Bitcoin extended its rebound on Thursday, building on daily gains of 1.6% to trade as high as $113,365, according to data from Cointelegraph Markets Pro.
The move came despite renewed selling pressure from a long-term “OG” whale entity, which sent another 250 BTC ($28.2 million) to Binance following a 750 BTC sale the previous day.
Bulls Defend Key Levels
The uptick forced about $40 million in crypto short liquidations within four hours, CoinGlass data showed, signaling bullish resilience even as resistance looms overhead.
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Still, longtime market analyst Peter Brandt warned that whale activity reflects classic supply-driven market tops. “Tops in markets are created by SUPPLY or DISTRIBUTION,” he wrote in an X post, cautioning that Bitcoin needs to reclaim $117,500 to avoid confirming a bearish “double top” pattern.
Meanwhile, not all investors are reducing exposure. According to Andre Dragosch, European head of research at Bitwise, retail and institutional accumulation is at its highest since April, when Bitcoin last rebounded from a local low near $75,000. “Such high levels of accumulation tend to precede major breakouts to the upside,” he noted, suggesting growing confidence in a longer-term rally.
Retail Buying vs. Whale Selling
Data indicates that smaller retail and mid-size investors (holding 1K–10K BTC) have been aggressively buying the dip in both spot and futures markets, convinced they are entering at a discounted valuation. The anchored cumulative volume delta (CVD) shows steady net buying from this cohort, even as whales continue to dominate the selling pressure.
MH Markets analyst Mohammed Taha said risk sentiment is supported by expectations of imminent Federal Reserve interest rate cuts. “A lower-than-expected PCE print could reinforce hopes for a September rate cut, historically a tailwind for risky assets like Bitcoin,” he explained.
Market Sentiment: Bitcoin vs Ether
While Bitcoin’s dominance is reasserting itself, Ether (ETHUSD) has been attracting significant capital inflows through its spot exchange-traded funds (ETFs). Since Aug. 21, 2025, Ether ETFs have recorded $1.83 billion in inflows, more than 10 times Bitcoin ETF inflows of $171 million over the same period, per CoinGlass.
On Wednesday alone, nine Ether funds pulled in $310.3 million compared to $81.1 million for Bitcoin’s 11 ETFs. Ethereum educator Anthony Sassano called the trend “brutal,” while Nate Geraci of NovaDius Wealth Management noted that Ether ETFs are nearing $10 billion in inflows since July.
Also, analysts interpret the massive inflow to Ether, as part of a “natural rotation” of capital out of Bitcoin and into altcoins. “A lot of this looks like investors locking in profits from Bitcoin’s run and moving into other tokens to catch potential upside,” said Nicolai Sondergaard, research analyst at Nansen.
He added that Ether in particular is benefiting from strong momentum, bolstered by demand from treasury companies and broader investor mindshare. Notably, the momentum has seemingly been shifting to Ethereum following the passing of the GENIUS Act stablecoin legislation in July, as the network has the largest market share of stablecoins and tokenized real-world assets.
The Road Ahead
Bitcoin’s current trajectory reflects a tug-of-war between whale-driven distribution and widespread retail and institutional accumulation.
While whales are capping rallies, dip-buying enthusiasm suggests that bulls are positioning for another breakout. A decisive move above $117,500 would likely invalidate bearish structures and could restore momentum toward retesting all-time highs.