Bitcoin Faces Increased Pressure as Short-term Investor Confidence Wavers

Key Points

1. Bitcoin dropped from $123,000 to $112,000 within a fortnight, slipping below a crucial supply zone at $116,000.

2. Approximately 120,000 BTC were exchanged at the end of April, paired with a reduction in leverage usage.

3. Short-term investor confidence weakened as the percentage of profitable supply held by this group fell from 100% to 70%.

4. On August 5, 1,500 BTC were withdrawn from U.S. spot Bitcoin ETFs, with major players like BlackRock, Bitwise, and Grayscale managing most of the demand.

5. The funding rate in futures markets dropped below 0.10%, and the 30-day option curve highs dipped.