Crypto Selloff: BTC Pullback Spurs ‘Buy the Dip’ Debate

Bitcoin faced renewed pressure Friday, marking its third consecutive weekly decline as prices briefly tested $112,000 support. The drop triggered over $1 billion in liquidations, as risk-off sentiment rippled through both crypto and equities following a weak U.S. jobs report and new U.S. tariffs that fueled growth concerns.

QCP’s August 4 insights showed that altcoins bore the brunt of the move, with solana down nearly 20% on the week and ether sliding close to 10%. ETF flows offered little relief. Friday saw the second-largest outflow from BTC spot ETFs and the fourth-largest for ETH, dampening hopes that institutional inflows would stabilize prices.

Still, analysts caution against calling time on the bull market. BTC’s July close was its highest ever, and the current drawdown looks more like a post-rally correction aimed at flushing out excess leverage. Historical patterns suggest such shakeouts often precede renewed accumulation phases.

Options activity also signals opportunism rather than panic. Traders bought BTC 29AUG25 call flys at $118K/$124K/$126K, positioning for a potential rebound above prior highs. While near-term put skew remains elevated, it has yet to hit panic levels.

Market watchers are eyeing ETF inflow data and volatility metrics for clues. A return of inflows coupled with narrowing skew could reinforce a buy-the-dip narrative in the coming sessions.

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