Bitcoin is on track for its third consecutive week of losses, trading about 11% below its Aug. 14 all-time high of $124,500, according to data from Cointelegraph Markets Pro.
Despite reclaiming the $113,000 mark on Thursday after dipping to a six-week low, investor sentiment remains cautious as miners offload coins at the fastest pace in nine months.
BTC’s price recently slipped under the critical $114,000 support level, a zone that had held strong for six weeks, as it currently trades at $110,023. Traders now say the next moves hinge on whether this level flips back into support.
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“Bitcoin bulls are defending $109K support nicely. A weekly close above $114K would be big,” said trader and YouTuber Sam Price, pointing to strong buy pressure below $109,000. Popular analyst Rekt Capital echoed the sentiment, warning that failure to reclaim $114K could prolong BTC’s correction phase.
MN Capital founder Michael van de Poppe described $112,000 as “crucial,” cautioning that a breakdown below this threshold could trigger a “very ugly correction across the board.”
At the macro level, remarks from Federal Reserve Governor Christopher Waller added to uncertainty. Waller signaled support for a 25 basis-point rate cut in September, while ruling out the need for a larger 50-point cut for now. Investors are also awaiting the Fed’s preferred inflation measure for further cues.
Notably, Bitwise Chief Investment Officer Matt Hougan, alongside analysts Ryan Rasmussen, Josh Carlisle, Mallika Kolar, Andre Dragosch, and strategist Juan Leon, reveals that Bitcoin is no longer a retail-driven market, with institutional flows now dominating price action.
Rerport from Cointelegraph revealed that over 75% of Bitcoin trading volume on Coinbase comes from institutional investors, a level historically associated with major price movements. This level of participation has reached an intensity that demand currently exceeds daily mining production by up to six times, creating significant supply-demand imbalances.
Strategy (formerly MicroStrategy) continues leading corporate accumulation, signaling its fourth monthly Bitcoin purchase on Monday, bringing total holdings to over 632,457 BTC valued at more than $71 billion. The company represents over 53% unrealized gains on its Bitcoin investment, totaling $25 billion in unrealized profits.
Ethereum Outpaces Bitcoin with Explosive On-chain Growth
While Bitcoin battles resistance, Ethereum (ETH) is flashing strength across multiple metrics. Monthly adjusted on-chain transfer volume surpassed $320 billion in August—the highest since May 2021 and the third-largest month on record, according to The Block.
Other key Ethereum milestones include:
- 30-day transactions are hitting fresh highs.
- Monthly active addresses are reaching their second-highest level ever.
- Total value locked (TVL) holding near all-time highs.
Corporate adoption has been a major driver. Public companies’ cumulative ETH holdings jumped from around $4 billion to over $12 billion in August, led by BitMine Immersion and SharpLink Gaming. At the same time, spot ETH ETF volumes surged, with inflows pushing ETFs to now hold more than 5% of Ethereum’s supply.
The rally has also been supported by multi-year low transaction fees, making on-chain activity cheaper and more accessible.
From a technical perspective, analysts remain upbeat. Crypto analyst Jelle pointed to a bullish “megaphone pattern” targeting $10,000, while Jackis argued that ETH is “insanely bullish for years to come” after breaking out of a 4.5-year institutional accumulation range.
Looking Ahead
While Bitcoin struggles to reclaim key support levels amid miner selling and macro uncertainty, Ethereum continues to build momentum on the back of corporate demand, ETF inflows, and robust network activity suggesting the market narrative may be shifting in ETH’s favor.