Bitcoin Tests $110,000 Support Amid Whale Selling and $1.15B Put Surge — ETF Inflows Could Push Price to $150,000

BRN Research highlights that Bitcoin is testing a critical support around $110,000, with elevated put option volume exceeding $1.15 billion and representing roughly 28% of fund flows. Call interest remains concentrated between $115,000 and $130,000, a pattern BRN interprets as selective portfolio rebalancing rather than broad liquidation. On-chain analysis shows large holders — whales — trimmed positions by about 17,500 BTC while remaining net accumulators year-to-date, up approximately 318,000 BTC.

21Shares research underscores resilience amid macro headwinds and widespread deleveraging, attributing support to steady ETF inflows and dovish policy expectations. The firm notes over $6 billion flowed into U.S. ETFs in the last month, which market participants view as reinforcing structural demand and underpinning the medium-term outlook towards the $150,000 range if institutional demand persists.

Technically, analysts caution that a decisive break below $110,000 would likely prompt a retest of the $104,000–$108,000 band, whereas reclaiming $115,000 could restore bullish momentum, making flows and option positioning key indicators to monitor.