The post Bitcoin Price Today Weakens as Whales Shift Billions Into Ethereum appeared first on Coinpedia Fintech News
Bitcoin has just stepped into one of the bearish months of the calendar, September. On the very first day, BTC briefly jumped to $110K, but the excitement quickly turned into caution. According to 10X Research, the next two weeks could decide whether Bitcoin holds strong or slips deeper.
With ETF outflows hitting records, whales shifting to Ethereum, and the Fed’s big decision.
ETF Outflows Add Pressure
According to 10X Research recent weeks have shown a worrying trend, inflows into Bitcoin ETFs have slowed dramatically, even turning into record outflows of more than $126 million.
However, legacy wallets have also been selling their holdings, adding more pressure to Bitcoin. Lookonchain, a blockchain analytics platform reported that, whales are increasingly shifting their funds from Bitcoin to Ethereum.
One long-time Bitcoin investor sold 2,000 BTC, worth $215 million, to buy nearly 49,000 ETH, bringing their total Ethereum holdings to 886,371 tokens, valued at over $4 billion.
This lack of new capital has weakened momentum, making it harder for Bitcoin to maintain higher levels.
Weak Inflows Hurt Investors Confidence
At the same time, companies heavily tied to Bitcoin, like MicroStrategy, are also feeling the strain. With falling prices, their ability to keep accumulating BTC has been limited.
In line with these trends, 10X Research reported that its short positions in MicroStrategy and Coinbase have already gained 16.5% and 19%, highlighting the overall strain across the crypto market.
Bitcoin at $108K: A Pivotal Level
Right now, Bitcoin is holding around the $108,500 mark, a level that many analysts believe could decide its next big move. Supporting this view, crypto analyst Michaël van de Poppe notes that Bitcoin is currently stuck in a tight range, but the calm may be building up to a bigger move.
He highlighted a quick rebound after a “sweep of the low,” suggesting that traders are actively testing support.
Van de Poppe also warned that September often brings pullbacks. Meanwhile, key resistance is around $111K–$112K, and stronger support is near $100K–$103K. Although, a deeper dip could be a “great entry” for long-term buyers
Wait For Fed Rate Cut
10X Research highlights that upcoming labor market data and Bureau of Labor Statistics revisions could influence the Federal Reserve’s September 17 policy decision.
Meanwhile, the CME FedWatch tool shows an 89.6% chance of a rate cut, signaling expectations that the Federal Reserve may soon ease its monetary policy.”
Source: https://coinpedia.org/news/bitcoin-price-today-weakens-as-whales-shift-billions-into-ethereum/
