Bitcoin traded near 112,000 dollars on Monday as crypto markets weighed new institutional milestones against a familiar September headwind and signals that large holders are cashing out.
Nasdaq filed a proposal with the Securities and Exchange Commission that would allow trading of tokenized securities on its main market, a step that would pull more of Wall Street’s plumbing onto blockchains if approved.
Another catalyst arrived from the asset management side. Grayscale submitted paperwork to convert its existing Chainlink trust into a spot Chainlink exchange-traded fund that would list on NYSE Arca, a move that would expand the lineup of single-asset crypto ETFs if regulators sign off.
Chainlink’s token rose after the filing, which outlined the potential for a cash-creation structure and signaled growing demand for simpler exposure beyond Bitcoin and Ether.
The bullish headlines landed in a market that remains uneasy about September’s track record. The widely followed Crypto Fear and Greed Index printed 51, a neutral read that often accompanies rangebound trading and indecision. That tone fits with Bitcoin’s recent price action around the 112,000 level, where rallies have struggled to extend.
Cost dynamics in mining add another layer. Aggregate estimates of average production costs have climbed to roughly 100,000 dollars per coin in early September, according to MacroMicro’s model tracking network difficulty, power assumptions, and issuance.
That still leaves miners profitable at current prices, but the cushion has narrowed compared with midsummer and could compress further if prices soften.
Positioning among large holders tilts the other way. Research based on CryptoQuant data indicates whales offloaded roughly 12.7 billion dollars’ worth of Bitcoin over the past month, the most aggressive distribution since 2022, a pattern that has historically preceded bouts of downside or at least muted upside while supply resets.
While methodology and wallet cohort definitions vary by provider, the direction of travel suggests big accounts used late-summer strength to reduce risk.
Structural adoption keeps advancing as major exchanges and managers push tokenization and product expansion through established regulatory channels.
Seasonality and whale distribution argue for disciplined risk management until Bitcoin can reclaim momentum with convincing breadth.
