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Cryptocurrency markets are trading higher amid surging whale transactions. The market awaits the Ethereum ETF approval during a big week of economic data lined up.CryptocurrencyPriceGains +/-Bitcoin BTC/USD $57,769.88+2.2%Ethereum ETH/USD $3,065.47+2%Solana SOL/USD $141.98+2.7%Dogecoin DOGE/USD $0.1073-0.5%Shiba Inu SHIB/USD $0.00001632-0.2%
Notable Statistics: IntoTheBlock data noted a 74% increase in large transaction volume alongside transactions greater than $100,000, from 5,512 as of July 7 to 7,867 transactions as of July 8. Daily active addresses widened by 27.3%. Currently, 83% of Bitcoin holders are in a profitable position. Coinglass noted 33,021 traders were liquidated in the past 24 hours, total liquidations stands at $91.07 million. Santiment data noted Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan, and BitcoinTalk are showing the most bearish narratives this week in a year. Currently, there are 54.09 million non-empty Bitcoin wallets on the network, dropping by a net of 566,000 since June 15 based on Santiment data.
Notable Developments:
Bitcoin, Ethereum And Other Crypto-related Thefts Soar To $1.38B In First Half Of 2024, Almost Double Compared To Last Year: Report
Republicans Vow To Support Bitcoin And Crypto In 2024 Election Even As Bettors Lower Odds Of Biden Dropping Out Of Presidential Race
Soccer Legend Lionel Messis Instagram Account Posts Unexpected Solana Meme Coin Promo
Solana Jumps 5.5% As Cboe Files Application With SEC To List VanEck, 21Shares Spot ETFs Top Gainers:CryptocurrencyPriceGains +/Celestia TIA/USD $7.16+17.3%Sei SEI/USD $0.3403+15.5%Bittensor TAO/USD $259.07+12.7%
Trader Notes: Moustache aka El Crypto Prof noted that this is just a Bitcoin correction, nothing more. He added that he had called the bottom in 2022 and is also trying to nail the macro top for BTC. He concluded, "Macro top is NOT in."
Cryptoquant Founder and CEO Ki Young Ju highlighted that Bitcoin miner capitulation is still ongoing. He drew parallels that historically this ends when the daily average mined value is 40% of the yearly average; its now at 72%.
Expect the crypto markets to be boring for the next 2-3 months, he added.
Macroeconomist and crypto trader Seth revealed that there are 2,300 Bitcoin sell orders on $58,000, while currently Bitcoin is struggling at the resistance level.
Bitcoin technical analyst CryptoCon explained in a detailed post that Bitcoin's 4-year pattern has remained unchanged for 14 years until March 2024 came around. Based on his Alternate theory, he predicted that "A top in April 2025 suddenly becomes on track."
Whats Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: What Technical Analysis Says About Bitcoins Latest Dump
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