Latest news with #CryptoQuant
Yahoo
4 days ago
- Business
- Yahoo
Traders pour $44bn into Bitcoin bets as swoon fails to deter hungry bulls
Bitcoin traders are hungry for more action after the top cryptocurrency hit an all-time high north of $123,000 earlier this month. Now, with July coming to a close, total open interest in Bitcoin futures and perpetuals has surged to a record $44.6 billion ahead of the monthly expiry on Friday, according to CryptoQuant data. Despite an overnight swoon that dragged Bitcoin from around $119,000 to a brief dip below $115,000, traders are still leaning long. Funding rates remain modestly positive across major exchanges, suggesting a majority of traders are cautiously positioning for further upside rather than panicking out of their longs. Cluster of wagers PolyMarket bettors appear to agree. The largest cluster of wagers on where Bitcoin's price is headed is centered at the $125,000 level, according to the prediction platform's market for month-end pricing. Other traders, however, are worried about falling back to an unfilled gap on the CME Bitcoin futures chart — a zone between roughly $113,900 and $116,100 that's been untouched since the weekend of July 5. Because CME futures pause trading over the weekend, gaps sometimes appear when Bitcoin's price moves on crypto exchanges while CME is offline. These gaps often get revisited in the days or weeks that follow. Still, many analysts say the long-term outlook hasn't changed. Arthur Hayes, CIO of Maelstrom and the former BitMEX CEO, said in a blog post this week that Bitcoin remains the best asset to own in a world of expanding credit and fiat debasement. Best horse 'Bitcoin is the best horse to ride if you believe there will be more units of fiat created in the future,' he wrote, predicting the price could reach $250,000 by the end of the year. Other major institutions, including Bitwise, Bernstein, and Standard Chartered, have issued similar targets ranging from $200,000 to $250,000. Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@
Yahoo
7 days ago
- Business
- Yahoo
ETH to $4,000? Analysts Weigh Whale Purchases Against Correction Risks
Ether's multi-week climb toward the $4,000 level has faced resistance, with the token falling more than 3% to around $3,696. While bulls remain confident the uptrend is intact, recent price action has exposed some technical fragility — just as institutional buyers continue ramping up accumulation. The latest ETH pullback follows two strong weeks of gains and comes amid growing discussion among analysts about whether the rally can continue without a broader correction. Technical indicators are beginning to flash red. One X-based crypto analytics account, Front Runners, said ETH has now outperformed bitcoin for 14 consecutive days, calling the trend 'unsustainable without consolidation.' They also flagged that 'RSI is overheated' and suggested sentiment had turned euphoric. Michaël van de Poppe echoed that caution, noting ETH had dropped to around $3,650 and warning of a potentially 'violent correction.' "Andrew Crypto" offered a similar view, arguing that while ETH has shown 'insane strength,' a correction is both healthy and likely following a rejection at a key resistance level. Still, some analysts remain firmly bullish. Back on July 8, "Crypto Rand" predicted that 'ETH to $4,000 is programmed. Sooner than later,' reflecting early confidence in the rally's momentum. On-chain data may lend support to this outlook. According to CryptoQuant figures cited by Crypto Rover earlier today, whale buying activity has reached record highs. That trend is underscored by the latest corporate buying figures from SharpLink Gaming (SBET), one of the largest ETH-holding public companies. In a press release issued today, SharpLink said it had purchased 79,949 ETH in the week ended July 20, the highest weekly tally since launching its treasury strategy in June. The firm now holds 360,807 ETH and said it has over $96 million in undeployed capital ready to buy more. ETH's price has been largely resilient in the face of macro uncertainty, helped in part by growing conviction among retail and institutional investors. However, analysts say the next leg higher may require a reset, as "Andrew Crypto" noted: 'A chart without a correction isn't a healthy chart." According to CoinDesk Data, ether is trading at $3,696 at the time of writing, down 3.44% in the past 24 hours. Technical Analysis Highlights ETH fell 6.11% over the 24-hour period from July 21 at 15:00 UTC to July 22 at 14:00 UTC, tumbling from a session high of $3,851.59 to a low of $3,623.60 — a $228.15 intraday range, according to CoinDesk Research's technical analysis data. Bearish momentum intensified early on July 22, with ETH plunging from $3,731.37 to $3,656.39 by 04:00 UTC. Trading volume surged to 353,275 units, well above the 24-hour average of 265,473. Resistance strengthened around the $3,730–$3,740 zone. A brief recovery lifted ETH to $3,698.04 by 10:00 UTC before renewed selling pressure capped gains. Volume spiked again to 438,487 units at 13:00 UTC, reinforcing bearish sentiment. ETH closed the session near its low at $3,647.45, suggesting continued downside risk heading into the next trading cycle. In the final hour of the session (13:09–14:08 UTC on July 22), ETH plunged $46.31 from $3,697.08 to $3,650.77, marking a 1.25% drop. The decline accelerated after 13:30 UTC, with a dramatic surge in volume to 24,478 units at 13:32 — nearly 10x the early-hour pace. Key support levels at $3,690, $3,670, and $3,650 were all decisively breached. ETH lost more than $50 between 13:30 and 13:55 UTC alone, as high-volume liquidations exceeded 20,000 units per minute. Attempts at recovery failed in the closing minutes, with ETH setting fresh intraday lows and confirming a broader bearish trend. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-07-2025
- Business
- Yahoo
Asia Morning Briefing: Miners and Whales Dumping BTC Amid Rally May Signal 'Local Top'
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook is trading at $117,300 as Asia opens a new business week, just below last week's all-time high of $123,000. Ethereum (ETH) once again is outperforming the world's largest digital asset, holding above $3,700, up 4% in the past 24 hours and 26% over the past week, as capital continues to rotate into higher-beta assets. The CoinDesk 20 Index stands at 4,071.75, a sign of resilient investor appetite. But new data from CryptoQuant suggests potential turbulence may be forming beneath the surface. On July 15, Bitcoin exchange inflows surged to 81,000 BTC, the largest daily figure since February. The spike was driven by whales and miners: transfers of 100 BTC or more jumped from 13,000 to 58,000 BTC, while miner outflows hit 16,000 BTC, nearly all of which was deposited directly into exchanges. Ethereum showed a similar pattern. On July 16, 2 million ETH flowed into exchanges, the highest daily total since late February, following a 131% rally since April. CryptoQuant also noted a drop in miner wallet balances, from 68,000 BTC to 65,000 BTC since June 26, reinforcing the view that miners used last week's rally to realize profits. The confluence of large-holder and miner selling into strength suggests a localized top or a stretch of increased volatility. Historically, inflow spikes of this size have preceded price pullbacks, making this a potential caution flag for traders. While bullish momentum remains intact, the signals are hard to ignore. Enflux, a Singapore-based market maker, is watching technical indicators closely. 'Liquidity remains healthy, and we're watching closely for confirmation in perpetual open interest and altcoin depth,' the firm wrote in a recent note to CoinDesk. 'If ETH dominance continues to rise, we expect the tailwind for midcaps to extend into next week.' Meanwhile, altcoin inflows remain muted. Daily altcoin transactions into exchanges sit at just 31,000, far below the 120,000 observed during prior market tops in March and December 2024. CryptoQuant interprets this as a sign of low selling pressure, suggesting that altcoin holders may have stronger conviction, slower capital rotation, or are simply waiting for a fresh catalyst. For now, BTC and ETH remain the center of attention, but the sidelines may not stay quiet for long. Market Movements: BTC: Bitcoin is trading at $117,100 after consolidating in a tight range, with strong institutional activity earlier in the session giving way to a late-day selloff that broke key support near $118,000 and hints at a potential deeper pullback. ETH: Ethereum is trading up 3.78% as institutional capital pours in and funds rotate out of smaller altcoins, with analysts warning that rising momentum and $331 million in bearish bets could trigger a short squeeze and further accelerate the rally. Gold: Despite a recent dip, CIBC Capital Markets expects gold to average $3,600 in the second half of 2025, citing global uncertainty, rate cut expectations, and central bank stockpiling as key drivers of further gains. Nikkei 225: Closed for a public holiday. Elsewhere in Crypto: JPMorgan says regulators outside US appear to prefer tokenized bank deposits over stablecoins (The Block) California Sheriffs Believe 74-Year-Old's Disappearance Linked to Son's Crypto Fortune (Decrypt) Tether CEO Says He'll Comply With GENIUS to Come to U.S., Circle Says It's Set Now (CoinDesk) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-07-2025
- Business
- Yahoo
Ether Demand Driven by Institutional Buying in U.S., Coinbase Premium Shows
Ether (ETH) broke above $3,600 this week, marking its strongest rally since April, as on-chain data and ETF flows point to accelerating institutional demand, particularly from U.S.-based buyers. The surge in allocations follows a steady wave of buying activity on Coinbase, where ETH has begun to trade at a premium — a signal typically associated with U.S. whales and institutions ramping exposure. 'A premium on Ethereum, unseen in recent times, has emerged on Coinbase, a platform primarily used by U.S. institutions and whales,' CryptoQuant independent analyst CryptoDan said in a post. 'Moreover, the steady rise in buying activity, presumably from U.S. whales, is noteworthy.' 'Additionally, the recent inflow of funds into Ethereum spot ETFs has hit an all-time high on a daily basis, indicating that U.S. investors are aggressively accumulating Ethereum,' they added. The ETH/Coinbase premium, which tracks the price difference between ETH on Coinbase and Binance, had trended flat for much of June but flipped positive this week. That divergence, paired with spot ETF inflows, suggests that institutions are leading the current breakout rather than chasing. ETH is up 21% over the past 7 days, outperforming BTC and most major cryptocurrencies.
Yahoo
16-07-2025
- Business
- Yahoo
Altcoin Season Returns? Bitcoin Consolidates With ETH, SUI, SEI Among Those Taking Charge
Bitcoin triumphantly formed a series of fresh record highs last week, eventually topping out just shy of $124,000 as profit taking emerged. The rise has paved the way for what many are describing as the latest "altcoin season," which involves crypto tokens other than bitcoin making often exponential moves to the upside. The recent bitcoin bull market has just been that: a bitcoin bull market with altcoins taking the back seat as institutions rallied around spot bitcoin ETFs and BTC-based treasuries. But there has been a change in behavior this week. Several altcoins have posted gains of between 50% and 80% as capital begins to flow from the world's dominant crypto to more speculative bets. Ether had a good week on the back of a wave of institutional interest, rising by 23.3% compared to bitcoin's 9.3% gain. Other layer-1 blockchains like SEI and SUI also performed well, increasing by 41% and 36%, respectively. Altcoin seasons in previous bull markets have been a culmination of euphoria, speculative and viral moves often led by crypto influencers and celebrities. This time around it appears more precise and surgical, altcoins tied to projects with a lot of activity like SUI are the tokens moving. The data is also showing early signs of an altcoin season, CryptoQuant's MRVR-based altcoin season indicator has ticked into altcoin season for consecutive weeks for the first time since June 2024, indicating a shift in momentum. MVRV shows the market value's relative position to BTC and ETH, during previous bullish cycles the indicator was in an altcoin season for months at a time. Furthermore, the meme coin dominance chart has been on a significant downtrend since the turn of the year after botched meme coins issued by U.S. President Donald Trump and First Lady Melania Trump. The shift away from meme coins suggest that the this period of the cycle may be categorized by tokens tied to projects with merit rising as opposed to speculative high and euphoria. CoinDesk's CD20 index has also outperformed the CD5 index, the latter of which just considers BTC, ETH, XRP, SOL and ADA while the CD20 includes more altcoins, further demonstrating a transition into a bullish market for altcoins. CoinMarketCap's altcoin season barometer has also ticked up to 36 out of 100, a level seen just once in the past 90 days. The altcoin market is still heavily reliant on BTC. If bitcoin continues to consolidate above prior record highs at $112,000, altcoins are primed for a continued move to the upside. However, if bitcoin continues its ascent into unchartered territories, or if it breaks below $112,00, the altcoin market will underperform against BTC. This is because altcoins lack sufficient liquidity to deal with major price swings and if BTC continues to move to the upside, capital will be allocated to chasing that rally while altcoins take a back seat. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
