Bitcoin Stalls at $113K — Can ETH, XRP, and SOL Gain Ground as ETF Pressures Mount?

Bitcoin Stalls Below $115K as ETF Outflows and Regulatory Uncertainty Undermine Momentum

Bitcoin hovered around $113,700 on Thursday, failing to reclaim the $115,000 mark as resistance from the 50-day moving average capped a short-lived rebound.

The broader crypto market saw modest gains, rising just 1% to a total capitalization of $3.86 trillion — a move analysts characterized as a relief bounce amid broader weakness.

“Ongoing pressure in the traditional tech sector is dampening crypto sentiment,” said Alex Kuptsikevich, chief market analyst at FxPro. “Bitcoin’s inability to break $115K confirms fragility across the digital asset space.”

ETF flows signaled growing investor caution. Data from SoSoValue showed over $1 billion in combined outflows from Bitcoin and Ether ETFs this week. Bitcoin funds shed $523 million on Monday, $311 million on Wednesday, and another $192 million on Thursday, while Ether ETFs saw over $500 million withdrawn over the same period.

Kronos Research attributed the pullback to post-peak profit-taking and forced liquidations, following BTC’s surge earlier this month.

Meanwhile, regulatory headlines added further drag. The SEC is reportedly investigating Alt5 Sigma over its $1.5 billion acquisition of World Liberty Financial, a company linked to U.S. President Donald Trump — amplifying legal uncertainty.

Ethereum’s network activity is also flagging. Active addresses have dropped 28% since July 30, suggesting waning retail participation. ETH traded near $4,289, up just 0.4% on the day and down over 7% from its recent high.

XRP and Solana tracked the same trend, declining to $2.87 and $183 respectively, both off more than 6% this week. Traders said a potential dovish pivot from the Federal Reserve could provide a short-term lift, but warned that without renewed inflows, rallies may prove short-lived.

In derivatives markets, sentiment skewed defensive. The 30-day delta skew in Bitcoin options rose to 12% — the highest since April — signaling increased demand for downside protection.

“There’s no crypto-native catalyst behind the current downturn,” said Ruslan Lienkha, chief of markets at YouHodler. “This is a spillover from equity markets facing broad-based selling pressure.”

Lienkha added that it’s unclear whether recent positioning reflects short-term caution ahead of Jerome Powell’s Jackson Hole speech, or the start of a larger trend reversal. “We may be nearing the end of the bull cycle,” he said. “Whether this is a deeper correction or just a pause remains to be seen.”

Despite near-term turbulence, some analysts remain optimistic. Bitwise highlighted the potential for U.S. pension funds to allocate to Bitcoin, forecasting a year-end target of $200,000 if institutional flows accelerate this fall — a driver it sees as potentially more significant than spot ETF approvals.

For now, traders are closely watching Powell’s remarks on Friday. A dovish tone could ease risk-off sentiment, but reluctance to commit to rate cuts may prolong Bitcoin’s recent 9% decline from peak levels.