General overview of the crypto market
The overall market is going through a weak moment: total capitalization increased only by 1%, a rise that analysts consider more of a technical rebound than a true trend change
Bitcoin struggles to stay above 115,000 USD, retreating close to 113,700 USD after hitting its 50-day moving average
Pressure in the technology sector of traditional markets is also negatively affecting the mood of crypto buyers
Crypto ETFs: significant outflows weighing on the market
In recent days, Bitcoin ETFs have recorded approximately 1.17 billion USD in net outflows, marking the longest episode of withdrawals in over four months
In the United States, Bitcoin spot ETFs have faced five consecutive days of outflows, with about 195.9 million USD withdrawn just on August 21. BlackRock (IBIT), ARK, and Fidelity led the outflows
There were also relevant outflows from Ethereum and Bitcoin ETFs on August 19: 523 million USD in outflows from Bitcoin ETFs and 422 million USD in Ethereum ETFs
Globally, in just four days, the total withdrawal figure from Bitcoin and Ethereum ETFs reached 1.9 billion USD
Impacts and reactions
The pressure from divestments has led to corrections in prices: Bitcoin fell around 1.5%–1.6%, while Ethereum dropped about 1.5%
A shift in investor perception is observed: the Crypto Fear & Greed Index has moved from "greed" to "fear", a technical signal of loss of confidence
Despite this, there are mixed signals among cryptocurrencies:
Ethereum seems to be receiving more institutional attention; according to JPMorgan, its ETFs continue to attract capital, driven by curiosity and regulatory improvements.
Bitcoin, on the other hand, faces more marked challenges from the macroeconomic environment and institutional pressure
Technically, BTC is trading near key supports (~113,000 USD) and faces resistances in the 118,000–124,000 USD zone, placing the technical dinner between both ranges