Bitcoin Hits $124K Before Selloff as Ethereum Nears $4,800 on Whale Buying

Market Volatility Follows Record Gains and Sharp Altcoin Losses

Bitcoin surged to an all-time high above $124,000 on August 14, 2025, before a rapid selloff erased the gains within hours. Trading data showed the leading cryptocurrency peaking at $124,002.49 in early Asian markets, with some platforms reporting a high of $124,130. Year-to-date, Bitcoin had risen about 30% to 33%, doubling from 2024 levels amid optimism over Federal Reserve rate cuts, rising U.S. equity markets, and policy support from the Trump administration, including an executive order allowing crypto exposure in 401(k) retirement plans. 

Analysts suggested that holding above $125,000 could clear a path toward $150,000, yet the rally quickly reversed. Bitcoin dropped more than $6,600 to trade below $117,500, triggering roughly $227 million in leveraged long liquidations. Despite the sharp move, futures premiums remained neutral, indicating limited panic among traders, though new inflation data and Treasury commentary weighed on sentiment.

Ethereum drew strong attention as whale accumulation drove prices higher. Between July 10 and August 9, large wallets added more than 1.035 million ETH, worth around $4.17 billion, lifting prices from $2,600 to $4,000, a 45% increase within a month. One whale alone bought 312,052 ETH, valued at $1.34 billion, in just eight days, exceeding combined daily inflows into U.S. spot ETH ETFs. 

The buying spree lifted ETH above $4,200, its highest level since December 2021, before breaking through $4,300 and reaching nearly $4,780—within 9% of the record $4,865.81 set in November 2021. Institutional participation and Ethereum’s growing role in stablecoin infrastructure and tokenization helped fuel momentum, alongside expectations of Fed easing. Despite these gains, Santiment data revealed Ethereum sentiment lagging behind Bitcoin, with bullish chatter far more concentrated on BTC.

Profit-taking followed as an early ICO participant sold 2,300 ETH worth $9.91 million, while still holding 1,623 ETH valued at $6.99 million. Analysts highlighted a CME gap between $4,092 and $4,261 that may act as resistance, with potential retracements likely before another upward push. Market-wide correction quickly unfolded, as Ethereum dropped 5% below $4,500 after nearing $4,800. Bitcoin slipped to a five-day low just above $114,000, with realized price models hinting at possible downside toward $105,000. 

The broader coin market cap shed about $80 billion overnight, dragging the total crypto price index to roughly $4.05 trillion. Inflation pressures and a surge in unstaking activity compounded the losses, highlighting how quickly shifts in macro conditions can jolt digital assets even after historic highs.

This article has been refined and enhanced by ChatGPT.