Bitcoin Faces Ongoing Selling Pressure in Today’s Crypto Session

Bitcoin Struggles Amid Weak On-Chain Activity; NFTs Feel ETH Pullback

Bitcoin (BTC $109,706) recovered slightly from early Asian-session lows near $108,760 to surpass $110,000, but analysts caution that the rebound may be short-lived. On-chain indicators point to declining network participation, signaling limited underlying support.

“RSI is approaching oversold and MACD remains bearish,” said Timothy Misir, head of research at BRN. “Spot CVD at –$199 million shows sellers dominate, while Daily Active Addresses dropped to 692K, reflecting weaker engagement.”

The broader market also faces pressure, with the CoinDesk 20 and CoinDesk 80 indices down 2% and 1.7% over the past 24 hours.

Derivatives and Liquidation Trends

Leverage-driven traders have suffered heavy losses, with $940 million in futures liquidations in the past 24 hours, including $800 million in longs. ETH accounted for $320 million of the total. BTC open interest remains elevated above 740K BTC, while ETH OI has fallen slightly to 14 million from 14.6 million. SOL, XRP, DOGE, ADA, and LINK also saw declines, indicating net outflows.

Funding rates remain positive across most major tokens, except SHIB, ADA, and SOL. CME BTC futures OI dropped to 137.3K from 145.2K, reflecting low institutional participation, though options OI continues to climb. Deribit’s upcoming multibillion-dollar expiry is heavily skewed toward BTC puts, signaling bearish sentiment, while ETH expiry remains balanced. OTC flows at Paradigm show mixed activity, including BTC put buying and ETH calls and risk reversals.

NFT Market Pressured by ETH Retreat

NFT blue-chip collections saw steep weekly losses as ETH pulled back from record highs:

• Pudgy Penguins: down 17% to 10.32 ETH
• BAYC: down 14.7% to 9.59 ETH
• Doodles: down 18.9% to 0.73 ETH
• Moonbirds: down 10.5%
• Lil Pudgys: down 14.6%
• CryptoPunks: down 1.35%, demonstrating defensive resilience

Trading volumes remained robust despite falling floors. Pudgy Penguins led with 2,112 ETH ($9.36M), followed by Moonbirds (1,979 ETH), CryptoPunks (1,879 ETH), and BAYC (809 ETH). Overall NFT market capitalization declined nearly 5% to $7.7 billion from $9.3 billion on Aug. 13, highlighting how capital rapidly exits weaker collections. CryptoPunks’ resilience reinforces its value as a defensive, collateral-grade NFT asset, while newer collections remain high-beta ETH proxies.