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Bitcoin (BTC/USD) has been moving higher at a grind since the beginning of September and is up nearly 2% over the last two days.
Friday saw a significant spike for Bitcoin in a similar manner to Gold and other US Dollar denominated assets, but in the case of Bitcoin, the gains were surrendered before the end of the day.
Whales are Offloading Coins at the Fastest Pace Since 2022
According to @caueconomy on X and on-chain data, in the last thirty days, whale reserves have fallen by more than 100,000 BTC, signaling intense risk aversion among large investors.
This selling pressure has been penalizing the price structure in the short term, ultimately pushing prices below US$108,000 last week.
At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks.
Source: CryptoQuant
The activity by whales may be concerning for market participants. Especially if institutions continue to dump holdings but this may be more clear once we see the ETF flows over the last week or so.
Bitcoin ETF Flows
The ETF flows through to Friday last week finished net positive after two strong days on Tuesday and Wednesday. Net outflows on Thursday and Friday were negative but not greater than the inflows earlier in the week.
This shows that demand still remains in the market after the recent selloff. As a further nod to confidence, ETF flows were strong in the last week of August as well.
Source: Farside Investors
Strategy Expands Bitcoin Holdings
Last week, two public companies, Strategy and Metaplanet, bought over $230 million worth of Bitcoin. According to their separate announcements, their combined purchase of 2,091 Bitcoins was about two-thirds (66%) of all the new Bitcoins created by miners during that time.
On September 8, Strategy announced it had bought 1,955 of those Bitcoins for $217.4 million, which was about 62% of all the coins mined that week. After this purchase, Strategy's total Bitcoin holdings reached 638,460, valued at $71.6 billion. This means the company has an estimated profit of about 51.8% on its total investment of $47.17 billion.
The company stated in a filing that it used money from its stock program, which raised capital from Strife, Strike, and MSTR stock, to fund the purchase. In 2025 alone, Strategy has raised more than $19 billion to buy Bitcoin.
Moving forward, later this week and US CPI data will have an impact on rate cut expectations for the Fed meeting next week. This could be another catalyst for Bitcoin with a weak CPI print likely to help Bitcoin continue its advance.
Technical Analysis - BTC/USD
From a technical perspective, Bitcoin is hovering just below a key area of resistance at 112916.
The last two days has seen Bitcoin rise near 2%, however there are some signs that could worry bulls in the short term.
The current four-hour candle looks set to close bearish and as a inside bar which could hint at some short-term downside.
This could bring the RSI period-14 to retest the 50 neutral level and this could be used to gauge the next move for Bitcoin.
A break below the 50 level could be a sign of growing bearish momentum with a retest of recent lows at 109500 and 108000 becoming a possibility.
A bounce of the 50 level could be the precursor for a move beyond the 112916 handle before markets begin eyeing resistance at the 115000 and 117000 handles.
Bitcoin (BTC/USD) Four-Hour Chart, September 8, 2025
Source: TradingView.com (click to enlarge)
