Original | Odaily Planet Daily ( @OdailyChina )

Author | Asher ( @Asher_0210 )

Mainstream currencies like ETH and SOL, which have recently performed well, are finally “unable to hold up.” With the continued decline in BTC prices, the crypto market has begun to pull back again today.

OKX market data shows that BTC fell below $110,000 in the short term, falling below $109,000 this morning and currently trading at $109,700, a drop of more than 3% in 24 hours; ETH's decline was even more severe, hitting a daily low of $4,311, a drop of nearly 7%, and is currently trading at $4,400.

In terms of other assets, SOL briefly fell below the $186 mark and is now trading at $188.7; popular meme coins such as DOGE, PEPE, and WIF also experienced a pullback, with declines concentrated in the range of 8% to 10%.

In the derivatives market, according to Coinglass data, the total amount of liquidations in the past 24 hours reached $935 million, of which $821 million was caused by long positions. BTC liquidations amounted to approximately $258 million, while ETH liquidations reached $321 million, making it the hardest hit area.

Bitcoin spot ETFs saw a net outflow of $1.17 billion last week

Institutional funds are no longer frantically buying. According to SoSoValue data, Bitcoin spot ETFs saw a net outflow of $1.17 billion last week (August 18th to 22nd, US Eastern Time). The Blackrock Bitcoin ETF (IBIT) saw the largest weekly outflow, with a net outflow of $615 million, the second-highest weekly outflow on record. IBIT's total net inflow has now reached $58.06 billion. The second-highest weekly outflow was from the Fidelity Bitcoin ETF (FBTC), which saw a net outflow of $235 million. FBTC's total net inflow has now reached $11.72 billion.

In addition, during last week's trading days (August 18 to August 22, US Eastern Time), the Ethereum spot ETF saw a net outflow of US$238 million last week, ending its 14-week streak of net inflows.

The continued decline in Bitcoin prices has led to a pullback in all mainstream currencies, and market sentiment has suddenly turned pessimistic. Is the current adjustment a temporary fluctuation or a prelude to a major pullback?

Odaily Planet Daily compiles the latest views on the market for your reference.

Where will Bitcoin go in the future?

The market remains generally optimistic about Bitcoin's long-term outlook, with many institutions and analysts still optimistic about the continuation of the bull market. However, in the short term, multiple technical indicators and capital flows suggest some downward pressure on the market, and short-term volatility cannot be ignored.

CoinDesk analysts: Technically, the market is bearish and the price needs to return to Friday's high of $117,440 to resume the bull market.

Omkar Godbole, a CoinDesk analyst and chartered market technician, stated that the daily chart shows Bitcoin forming a "lower high" near a previous bull trendline extending from near the April low, confirming a previous trendline breakdown and suggesting a possible continuation of the bearish trend. The Guppy Multiple Moving Average (MMA) is poised to cross below its longer-term counterpart, also signaling growing bearish momentum. Bitcoin faces key support at $110,756, with further support at the 200-day moving average near $100,000. To revive the bull market outlook, prices need to reclaim Friday's high of $117,440.

CryptoQuant: The Bull Score Index is currently at 40, entering the "bearish" phase

CryptoQuant analyst Julio Moreno said that the bull market score index is currently 40 and has entered the "bearish" stage.

Glassnode: $110,800 is the key support. If it fails, it may usher in a larger correction.

Glassnode posted on the X platform that $110,800 was the average cost for new investors to build positions between May and July. If Bitcoin fails to hold this key support level, the market may often experience a weak trend that lasts for several months, or even trigger a larger correction.

Greeks.live: Some traders believe that Bitcoin's near-term bottom could be $110,000

Adam, a macro researcher at Greeks.live, published an English community newsletter noting that sentiment shifted sharply from cautious optimism to bearish concerns due to a massive liquidation waterfall, which pushed BTC from a high of nearly $114,000 to $110,000. Despite the dramatic volatility, traders remain divided, with some believing $110,000 is Bitcoin's bottom, while others anticipate further declines. However, most agree that this volatility is the result of the liquidation of excessive leverage.

Santiment: Bitcoin ETF continues to see outflows, retail investor sentiment may signal a market bottom

On-chain data platform Santiment stated that on-chain and market data show that Bitcoin ETFs have experienced net outflows for six consecutive trading days, the longest outflow period since the peak of tariff concerns in early April. Observations indicate that this round of inflows and outflows is increasingly driven by retail investors, rather than the institutional control seen in the early days.

Historical experience shows that when a large number of retail traders become extremely pessimistic and withdraw funds when they believe the market has reached its peak, although this may exacerbate market declines in the short term, it often also means a potential market bottom signal (as seen in April), which provides possible layout opportunities for long-term investors.

Matrixport: Bitcoin has fallen into a period of weakness, and some Wall Street investors have begun to show more attention to Ethereum

Matrixport's latest release indicates a shift in funds from Bitcoin ETFs to Ethereum ETFs. Over the past six weeks, Ethereum products have consistently dominated capital flows, while Bitcoin has experienced a period of weakness, with net outflows occurring for six consecutive days last week. In contrast, Ethereum ETFs have continued to see net inflows, further solidifying their leading position.

Despite Powell's dovish signals last week, Bitcoin's performance remained flat, with a significant impact from capital rotation. In addition to crypto market participants, some Wall Street investors have also begun to show a higher level of attention to Ethereum.

Arthur Hayes: Bitcoin could reach $250,000 by the end of the year, and the Federal Reserve will be more aligned with Trump's ideas

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, said in an exclusive interview with Odaily Planet Daily: "Powell's easing this time will accelerate the pace of dollar issuance and the Federal Reserve will be more aligned with Trump's ideas. Bitcoin could reach $250,000 by the end of the year."

Bernstein: Cryptocurrency bull market may continue until 2027 , Bitcoin target is $200,000

Bernstein analysts released a latest research report pointing out that driven by US policy support and increased participation of institutional investors, the current cryptocurrency bull market cycle may continue until 2027, and it is expected that the price of Bitcoin will reach the range of US$150,000 to US$200,000 in the next year.

Bitwise: Bitcoin price to reach $2.9 million by 2035

In its first “Bitcoin Long-Term Capital Market Hypothesis,” Bitwise laid out its bullish view: Bitcoin will reach a price of $2.9 million by 2035.

summary

In the long run, Bitcoin's bull market pattern is still widely recognized, most institutions and analysts remain optimistic about future trends, and market attention also shows that the overall consensus still recognizes its long-term value.

However, in the short term, weak technical indicators and continued ETF fund outflows continue to put downward pressure on the market. The risk of periodic volatility and pullbacks cannot be ignored, especially given the lack of clarity on macroeconomic policies and the unrealized expectations of interest rate cuts. Therefore, for investors, it is best to remain patient and wait for the market's reaction to the rate cut before looking for investment opportunities.