Bitcoin (BTC), the largest cryptocurrency, is taking a breath before the next phase of its rally. While all major metrics are stagnating, some macro indicators hint at a possible 50% upside for the crypto king’s price.
Bitcoin (BTC) price brutally rejected at $113,000
Bitcoin (BTC), the first cryptocurrency, failed to expand its rally to over $113,000. Yesterday, Sept. 5, 2025, its price jumped by 2%, but was stopped by bears. Immediately after touching the resistance level, it dropped back to $110,300.
Image by CoinMarketCap
At press time, Bitcoin’s (BTC) price has stabilized at around $110,900 on major spot trading platforms. In the last 24 hours, Bitcoin (BTC) is up by a negligible 0.24%.
The rest of the cryptocurrency market is also stagnant today. The aggregated capitalization of digital assets added 0.19% and hit $3.81 trillion in equivalent.
The cryptocurrency’s Fear and Greed Index dropped to 48/100, which is considered to be a “Neutral” indicator. As per CoinMarketCap, the cryptocurrency’s RSI sits at 48.46, which also signals about the market being at a crossroads.
In the last 24 hours, the cryptocurrency’s liquidations were below $100 million, which is an indicator of market apathy.
Spot Bitcoin ETFs log $400 million in outflows in two days
Exchange-traded products on spot Bitcoin (BTC) are witnessing outflows in recent sessions. On Sept. 4-5, U.S. BTC ETFs lost almost $400 million in equivalent.
On Sept. 4, 2025, $227 million was withdrawn by investors, followed by $160 million erased the next day. As a result, the aggregated spot Bitcoin ETFs AUM dropped to $144.5 billion.
BlackRock’s IBIT, Grayscale’s GBTC and Bitwise’s BITB are the three most affected ETFs; combined, they lost about $150 million in just one session.
As covered by U.Today previously, spot Bitcoin ETFs have been losing traction since early July 2025. Investors’ pessimism might be a signal of liquidity migration to alternative TradFi products, precious metals and stocks.
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At the same time, Ethereum spot ETFs were hit even harder last week. In seven days, spot Ether ETFs lost over $787 million in AUM, which makes this week the most painful for the segment ever.
Since Ethereum spot ETFs were launched in July 2024, its ecosystem has not been hit by such a massive liquidity outflow.
Bitcoin OI stuck in $79-$85 billion corridor for seven weeks
At the same time, this might be just a rebalance since spot ETH ETFs investors injected $2.8 billion in liquidity during the second week of August.
Meanwhile, Bitcoin’s open interest — the total USD-denominated value of all derivatives contracts that are not closed yet — has been stagnating since July.
As of printing time, the aggregated Bitcoin futures OI sits slightly below $80 billion in equivalent. In the last couple of weeks, it has remained almost unchanged. After reaching its peak at $88 billion on July 16, 2025, it started slowly declining.
Binance (BNB), the largest cryptocurrency exchange by trading volume and user count, is responsible for $14 billion out of this value.
For Ethereum futures, the net open interest has been sitting at $60 billion in equivalent for three weeks in a row. As such, markets might be confused about performance prospects for both assets.
Bitcoin (BTC) to $185,000? Here’s what Tephra Digital BTC/M2 model says
Despite sending mixed signals to its audience, Bitcoin (BTC) can still expand its rally over $150,000 per BTC easily. As a recent model by Tephra Digital asset management firm demonstrates, Bitcoin (BTC) closely follows the M2 metric — the aggregated volume of the U.S. money supply.
If Bitcoin’s lagged M2 and gold correlations hold, the rest of the year could be very interesting. Charts below point to $167k–185k. pic.twitter.com/JJ2PvLcubn
— Tephra Digital LLC (@Tephra_Digital) September 3, 2025
The analyst noticed that Bitcoin (BTC) follows M2 and gold price fluctuations with the lag of 100-200 days. Given that fact, the global cryptocurrency community should be prepared for an extremely bullish Q4, 2025.
Based on these assumptions, Bitcoin’s (BTC) price can naturally reach $167,000-$185,000 by the end of this year.
Bitcoin’s (BTC) price set its current ATH at $124,457 on Aug. 14, 2025. As of now, it is trading 11% below the record price.