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TL;DR:
- Bitcoin holds at $78,456 as whales realize $614 million in profits in a single day, even as spot Bitcoin ETFs post $314.37 million in net inflows for a seventh straight day.
- BlackRock's IBIT absorbs over $5 billion in private in-kind exchanges, showing institutions quietly buying the supply whales are selling.
- XRP falls to $1.41, down 7% for the week, as large holders take profits after a 45% rally.
- Bernstein raises its Bitcoin forecast to $150,000 by mid-2027 and $300,000 by 2029, citing sovereign debt pressure.
During morning trading on Wednesday, Aug. 26, the cryptocurrency market is showing technical consolidation within narrow ranges following the multiday rally recorded earlier. The current sideways trading, with total market capitalization at $2.68 trillion, reflects a shift in market dynamics: retail profit-taking is being balanced by large institutional purchases.
The main driver of demand remains U.S. spot funds. According to SoSoValue data, daily net inflows into spot Bitcoin ETFs totaled $314.37 million, marking seven consecutive days of inflows. At the same time, spot Ethereum ETFs attracted $179.80 million, with BlackRock's ETHA accounting for the bulk of the volume.
The current interest from funds is supported by the U.S. Treasury's plans to increase Treasury buybacks to $4 billion per operation and the ongoing discussion about the possible creation of a strategic Bitcoin reserve.
Despite stable capital inflows, the market remains under local selling pressure. TradingView data shows that Bitcoin (BTC) is holding at $78,456 after challenging the $80,000 level and testing a local high of $81,304.
XRP has corrected to $1.41, losing around 7% over the week. Large holders are taking profits following the recent 45% macro rally, temporarily holding the price back while Wall Street absorbs the available liquidity.
Bitcoin and XRP News: Whales move into cash
CryptoQuant on-chain metrics point to short-term market overheating. Bitcoin whales realized $614 million in profits in a single day, pushing traders' unrealized profit margin to its highest level since June 2025 at 20.5%.
The simultaneous increase in BTC and XRP inflows to exchanges confirms that long-term investors are using the current liquidity to partially move into cash.
Nevertheless, the market's macro structure has shifted in favor of buyers. CryptoQuant's Bull-Bear market cycle indicator has moved into the green Early Bull zone, repeating the January 2023 setup that preceded the start of the previous major uptrend.
The overall Bull Score climbed from 30 to 80 points in one week, its highest reading since October 2025, when Bitcoin was trading near $124,000.
Against this backdrop, investment giant Bernstein has greatly updated its long-term forecast. The firm's analysts expect Bitcoin to reach $150,000 by mid-2027, followed by a peak near $300,000 in 2029, due to pressure from U.S. sovereign debt and the inevitable debasement of fiat currencies.
In its optimistic scenario, Bernstein raises its targets to $200,000 and $500,000, respectively, while setting a long-term target of $1 million by 2033. Although the firm lowered its price target for MicroStrategy shares to $350 because of accelerated equity issuance, the overall direction of the report confirms the beginning of a new global cycle.
As for XRP, the network's fundamentals are providing reliable support against the current whale distribution due to the expansion of Ripple's regulated RLUSD stablecoin:
- RLUSD's market capitalization and total supply are approaching $2 billion.
- Around $1 billion has been deployed directly on the XRPL.
- The stablecoin accounts for more than 90% of all stablecoin activity on the network.
Although short-term players are taking profits on XRP within the $1.41–$1.45 range, the inflow of corporate liquidity into the XRPL indicates that the network's utility-driven use is beginning to prevail over retail speculation.
Crypto Market News: BlackRock records and coin shortage
Alongside the visible whale selling on exchanges, large funds led by BlackRock are quietly absorbing the available supply. The volume of private in-kind exchanges through the IBIT fund has exceeded $5 billion.
The in-kind exchange mechanism allows large holders to transfer Bitcoin from personal wallets directly onto an ETF's balance sheet without paying capital gains tax, as the assets' original cost basis is carried over to the fund shares.
The mass migration of investors under the umbrella of Wall Street funds was triggered by BlackRock's July decision to lower the minimum threshold for such conversions from $25 million to $1 million. This expanded access to the service and caused a chain reaction across the market: Bitwise was forced to quickly lower its own limit from $100 million to $3 million to prevent client outflows.
According to BlackRock's head of digital assets, this migration is being driven not only by taxes but also by harsh security realities. Investors are increasingly moving their assets into regulated custody because of more frequent hacking attacks, the risks of self-custody, and direct physical threats, including ransom demands.
The removal of coins from the market by investors is directly affecting the balance of power on trading platforms, where major digital assets are holding the following price levels:
- Bitcoin (BTC): Holding at $78,456 after testing a local peak of $81,304.
- iShares Bitcoin Trust (IBIT): Trading at $44.72 while accumulating whales' off-exchange swaps.
- Ethereum (ETH): The ETHA fund absorbed $131.94 million during the session, triggering a V-shaped breakout to $18.60.
- Solana (SOL): Exceeded $100 amid a record 1.318 billion non-vote transactions during the week.
Fresh U.S. macroeconomic data introduced local volatility through mixed readings. Annual core PCE matched expectations at 3.3%, while second-quarter GDP held at 1.5%.
However, the headline PCE index year over year came in above forecasts at 3.7% instead of 3.6%, with the GDP deflator reaching 6.4%.
These higher-than-expected inflation readings are restraining spot purchases ahead of Kevin Warsh's Friday speech, although the overall architecture of the digital asset industry has already been rebuilt around long-term institutional capital.
U.Today Editorial Team
Dan Burgin
