Despite recent price weakness in Bitcoin, demand for Bitcoin futures has surged, with open interest reaching an all-time high of 762,700 BTC. This suggests that traders remain engaged in the market, even following a 10% price drop since Bitcoin's all-time high on August 14. The rise in demand indicates that market participants are compartmentalizing whale selling and keeping a keen eye on fundamentals. However, with a predominant bearish sentiment reflected in the options market—put options trading at a premium to calls—the overall outlook is cautious. Furthermore, significant liquidations have occurred due to overleveraged positions, raising questions about market stability. The future trajectory of Bitcoin may rely on renewed inflows from spot ETFs as well as investors' sentiment toward the evolving landscape, especially considering the recent preference by some whales to shift their investments from Bitcoin to Ether. A breakthrough past the critical $120,000 level hinges on improved market conditions and renewed investor confidence.

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