Bitcoin Stays Flat as Dormant Whale Wallets Reactivate
Bitcoin's recent bounce from $117,500 stalled near $119,200 during European trading hours, continuing two weeks of price stagnation. The CoinDesk 20 Index fell by 1.4%, while the broader CD80 index dropped by 4.6%, reflecting weakness in altcoins.
- Long-dormant bitcoin whale wallets are becoming active, with one wallet moving 343 BTC after 12 years.
- Ethereum Treasury protocol ETH Strategy raised 12,342 ETH (approximately $46.5 million) in prelaunch funding.
- CryptoPunks saw its floor price exceed $200,000 for the first time in over a year, marking a 160% increase since August.
- Futures tied to Solana-based FARTCOIN experienced over $11 million in liquidations as its price fell by more than 10%.
- The dollar index reached its highest level since June 23, potentially limiting Bitcoin's upside as trade talks between the U.S. and China continue.
What to Watch
- Aug. 1: Helium Network halving event reduces annual token issuance.
- Aug. 1: Hong Kong's Stablecoins Ordinance takes effect, regulating stablecoin activities.
- Aug. 1: New Bretton Woods Labs launches BTCD, claimed to be the first fully bitcoin-backed stablecoin.
- Aug. 15: Record date for the next FTX distribution for Class 5 and Class 6 claims.
Market Movements
- BTC is at $118,757.92, up 0.61% but down 0.12% over 24 hours.
- ETH is at $3,872.65, up 2.24% but down 0.6% over 24 hours.
- CoinDesk 20 index is at 4,038.53, up 1.07% but down 1.92% over 24 hours.
- DXY is at 98.74, up 0.11%.
Technical Analysis
- The dollar index is testing Ichimoku cloud resistance, requiring a breakout for bullish momentum.
Token Talk
- CryptoPunks' weekly trading volume hit $24.6 million, the highest since March, with average sale prices rising significantly.
- GameSquare's acquisition of Punk #5577 for $5.15 million has redefined CryptoPunks as corporate-grade digital assets.
- This transaction may influence other NFT collections as institutional interest increases.
Derivatives Positioning
- XRP's futures open interest declines alongside price, indicating unwinding of long positions.
- BTC and ETH futures open interest remains high, suggesting potential for volatility.
- Altcoin season appears stagnant as BTC's funding rate surpasses that of XRP and other top altcoins.
- Deribit-listed BTC options show a put bias, while ETH shows a call bias across all tenors.