Altcoins Bleed, Bitcoin Stalls
The crypto market opened the week with a complex mix of caution and opportunity, as Bitcoin continues its battle to reclaim higher ground. After dipping to $110K, BTC has rebounded and is now hovering near $114K—a key resistance level that has held strong since early August.
With Bitcoin dominance slipping to 61.97% and long-term holders moving nearly 3,000 BTC, signals of profit booking are beginning to surface. Institutional sentiment, often a market driver, is turning cautious, with $1.2 billion withdrawn from Bitcoin ETFs in recent days, reflecting broader uncertainty.
BTC’s failure to break past the $114K–$119K zone could invite further consolidation or even a dip back to $110K, a scenario closely watched by analysts like CryptoMichNL, who still believe a new all-time high is possible if bullish momentum returns by September.
Ethereum, meanwhile, trades at $3,628, down 1.26%, as opposing market forces tug at its trajectory. Despite short positions swelling—most notably a $252 million short from a single whale—Ethereum continues to witness large-scale accumulation.
Over $3.16 billion in ETH has flowed into 14 new whale wallets, and institutional holdings have soared from under $3B in June to over $10.8B today. However, the path forward remains choppy, with resistance pegged near $3,800 and ETF outflows compounding the macroeconomic drag.
The global crypto market cap stands at $3.72 trillion, reflecting a 0.77% decline in the past 24 hours.
Altcoins have had a tough day, with XRP, SOL, DOGE, ADA, HYPE, SUI, XLM, LINK, and HBAR falling between 3–5%.
In US based crypto ETF flows, Spot BTC ETFs saw a $196.2 million outflow, while Spot Ether ETFs recorded a healthy $73.3 million inflow, hinting at shifting investor preference.
On the innovation front, Flare Network has launched Luminite, a non-custodial DeFi wallet aimed at XRP holders and newcomers. Yet, FLR fell nearly 3%, trading at $0.022.
In Switzerland, AMINA Bank became the first crypto-native bank to offer SUI trading and custody services, even as SUI trades 3% lower at $3.40.
PONKE, a meme coin with a loyal Solana-based community, prepares to launch plush toys this week, though its price dipped 6% to $0.1089.
Meanwhile, XRP gets a regulatory confidence boost as Korea’s BDACS begins institutional custody support—an essential milestone for cross-border credibility.
Binance Futures volumes surged to $2.55 trillion in July, the highest since January, suggesting a return of speculative activity and potential volatility.
In regulatory news, the SEC’s new guidance around crypto liquid staking practices marks progress toward a clearer framework, while Galaxy Digital reported a strong Q2 profit of $30.7 million and added 4,200 BTC to its balance sheet, rebounding from a $295M loss last quarter.
As volatility brews and macroeconomic headwinds persist, investors must brace for impact—or opportunity.
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