Quick Summary
The value of Bitcoin (BTC) decreased by 1.6% to $115,051 over the past 24 hours, underperforming the broader cryptocurrency market, which fell by 1.18%. This decline aligns with selling by miners, outflows from ETFs, and technical price weakness.
Miner Capitulation – Miners sold 5,066 Bitcoin (~$583 million) in August, the largest monthly outflow since 2024.
ETF Outflows – Bitcoin spot funds experienced outflows of $1.51 billion during the week, the highest since February.
Technical Weakness – The price fell below the support level at $121,500, increasing the risk of a drop to $111,961.
Detailed Analysis
1. Selling Pressure from Miners (Negative Impact)
Overview: Miners' net positions recorded a negative change of -5,066 Bitcoin on August 21 (Glassnode), the lowest level since December 2024. Miners are likely selling their reserves to cover operating costs after the BTC price dropped by 10% from its peak on August 14 at $123,731.
What this means: Continued selling by miners increases market supply, putting pressure on price recovery. Historically, miner capitulation is associated with prolonged downturns until reserves stabilize.
What to watch: Miners' wallet balances and hash rate trends; a recovery could indicate reduced selling pressure.
2. Declining Institutional Demand (Negative Impact)
Overview: Bitcoin spot funds recorded outflows of $1.51 billion this week (SosoValue), reversing the accumulation trend in Q2 2025. BlackRock's IBIT fund experienced the largest one-day outflow of $430 million on August 21.
What this means: Outflows from ETFs indicate profit-taking by institutions, weakening one of the main pillars of demand. The 24-hour trading ratio (2.68%) reflects weak liquidity, increasing price volatility towards the downside.
3. Technical Weakness (Mixed Impact)
Overview: BTC price fell below the Fibonacci support level at $121,500 (23.6% retracement) and is now testing the $115,000 level. The MACD (-513) and RSI (51.32) indicate bearish momentum, but the 200-day moving average ($100,615) provides long-term support.
What this means: Short-term traders are exiting their positions, but the 200-day moving average often forms a reversal area. A close below $111,961 could trigger automatic sell orders towards $107,000.
Summary
The decline in Bitcoin reflects pressure from miners, profit-taking by institutions, and negative technical factors. Despite the dominance of negative signals, the 200-day moving average and resumption of ETF inflows could provide support for price stability.
Key point to watch: Federal Reserve Chair Powell's speech at the Jackson Hole forum (August 23) for economic indicators affecting risky assets.$BTC $
