Bitcoin Drops Below $116K as Long-Term Holders Sell Off
Crypto Market Update
- Bitcoin (BTC) struggles to maintain gains above $116,000 amidst selling by early adopters. An eight-year BTC holder moved 1,176 BTC worth over $136 million to Hyperliquid and began selling.
- Long-term holders continue liquidating as the market adjusts to a six-figure price for BTC.
- On-chain data shows wallets of all sizes are distributing coins.
- Ether's whale wallets are scaling exposure, but its ratio to bitcoin on Binance has fallen for three consecutive days.
- Top memecoins like DOGE and SHIB have lost 10% and 6%, respectively.
- Solana's token SOL dropped over 2% to $234 despite efforts to boost Solana-native DeFi adoption.
Token Events
- Curve DAO voting on contract updates ends Sept. 16.
- Sept. 15: Starknet (STRK) unlocks 5.98% supply; Sei (SEI) unlocks 1.18% supply.
- Sept. 15: OpenLedger (OPENLEDGER) lists on Crypto.com.
Technical Analysis
- DOGE has declined from 30.7 cents to 26 cents, breaking below the bullish trendline and Ichimoku cloud, indicating a bearish shift.
Market Movements
- BTC down 1.1% at $114,933.52
- ETH down 3.1% at $4,528.04
- CoinDesk 20 index down 2.73%
- S&P 500 closed unchanged
- Nasdaq Composite up 0.44%
Derivatives Positioning
- Futures open interest (OI) for top coins has declined, particularly in memecoins.
- BTC's global futures OI reduced to 720K BTC.
- ETH's OI increased, yet indicates net selling pressure.
Crypto Equities
- Coinbase Global (COIN) closed at $323.04
- Circle (CRCL) increased pre-market by 1.81%
- Galaxy Digital (GLXY) fell pre-market by 0.47%
ETF Flows
- Spot BTC ETFs daily net flow: $642.4 million
- Spot ETH ETFs daily net flow: $405.5 million
Other News
- LSE Group launches blockchain platform for private funds' access.
- Bank of England’s proposed stablecoin ownership limits face criticism from crypto groups.