Bitcoin tests $ 112,000 level

Today, on August 22, the price of bitcoin BTC $75,948.05 Mezo Wrapped BTC -2.23% Market capitalization $0.1 billion VOL. 24 hours $0.72 billion fell to the critical support level of $ 112,000 amid the fifth consecutive day of outflows from spot bitcoin ETFs. On August 21 alone, $ 195.9 million was withdrawn, which creates a risk of further drops to the next significant level of $ 108,000 if the current support is broken.

The largest outflows were recorded by the BlackRock IBIT fund — $ 129.07 million. The ARK Invest ETF (ARKB) lost $ 43.28 million, and Fidelity FBTC lost $ 31.77 million. Thus, it was the largest players that drove capital outflows, which coincided with a technical breakdown on bitcoin’s charts.

At the same time, not all funds experienced outflows. The Franklin EZBC ETF received $ 3.25 million in new investments, and Grayscale mini BTC recorded an inflow of $ 4.97 million. This indicates selective investor interest despite the generally negative market sentiment.

Analysts note that the steady trend of sales in large institutional funds creates a double pressure on the price — both through direct impact on market demand and technical factors.

Technical analysis experts warn that if bitcoin confidently falls below $ 112,000, it could trigger an accelerated drop to $ 108,000. At the same time, further redemptions of investors from ETFs could accelerate this movement, as funds will have to sell the corresponding volumes of bitcoin to fulfill withdrawal requests.