Bitcoin slips to $112,700 amid continued whale migration to Ethereum

The Block

Bitcoin dipped over the weekend following a short-lived rally, as analysts suggested that large holders were shifting their positions from bitcoin to Ethereum.

According to The Block's crypto price page, bitcoin dropped 2.12% to $112,692 as of 12:26 a.m. ET on Sunday. The cryptocurrency had fallen to a low of around $112,500 on Sunday.

Bitcoin's recent drop follows a surge above $117,000 last Friday. The brief rally was fueled by U.S. Federal Reserve Chair Jerome Powell's comments at Jackson Hole, where he hinted at a possible interest rate cut in September.

"Bitcoin's [spike] after Powell's speech was driven by thin liquidity, not lasting conviction," said Kronos Research CIO Vincent Liu. "Once leverage unwound and no fresh catalysts emerged, momentum quickly faded, leaving BTC back below key levels."

Nick Ruck, director at LVRG Research, noted that bitcoin's retreat reflects a "market recalibration" as lingering market uncertainties overshadowed Powell's dovish speech.

Whale movement

Meanwhile, posts circulating on social media platform X suggested that a single whale sold over 24,000 BTC over the past several days, causing a "flash crash" in bitcoin price.

According to screenshots shared by WhaleWire CEO Jacob King, wallet address "19D5J…WoZ1C" moved multiple bulks of bitcoin ranging from 3,000 BTC to 6,000 BTC to different addresses across Aug. 16 to 24.

"Once the whale started selling, it triggered a panic cascade, with other traders selling too, amplifying the crash," King said on X. "Most of the money is being moved into Ethereum, $2B bought and $1.3B staked."

However, Kronos' Liu told The Block that it is difficult to pinpoint a "single culprit" when it comes to bitcoin price.

"It's more likely the work of multiple whales or an exchange with significant holdings, rather than a single entity," Liu said. "Large-scale transactions like this often involve institutional players or coordinated actions."

BTC to ETH

In recent weeks, the market has seen some major holders switching out their bitcoin holdings for Ethereum.

Last Friday, blockchain analytics firm Lookonchain reported that a whale wallet recently rotated part of its 100,784 BTC to buy 62,914 ETH and establish a 135,265 ETH derivatives long position.

Spot exchange-traded funds have shown a similar trend among institutional investors, where ether ETFs have seen larger inflows compared to smaller inflows or outflows spotted among BTC ETFs in August.

"With ETH ETF staking approval on the horizon, expect increased staking activity and potential altcoin outperformance," Liu said. "Ethereum's poised to take center stage."

LVRG's Ruck also said that he sees a trend of high-value holders selling BTC for ETH, betting on Ethereum's upward potential backed by growing corporate reserves.

Bitcoin dominance is currently at 57.94%, down from around 61% at the beginning of this month, suggesting that investors are shifting their focus to altcoins. Ethereum is currently trading at around $4,712, after setting a new all-time high last Friday above $4,946.

In the short to medium term, the market will likely see more volatility as traders keep a more keen eye on key macroeconomic data including Thursday's initial jobless claims, Liu noted.

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Bitcoin bear market is likely years away: Trump adviser David Bailey

Cointelegraph

David Bailey, entrepreneur and Bitcoin adviser to US President Donald Trump, says there won’t be another Bitcoin bear market for several years amid growing institutional interest in the crypto market.

But the four-year cycle says otherwise, and crypto analysts tell Cointelegraph that there are more than a few headwinds that could tank the markets.

It’s the “first time we’ve ever seen real institutional buy in,” said Bailey in an X post on Saturday.

“Every Sovereign, Bank, Insurer, Corporate, Pension, and more will own Bitcoin. The process has already begun in earnest, yet we haven’t even captured 0.01% of the Total addressable market (TAM). We’re going so much higher. Dream big,” he added.

He said earlier institutional interest was just “outliers with marginal bets.”

Bailey, founder of Bitcoin Magazine and BTC Inc., served as an adviser during Trump’s presidential campaign and is credited with being a central figure in the president’s Bitcoin pivot.

Over the last two years, institutions have steadily gained exposure to crypto through investment vehicles like exchange-traded funds (ETFs) and establishing crypto treasuries — with total holdings surging past $100 billion, made mostly of Bitcoin.

Reasons for a crypto bear market

A June report from venture capital (VC) firm Breed suggested that few of these treasury companies would survive long term, which could trigger the next crypto bear market.

Speaking to Cointelegraph, ZX Squared Capital co-founder and chief investment officer CK Zheng said crypto is still highly correlated with the stock market; if it slows into a bear market, “crypto will follow.”

Earlier this year, the stock market nearly slipped into a bear market, but according to Zheng, it rebounded, and there have been several developments since that lower the odds of a repeat.

“The question is for the remainder of the year, whether the bear market is going to happen or not, and that’s an interesting discussion, but my personal view is it’s probably unlikely, especially after the Fed pivoted to lower interest rates, and Jerome Powell’s speech last Friday,” he said.

“Right now it’s one of the biggest signals in terms of the Fed willing to cut the interest rate, most likely, in September, and that’s probably the beginning of a low-interest-rate cycle, given the economic data and the labor market softening.”

Meanwhile, Pav Hundal, lead market analyst at Australian crypto broker Swyftx, said the market has been risk-on and that’s supported a rotation into high-momentum assets like Bitcoin and Ether (ETH).

However he expects to see a re-rotation back into fixed income instruments at some point.

“The path of least resistance is higher for Bitcoin but that doesn’t mean a bear market is years away. Macro shocks come when you least expect them. My suspicion is we keep seeing what we’re seeing, which is decreased price volatility over every cycle,” Hundal said.

“Interest rate rises are politically tricky, but the market expects a rise again over the next year, and that could be a catalyst for a correction.”

End to crypto bear markets a possibility

The last bear market was in 2022, and before that, in 2018. In both instances, a booming bull market preceded the crash.

Ryan McMillin, co-founder and chief investment officer of Australian crypto investment manager Merkle Tree Capital, told Cointelegraph the current base case points to a top around Q2 2026, then “if and when global liquidity reverses around this time, likely triggering a relatively mild bear market by mid-2026.”

“Leverage unwind from debt-fueled Bitcoin buys or a regulatory shock could spark the downturn,” he said.

“The Direct access trading (DAT) and institutional markets add huge pools of demand, but they also come with risks, some of the DATs will be late to the party, overleveraged and not prepared for the volatility that makes this asset class so interesting, potentially being the catalyst of the next bear market.”

However, McMillin says there is also a possibility there will be no bear market at all, “similar to gold post the early 2000s ETF launch as the asset was financialised and up only for 8 years.”

Another factor is the bull market that precedes any bear market; without a parabolic bull market, there can’t be a deep and sustained bear market.

“So far, this cycle moves up have been accompanied by periods of consolidation, leverage is reset, and the bull market continues. If this structure persists, then there is no bear market; there will be regular corrections, which are great buying opportunities,” McMillin added.

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Metaplanet adds $11.7 million worth of bitcoin, gains mid-cap status on Japan’s FTSE

The Block

Metaplanet, a Japanese bitcoin treasury firm, has purchased an additional 103 BTC for roughly $11.7 million, continuing to expand its bitcoin holdings.

The company disclosed Monday that it acquired the latest 103 BTC at an average price of $113,491 per bitcoin, bringing its total holdings to 18,991 BTC.

Metaplanet President Simon Gerovich also wrote on X that the firm has spent $1.95 billion acquiring its overall bitcoin holdings at an average price of $102,712 per bitcoin.

The Japanese firm, which launched its bitcoin accumulation strategy in April 2024, currently ranks seventh globally in public corporate bitcoin reserves, according to Bitcointreasuries data.

Also on Monday, Gerovich said Metaplanet was added to the FTSE Japan Index in the index provider's September review, with the company upgraded from a small-cap to a mid-cap stock. This move marks "another important milestone on our journey as Japan's leading bitcoin treasury company," said Gerovich.

Metaplanet's stock rose about 3.5% around midday Monday in Japan, with the market still open, according to Yahoo Finance data. The stock has fallen 26.9% over the past month but remains up 147.9% year-to-date.

Bitcoin traded down 1.5% in the past 24 hours at $113,148 late Sunday night, according to The Block's bitcoin price page.

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Crypto Pullback: Bitcoin Slides Under $114K as Whale Triggers $310M Flash Crash

Coinpedia

The global cryptocurrency market cap slipped to $3.95 trillion, a decline of 0.89 percent in the past 24 hours. Investor sentiment has cooled back to neutral, with the Fear & Greed Index at 50. The CMC100 index also reflected the weakness, dropping 1.18 percent to $244.57. While the long-term outlook for digital assets remains bullish, the latest pullback is a reminder that sudden whale activity can reset trends in a matter of hours.

Bitcoin Leads the Decline

Bitcoin dropped back below $114,000, erasing gains made after the Federal Reserve’s dovish rate outlook. Analysts point to a dramatic on-chain event as the cause: a whale dumped over 24,000 BTC, worth nearly $310 million, in one transaction. The wallets linked to this whale still hold over 152,000 BTC, with the funds traced back to deposits on HTX six years ago.

Jacob King
@JacobKinge
JUST IN: #Bitcoin flash crash today, which wiped out $310M in long positions, has been traced to a SINGLE Bitcoin whale dumping BTC for ETH.
The whale sold 24,000+ BTC, including coins that hadn’t moved in 5+ years, sending 12,000+ #BTC today alone to the Hyperunite trading… pic.twitter.com/h5jEt92Sys
Aug 24, 2025

The move sparked liquidations across major exchanges, especially among leveraged traders. Bitcoin “reversed all of Friday’s gains” and emphasized that consolidation throughout August and September should be expected. While corrections are normal, Bitcoin is taking the heaviest hit compared to other large-cap cryptocurrencies.

Ethereum and Altcoins Hold Relatively Strong

Ethereum has shown more resilience, holding above $4,700 despite a mild 0.83 percent dip in the past day. Over the week, ETH is still up more than 10 percent, supported by staking inflows and growing institutional demand.

XRP traded at $3.04, slipping by 0.31 percent, while BNB hovered around $877.86, almost unchanged. BNB’s stability comes in the wake of a major announcement: China Renaissance has invested $100 million into BNB, becoming the first Hong Kong–listed company to hold the token.

Solana, which has been one of the strongest performers in recent weeks, fell to $210.47, down 0.93 percent on the day but still holding a 15 percent weekly gain. Dogecoin slid to $0.2322, losing 1.54 percent, as meme coins followed the broader correction.

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Philippines proposes 10,000 BTC strategic reserve with 20-year lockup

The Block

A Philippines lawmaker has proposed a new bill to establish a strategic bitcoin reserve, which would accumulate a total of 10,000 BTC.

House Bill 421, introduced by Congressman Miguel Luis Villafuerte, proposes that the country's central bank — Bangko Sentral ng Pilipinas — buy 2,000 bitcoin annually for five years and hold the assets in a cold storage for a minimum of 20 years.

"The increasing significance of BTC in ensuring financial and economic prowess across continents makes it imperative for the country to take significant legislative measures," the lawmaker wrote.

The bill stipulates that during the holding period, the bitcoin reserve must not be sold or swapped for any purposes other than paying off outstanding government debt. Once the holding period ends, the bill mandates that the central bank governor may not sell more than 10% of the assets over any two-year period.

If enacted, the bill would add the Philippines to a list of countries that have embraced bitcoin as a strategic national asset, including El Salvador and Bhutan. The United States and China are among the largest sovereign holders of bitcoin, with their reserves primarily consisting of confiscated assets.

According to Bitbo data, governments around the world hold a total of 517,296 BTC, representing around 2.46% of bitcoin's total 21 million supply.

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SBI Group, Chainlink partner to bring crypto tech to Asia’s finance scene

Cointelegraph

Japanese finance conglomerate SBI Group has partnered with the blockchain oracle platform Chainlink to create a host of crypto tools for Asia’s financial institutions.

SBI said on Sunday that its collaboration with Chainlink will focus on “a number of key use cases for financial institutions in Japan and the APAC [Asia-Pacific] region,” with its initial attention on Japan’s market.

The pair will look at tools to allow cross-blockchain tokenized real-world assets (RWAs), like onchain bonds, and use Chainlink’s technology to give onchain verification for stablecoin reserves, among other plans.

It marks the fourth crypto partnership for SBI Group in the past few days after it announced tie-ups with stablecoin issuer Circle Internet Group, crypto firm Ripple Labs and the Web3 infrastructure firm Startale on Friday.

Chainlink to back tech for finance

SBI added that its deal with Chainlink would see the firm use its flagship blockchain interoperability protocol for a host of use cases, including tokenizing RWAs and helping to facilitate foreign exchange and cross-border transactions.

“I am excited to see our great work move towards a state of production usage at a large scale,” said Chainlink co-founder Sergey Nazarov, adding his firm has long been helping SBI build stablecoin settlement use cases and “very advanced fund tokenization.”

The pair also said it would use Chainlink’s data feed tools to “bring net asset value (NAV) data onchain for tokenized funds,” and would look to give tools to give onchain verifications for stablecoin reserves.

SBI Holdings chair, president and CEO Yoshitaka Kitao said the two companies would also work on “powering compliant cross-border transactions using stablecoins, that accelerate the widespread adoption of digital assets in Japan and the region.”

This is a developing story, and further information will be added as it becomes available.

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