Bitcoin Fails to Hold $116K as OGs Rotate Into Ether: Crypto Daybook Americas
Crypto markets lost steam over the weekend as Bitcoin failed to maintain the $116K level. Early-adopter wallets took advantage of the rally to offload holdings, signaling a phase of distribution that limited upside momentum. The selling pressure reflected caution among long-term investors who preferred securing profits rather than chasing higher levels.
Ether, on the other hand, saw a different trend. Despite the ETH/BTC ratio slipping for the third consecutive day, large Ether holders quietly accumulated during the dip. This accumulation hinted at selective confidence in Ethereum’s long-term prospects, even as short-term price action lagged behind Bitcoin. The contrast between BTC distribution and ETH accumulation highlighted diverging strategies across the top two cryptocurrencies.
Overnight Market Snapshot
BTC: $114,933 (-1.0% 24h) — Bitcoin fails to hold $116K after Saturday’s pop.
ETH: $4,528 (-3.2% 24h) — whales accumulating despite ratio softness.
Memecoins: DOGE (-10%), SHIB (-6%) under pressure.
SOL: $234 (-2% 24h) even as industry players push Solana-native DeFi adoption.
Macro mood: S&P 500 positioning skewed bullish; a few voices warn sentiment looks stretched.
Why Bitcoin Fails to Hold $116K: OG Distribution & Broad Selling
On Sunday, an eight-year BTC holder shifted 1,176 BTC (≈$136M) to a derivatives venue and began unloading. That entity has reportedly swapped 35,991 BTC for 886,731 ETH in recent months. Other long-term holders have been taking profits as the market adjusts to six-figure BTC as “the new normal.” Crucially, on-chain data suggests distribution isn’t just from OGs; wallets of all sizes are selling. The resulting supply overhang helps explain why Bitcoin fails to hold $116K on successive attempts.
Whales Accumulate, Ratio Stumbles
Whale wallets continue to scale ETH exposure, a setup that often precedes periods of ETH outperformance. Still, the ETH/BTC ratio on Binance fell for a third day, failing to build on last week’s trendline breakout. That divergence accumulation amid ratio softness—keeps the door open for a catch-up move if macro risk stabilizes and Bitcoin fails to hold $116K again.
Treasury-Led DeFi Push
A Solana-focused corporate treasury said it plans to allocate into Solana-native DeFi protocols, following a $1.65B private raise backed by well-known crypto investors. The goal: accelerate on-chain liquidity and deepen Solana’s DeFi footprint versus Ethereum. Near-term price reaction was muted as SOL slipped ~2%.
Monero’s Deepest Reorg, Price Shrugs
Monero’s chain experienced an 18-block reorg (≈36 minutes), invalidating about 118 transactions. Despite security concerns, XMR rallied ~5% with volumes up sharply, as the market looked past the incident and prior 51%-attack fears.
OI Eases, CVD Skews Negative
Futures OI:
Broadly lower across top-25 coins; memecoins saw double-digit outflows.BTC:
Global futures OI eased to 720K BTC from last week’s near-record 744K BTC.ETH:
OI rose to >14M ETH (from ~13.2M), but OI-normalized CVD stayed negative—net selling into strength.CME:
BTC OI bounced to 141.69K BTC; three-month annualized basis still <10%.Options:
Put bias in BTC and ETH eased across tenors; IV term structure remains in contango into December.
In short, while Bitcoin fails to hold $116K, derivatives signal cautious risk-taking rather than outright capitulation.
DOGE Loses Trendline, Slips Below Cloud
DOGE fell from $0.307 → $0.26, breaching the rising trendline from Sept. 6 lows and accepting below the Ichimoku cloud—typically a bearish trend signal.
Crypto Equities & ETF Flows
Miners & exchanges: Mixed closes Friday; modest pre-market moves.
Spot ETFs: BTC daily net +$642.4M (cum $56.79B, ~1.31M BTC).
ETH daily net +$405.5M (cum $13.38B, ~6.48M ETH).
Flows show continued institutional engagement even as Bitcoin fails to hold $116K on spot markets.
What’s on Deck
Governance: Curve DAO vote to update donation-enabled Twocrypto contracts; voting ends Sept. 16.
Unlocks (Sept. 15): Starknet ~5.98% of circulating supply; Sei 1.18%.
Listings: OpenLedger (OPENLEDGER) on Crypto.com (Sept. 15).
Conferences: ETHTokyo (Day 4/4), Budapest Blockchain Week (Day 1/7), TGE Summit NYC (Sept. 15).
Macro calendar: None scheduled today; markets watching upcoming Fed decision.
Bottom Lines
Bitcoin’s struggle to hold above $116K keeps market liquidity rotating while selective risk unwinds. Without strength at this key level, traders remain cautious, limiting momentum and leaving the broader crypto space vulnerable to short-term volatility.
Ether whale accumulation offers a rare positive signal, but lasting leadership likely depends on a clear macro trigger most notably from the Federal Reserve. If Bitcoin continues to trade below $116K heading into that event, choppy ranges are expected. However, a decisive reclaim of this level could reset sentiment and spark renewed momentum across major cryptocurrencies.
FAQs
Q1 . Why does Bitcoin fail to hold $116K after weekend rallies?
A : Because Bitcoin fails to hold $116K when OG wallets sell into strength and broader wallets resume distribution, adding short-term supply pressure.
Q2 . Is ETH gaining even when Bitcoin fails to hold $116K?
A : Yes. Whale accumulation suggests potential ETH resilience, though the ETH/BTC ratio slipped for a third day even as Bitcoin fails to hold $116K.
Q3 . What could flip sentiment if Bitcoin fails to hold $116K again?
A : A dovish Fed cut, stronger ETF inflows, or a shift in on-chain distribution could restore momentum even if Bitcoin fails to hold $116K intraday.
Q4 . How do futures and options look when Bitcoin fails to hold $116K?
A : Futures OI eased and ETH’s OI rose with negative CVD; options show lighter put bias and contangoed IV into December as Bitcoin fails to hold $116K.
Q5 . Did the Monero reorg affect broader markets while Bitcoin fails to hold $116K?
A : Not materially. XMR rallied despite the reorg, while majors were driven more by flows as Bitcoin fails to hold $116K.