Bitcoin Price Prediction: BTC Price Crashes Below $112K, As ETFs Bleed Close to $1B

Bitcoin fell to $113,800, down around 1.50% in the last 24 hours, after $945 million was pulled out of US spot Bitcoin and Ethereum ETFs on Tuesday. That’s one of the largest single-day redemptions since the products launched and adds to the selling pressure across the market.

Bitcoin funds took the biggest hit with $523.3 million in redemptions. Fidelity’s FBTC saw $246.9 million exit, while Grayscale’s GBTC lost $115.5 million. Ark and Bitwise also saw significant redemptions, while BlackRock’s iShares Bitcoin Trust had no flows – meaning some investors are waiting on the sidelines rather than making new bets.

NEARLY $1B OUTFLOW FROM CRYPTO ETFS!

Bitcoin ETFs outflow hit $523M and Ethereum ETFs outflow reached $422M.

Both rank as the 2nd LARGEST outflows this month. pic.twitter.com/5FBHgfkUIA

Redemptions require spot ETFs to sell Bitcoin directly, so these large outflows add supply to the market. By Wednesday morning, Bitcoin was below $113,500, and some are wondering if this is a pause before a recovery or the start of a bigger correction.

Ethereum ETFs also saw big losses with $422.3 million in total redemptions. Fidelity’s FETH saw $156.3 million, while Grayscale’s ETHE lost $122 million. The Mini Ethereum Trust had $88.5 million in redemptions, the second-largest daily outflow since Ether ETFs launched.

Because Ethereum ETFs are a smaller slice of the market than Bitcoin’s, large redemptions hit harder. The impact was immediate, with Ether down 1.54% to $4,163. Some are wondering if Ethereum may be more vulnerable to institutional selling in the short term than Bitcoin.

• Bitcoin ETF redemptions: $523.3 million
• Ethereum ETF redemptions: $422.3 million
• Total daily redemptions: $945 million

ETF redemptions weren’t the only thing weighing on crypto markets. A better-than-expected US PPI last week dented expectations for a September rate cut and strengthened the dollar and risk assets.

US wholesale inflation rose much more than expected in July, with prices rising at the fastest monthly pace in three years.https://t.co/BGgAu33VCX

Now we wait for the Fed’s July meeting minutes and Chair Powell’s Jackson Hole speech. Until then, many investors are locking in their gains and moving capital into cash and Treasuries.

-Target Earnings
-UK CPI
-FOMC Meeting Minutes

Here's what to watch tomorrow https://t.co/ZCGVae9Rda pic.twitter.com/XgDm6sRSyO

Despite the volatility, ETFs still matter: 6.39% of Bitcoin’s market cap and 5.08% of Ethereum’s. That means long-term demand is still intact even if flows are negative.

Technically, Bitcoin is at a crossroads. After breaking below the $115,870 50-day SMA, that level has become resistance. The rejection at $124,450 capped a 4-week rally and has shifted short-term bias to bearish. Candlestick signals – strong red candles like the early stages of a three black crows pattern – warn of further downside.

Momentum indicators support this view. The RSI is 42, not oversold yet, and has room for further weakness. The MACD has crossed into negative territory. A break below $112,000 could accelerate losses to $108,000 or $105,150.

But there are signs of strength. Doji and spinning top candles near $113K show hesitation from sellers. If bulls can get back above $116,150, a bounce to $120,900 and $124,450 is possible.

Longer-term institutional accumulation is still supportive, and once the market settles, we could see $130,000.

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