🐋 Bitcoin Struggles at $108K as OG Whales Keep Selling

[ed]

Bitcoin is trading in rocky waters around $108,080, and so far, dip buyers are showing up — but they’re still getting steamrolled by sellers in both spot and futures markets.

️ Short-Term Headwinds

Labor Day market closure (US): With Wall Street shut down and ETFs inactive, liquidity is thinner, making BTC more vulnerable to volatility.

Whale pressure: Dormant whale wallets have been unloading large tranches of BTC (some proceeds even converted to ETH), adding billions in potential sell pressure.

ETF inflows cooling: Spot BTC ETFs have seen declining demand, further dampening sentiment.

Macro noise: US President Trump’s tariff talk and attempts to influence the Federal Reserve board are weighing on broader risk assets.

Futures vs. Spot: Who’s Winning?

Data from Binance + Coinbase shows futures sellers (10K–10M size cohorts) heavily outweighing spot buyers.

Each bounce attempt faces shorts stacking up at resistance flips, suppressing breakouts.

Retail-sized spot buyers (100–10K BTC order sizes) are scooping dips — but their bids are still too small to offset whale + futures selling.

Key Levels to Watch

$112K–$111K zone: Strong bids were seen here in mid-August.

$107.2K: Buyers defended this level last weekend.

$105K cluster: Major liquidity sitting here — could be the next magnet.

$104K: Biggest 30-day liquidation cluster.

Below $100K: Some bids already placed down to $92K, suggesting deep-pocketed players are planning for worst-case scenarios.

️ The Bigger Picture

Market still expects the Fed to start cutting rates in late September or October — potentially bullish longer-term.

But in the short-term, OG whales + weak ETF inflows + futures selling keep sellers firmly in control.

Takeaway

Dip buyers are back, but sellers are writing the script for now. With thin holiday liquidity and whale overhang, a trip to $105K (or lower) is firmly on the table before bulls get another real shot.

Question: Are you seeing this whale-driven dip as an accumulation opportunity, or is it safer to stay sidelined until after September’s Fed decision?