassnode says can stabilize markets but also removes upside fuel.