$BTC cools off, down 2.5% to $115,733 in the last 24h, slipping after the previous week’s rally into new highs.
What’s driving the move:

🔹Macro backdrop: Stronger-than-expected U.S. producer prices signalled sticky inflation, cutting into hopes for an early Fed cut and giving the dollar more strength.

🔹Market dynamics: The push to $124K triggered heavy profit-taking and sparked a wave of liquidations.

🔹ETF flows: Investors rotated positions. Grayscale and Ark saw notable outflows, while BlackRock’s IBIT continued to attract net inflows.

Why it matters:
- A firmer dollar and shifting Fed expectations are weighing on BTC’s “risk asset” appeal.
- On-chain, whale deposits to exchanges have picked up, hinting at near-term supply pressure.
- Even large corporate buys (e.g., Metaplanet’s $93M addition) haven’t been enough to offset ETF redemptions.

What to keep an eye on:
- Fed Chair Powell’s speech at Jackson Hole (Aug 21) and U.S. jobs data for signs of a softer stance.
- Technically, $118.5K now acts as resistance; reclaiming it could decide whether this is a pause or the start of a deeper pullback. #MarketPullback