On Thursday, bitcoin’s trading action was far from cheerful as the top digital asset fell to $112,147 in the morning hours. Market sentiment remains bearish, with traders eyeing several possible factors behind the continued slide.

One key driver has been steady outflows from spot bitcoin ( BTC) exchange-traded funds (ETFs), in contrast to the inflows seen earlier this year. Some analysts tie the decline to the broader downturn in U.S. equities as investors await comments from Federal Reserve Chair Jerome Powell at Jackson Hole on Friday.

Adding to the pressure, Arkham Intelligence data shows Bhutan moved 799.69 BTC ($92 million) onto exchanges, though the nation still controls 10,565 BTC valued at just over $1 billion. Others argue the retreat is a natural pullback following bitcoin’s climb past $124,000 on Aug. 14.

Within the past hour, more than $40 million in bitcoin derivatives positions were liquidated, coinglass.com metrics show, with $28 million of that tied to long bets. Meanwhile, open interest has been rising massively across both futures and options markets.

Market observers will brace for Powell’s Jackson Hole remarks, which could either deepen bearish conviction or provide a temporary relief rally. Traders remain cautious, watching whether exchange-traded fund (ETF) outflows, equity correlations, and sovereign movements converge to define bitcoin’s near-term trajectory in unpredictable ways.

Despite heightened volatility, bitcoin’s broader trajectory remains tied to both macroeconomic policy and institutional participation. Whether current selling pressure is temporary or the start of deeper consolidation, the leading crypto asset’s resilience will soon be tested against powerful external and internal forces.

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