BTC Demand Drops as OKX CEO Notes Selective Crypto Capital Movement

Market Overview

Bitcoin stabilized at $114,610, gaining 1.4%, while ether surged 5.8% to $4,370.73. The BTC dominance approaches a six-month low.

The CoinDesk 20 index increased by 3.5%, trading above 4,078.
OKX Singapore CEO noted a shift of capital towards ether, indicating selective investment strategies.
Recent data shows Bitcoin demand dropped from 174,000 BTC in July to 59,000 BTC now, and ETF inflows are at their lowest since April.
Profit-taking saw whales realize $2 billion in gains on August 16, totaling $74 billion since July.
Market analysts suggest a "bullish cooldown" phase with $110,000 as a support level.
Retail interest in altcoins has declined, though strategic investments continue to draw capital.
The market is shifting towards selective winners, particularly favoring ETH over speculation.

BTC: Up 1.4% to just above $114,000; altcoins remain resilient.
ETH: Climbed 5.8% amid strong trading activity.
Gold: UBS raised the price target to $3,600 per ounce for Q1 2026 due to increased demand.
S&P 500: Nasdaq fell 0.68%, S&P 500 dipped 0.26% ahead of Fed's symposium.

Winklevoss Twins donate $21M to Republicans for upcoming Congressional elections.
Crypto firms advocate for a UK national stablecoin strategy to compete with the U.S.
BitMEX Founder joins longevity-hacking initiatives after being pardoned by Trump.