Whales and ETFs Fuel Bitcoin Surge as Bears Reel

The recent market update shows that bears have been caught off guard as whales and ETF institutions are aggressively accumulating Bitcoin at low levels.

BTC has hit another all-time high, but whether this marks a direct breakout to the upside or just a rebound depends on several factors, including today's Nonfarm Payrolls data.

The trading volume is picking up, with four consecutive 4-hour bullish candles and increasing buying power. The bears were completely wiped out around 77,000-78,000 and are now on the defensive.

On-chain data shows that spot ETFs have seen continued net inflows, with a single-day influx of $358 million on September 3 alone. BlackRock's IBIT brought in $269 million that day.