Bitcoin Stalls at $113K as ETF Outflows Reach $1.03 Billion
Bitcoin is trading near $113,700, struggling to maintain levels above $115,000 due to resistance from the 50-day moving average. The overall crypto market capitalization increased by 1% to $3.86 trillion but analysts view this as a temporary bounce rather than signs of recovery.
Key points:
- ETF flows indicate caution with bitcoin ETFs seeing net outflows totaling $523 million on August 19, $311 million on Wednesday, and $192 million on Thursday.
- Ethereum's active addresses decreased by 28% since July 30, contributing to a current price of $4,289, down over 7% from recent highs.
- XRP and Solana declined over 6% in the past week, with XRP at $2.87 and Solana at $183.
- The 30-day delta skew for bitcoin options reached 12%, indicating increased demand for downside protection.
- Macroeconomic factors primarily drive Bitcoin's weakness, with no major negative developments within the crypto sector reported.
- Analysts suggest U.S. pension fund allocations could propel Bitcoin to $200,000 by year-end, despite current bearish sentiment.
- Traders are awaiting remarks from Powell at Jackson Hole, which could influence market direction.