Bitcoin Price Eyes Breakout Despite Institutional Calm, Here’s Why

Key Insights:

• The Bitcoin price neared $119K as BTC volume was around $88B.
• Trump Media updated an S‑1 naming Crypto.com custodian; Capital B and MicroStrategy added BTC.
• Glassnode and CryptoQuant cited mixed signals: spot near $5.7B, ETF outflows near $312M, realized profit to loss near 1.9.

Bitcoin price has lost some of its recent gains, falling below $119,000 despite renewed interest from traders. However, the pullback appears to be due to the upcoming US CPI release, which has triggered some profit-taking in the market.

Despite that, market pundits remain bullish, especially amid soaring interest from corporations and continuing fund flow into US Spot Bitcoin ETFs.

What Moved Bitcoin Price Today?

Bitcoin price has recorded robust gains over the weekend, nearing its all-time high. Although the momentum faded, the optimism is further boosted by the recent market developments.

For context, Trump Media filed an updated S‑1 for a Bitcoin ETF and named Crypto.com as custodian. The filing added a clear near-term catalyst for headlines and flows.

Analysts also cited a July milestone from BlackRock. Its ETF crossed about $80 billion in assets, which continued to shape sentiment.

Institutional activity remained visible as Capital B disclosed a purchase of 126 BTC worth about $14.4 million.

That transaction lifted its holdings to roughly 2,201 BTC. The firm added exposure as broader volumes fluctuated.

MicroStrategy added 155 BTC on August 11, according to company updates. The company extended its strategy of periodic accumulation.

On-chain and Off-chain Indicators Around the Bitcoin Price

Glassnode shared a series of metrics on X. The firm tracked volatility spread, spot activity, and realized outcomes.

The volatility spread was about 10.5, Glassnode said on X. This gauge reflected how wide recent Bitcoin price trading ranges were across time frames.

Spot trading volume measured about $5.7 billion. Lower spot activity often aligned with periods of consolidation in prior cycles.

ETF venues recorded about $13.7 billion in weekly turnover. The realized profit-to-loss ratio stood near 1.9.

The realized profit-to-loss ratio compared realized gains with realized losses on-chain. A reading above 1 indicated that realized gains outweighed realized losses.

Flows outside the chain also shifted. The spot cumulative volume delta rose about 94%.

The futures perpetual cumulative volume delta climbed about 88%. Cumulative volume delta is measured as net aggressive buying minus selling across orders.

ETF volume fell about 55% to roughly $312 million. By contrast, spot volumes fell about 22% week over week.

On-chain activity increased alongside these changes. Active addresses rose about 8% to around 793,000.

Transaction fees climbed about 10% week over week. About 94% of the circulating BTC supply sat in profit.

High realized profitability often accompanied supply from shorter-term holders in past advances. That dynamic sometimes trimmed momentum as gains accumulated.

A CryptoQuant analyst known as ShayanBTC7 noted that retail investors led BTC futures activity. The analyst said whales slowed their pace relative to late 2024.

Key Factors to Watch in the Coming Weeks

Breadth in spot markets remained limited as week-over-week volumes fell. Changes in spot participation often affected intraday stability in earlier cycles.

ETF turnover stayed meaningful in aggregate. The direction of inflows and outflows shaped net demand for BTC exposure.

On-chain profitability sat near a high share of supply. Elevated realized gains could interact with market depth if holders decided to sell.

Retail-led futures activity replaced whale-driven rallies from late 2024, the analyst said. That composition shift could change how liquidations and funding react during fast moves.

Active address growth and fee trends signaled rising network use. Sustained increases in these measures often coincided with stronger settlement demand in prior periods.