Bitcoin Whales Wake Up, Is the Party Over?

<a href="https://bbg-news.com/btc-usd/">Bitcoin</a> Euphoria Cools as Whales Wake Up: Crypto Daybook Americas

What to know:

Bitcoin’s (BTC) upward momentum slowed down, leading to a drop in prices by approximately 5% from its peak. This typical pullback in a bull market also affected other parts of the market, but some exceptions such as BONK and PUMP managed to rise by 5%, defying the overall trend within the past 24 hours.

In simpler terms, significant Bitcoin (BTC) holders who haven’t been active for a long time started transferring their coins to major exchanges like Binance and Bybit, which is usually a sign that they might be planning to sell. As reported by blockchain investigator Lookonchain, an old wallet containing 80,000 BTC moved approximately half of its holdings to Galaxy Digital. Later, Galaxy Digital transferred around 6,000 BTC to Binance and Bybit after Bitcoin reached a new peak price of over $123,000 on Monday.

An increase in the Coin Days Destroyed statistic and a surge in large inflows to exchanges could signal profit-taking opportunities. However, even with significant selling pressure, Bitcoin has shown remarkable resilience, implying continued institutional backing and robust market demand from strong structural sources,” according to Tagus Capital’s recent market update.

On Monday, the rate of investments into U.S.-based bitcoin exchange-traded funds (ETFs) decreased significantly, amounting to approximately $297 million – a 70% drop compared to Friday. In contrast, investments into spot Ether ETFs saw an increase, going from $204 million last week to $259 million this week.

Valentin Fournier, head research analyst at BRN, views the decrease in Bitcoin investments as a signal of reduced confidence among buyers when prices are high. The latest Consumer Price Index and yesterday’s Producer Price Index may determine the direction of the next price change, according to him.

High anticipation for inflation caused by tariffs might unsettle investors’ trust. Yet, if there’s a favorable twist in the statistics, it could potentially soothe the ongoing market downturn,” he pointed out.

Different experts have emphasized the potential implications of the House of Representatives voting on the GENIUS and CLARITY Acts. If these bills are approved, they could expedite increased institutional involvement in the cryptocurrency market, expanding beyond just Bitcoin.

Today, it’s worth noting that Coinbase’s shares reached a peak of $398.50 on Monday, pushing its market value beyond the $100 billion mark. As reported by Arkham Intelligence, SharpLink Gaming made another purchase of 24,371 Ether.

In traditional financial markets, the yield on Japanese 30-year government bonds momentarily increased to 3.20%, equaling a significant high last seen in May. Additionally, the MOVE index, which gauges the expected volatility in U.S. Treasury bond prices over the next 30 days, has risen from a previous support level, signaling potential renewed instability in bonds. Keep a close watch on market developments.

Conferences

The upcoming CoinDesk Policy & Regulation conference (previously known as State of Crypto) is a one-day, exclusive event taking place in Washington on September 10th. It offers an opportunity for general counsels, compliance officers, and regulatory executives to interact with government officials who shape crypto legislation and regulation. Spaces are limited, but you can save 10% on your registration by using the code CDB10 before July 17th.

July 16: Invest Web3 Forum (Dubai)
July 20: Crypto Coin Day 7/20 (Atlanta)
July 21-22: Malaysia Blockchain Week 2025 (Kuala Lumpur)
July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
July 25: Blockchain Summit Global (Montevideo, Uruguay)
July 28-29: TWS Conference 2025 (Singapore)
Aug. 6-7: Blockchain.Rio 2025 (Rio de Janeiro, Brazil)
Aug. 6-10: Rare EVO (Las Vegas)
Aug. 7-8: bitcoin++ (Riga, Latvia)
Aug. 9-10: Baltic Honeybadger 2025 (Riga, Latvia)
Aug. 9-10: Conviction 2025 (Ho Chi Minh City, Vietnam)

Token Talk

By Oliver Knight

Token issuance platform Pump.fun’s native token was distributed to early users and ICO participants on Monday, debuting at a $2 billion market cap on the back of $1.46 billion in trading volume.
PUMP began trading at $0.00756 and soon began to feel the pressure, sliding to as low as $0.051 before settling at $0.0056.
The ICO price was $0.004, meaning that investors has an opportunity to quickly flip the tokens for a profit, creating a wave of selling pressure.
The token debut coincided with a decline across the wider crypto market, with bitcoin losing 4% as it slipped to $117,000 from $123,000, while ether (ETH) and sol (SOL) fell 2% and 4.7%, respectively.
Crypto exchange Binance also made an attempt to take the limelight, announcing the release of its own token launcher that will rival Pump.fun.

Derivatives Positioning

Open interest in XRP futures hit all-time highs alongside record activity in BTC futures, both pointing to elevated price volatility ahead.
Funding rates for major coins are holding above an annualized 10%, suggesting bullish market sentiment. The reading, however, is far from signaling overheated conditions typically seen at market tops or record high prices.
The cumulative volume delta for the top 25 coins for the past 24 hours is negative, a sign of sellers becoming more aggressive. The pullback might deepen in the short-term.
Risk reversals tied to short-term BTC and ETH options now show a bias for protective puts, which is common during price declines. The long-end remains bullish.
Block flows on OTC liquidity network Paradigm featured December risk reversals and ETH out-of-the-money call spreads.

Market Movements

BTC is down 2.86% from 4 p.m. ET Monday at $116,734.47 (24hrs: -4.13%)
ETH is down 1.12% at $2,970.70 (24hrs: -2.89%)
CoinDesk 20 is down 1.79% at 3,566.75 (24hrs: -3.85%)
Ether CESR Composite Staking Rate is up 15 bps at 3.04%
BTC funding rate is at 0.0315% (34.40% annualized) on KuCoin

DXY is down 0.12% at 97.97
Gold futures are up 0.41% at $3,372.90
Silver futures are down 0.11% at $38.70
Nikkei 225 closed up 0.55% at 39,678.02
Hang Seng closed up 1.45% at 24,553.52
FTSE is up 0.06% at 9,003.57
Euro Stoxx 50 is up 0.40% at 5,392.29
DJIA closed on Monday up 0.20% at 44,459.65
S&P 500 closed up 0.14% at 6,268.56
Nasdaq Composite closed up 0.27% at 20,640.33
S&P/TSX Composite closed up 0.65% at 27,198.85
S&P 40 Latin America closed down 0.92% at 2,597.40
U.S. 10-Year Treasury rate is down 1.2 bps at 4.415%
E-mini S&P 500 futures are up 0.29% at 6,329.00
E-mini Nasdaq-100 futures are up 0.54% at 23,158.75
E-mini Dow Jones Industrial Average Index are unchanged at 44,694.00

Bitcoin Stats

BTC Dominance: 64.25% (-0.41%)
Ether to bitcoin ratio: 0.02549 (1.39%)
Hashrate (seven-day moving average): 906 EH/s
Hashprice (spot): $58.8
Total Fees: 5.74 BTC / $693,498
CME Futures Open Interest: 153,280 BTC
BTC priced in gold: 34.8 oz
BTC vs gold market cap: 9.86%

Technical Analysis

Since 2024, every new high in BTC has seen dogecoin , the world’s largest meme token, hit a lower high than the preceding one.
The divergence hints at declining investor interest in non-serious tokens.

Crypto Equities

Strategy (MSTR): closed on Monday at $451.02 (+3.78%), -2.04% at $441.80
Coinbase Global (COIN): closed at $394.01 (+1.8%), -1.41% at $388.47
Circle (CRCL): closed at $204.7 (+9.27%), -1.93% at $200.75
Galaxy Digital (GLXY): closed at $21.45 (+3.97%), unchanged in pre-market
MARA Holdings (MARA): closed at $19.21 (+0.37%), -1.56% at $18.91
Riot Platforms (RIOT): closed at $12.51 (+0.72%), -2.4% at $12.21
Core Scientific (CORZ): closed at $13.56 (+8.39%), +2.58% at $13.91
CleanSpark (CLSK): closed at $12.6 (-0.4%), -1.9% at $12.36
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $25.57 (+3.19%)
Semler Scientific (SMLR): closed at $45.23 (-0.66%), -0.51% at $45
Exodus Movement (EXOD): closed at $33.70 (+2.12%), +2.34% at $34.49

ETF Flows

Spot BTC ETFs

Daily net flows: $297.4 million
Cumulative net flows: $52.64 billion
Total BTC holdings ~1.28 million

Spot ETH ETFs

Daily net flows: $259 million
Cumulative net flows: $5.58 billion
Total ETH holdings ~4.47 million

Overnight Flows

Chart of the Day

Volmex’s annualized one-day BTC implied volatility index remains locked in a sideways range.
It’s a sign that traders do not expect the impending U.S. CPI to breed significant market volatility.