Whale Revives Profit-Taking Concerns as Bitcoin Holds Flat: Crypto Daybook Americas
Bitcoin’s Asian session bounce from $117,500 ran out of steam near $119,200 during European hours, extending two weeks of directionless trading. The CoinDesk 20 (CD20) Index traded 1.4% lower over 24 hours, with the broader CD80 gauge reporting a 4.6% decline, indicating pronounced weakness in altcoins.
Against the background of a flat BTC market, the awakening of long-dormant bitcoin whale wallets is raising concerns about potential profit-taking by seasoned investors. According to Whale Alert, an address that was dormant for over 12 years moved 343 BTC in early Asian hours.
Meanwhile, Ethereum Treasury protocol ETH Strategy, designed to provide leveraged exposure to ether, raised 12,342 ETH ($46.5 million) in its prelaunch funding. The fundraising operation targeted a diverse range of investor profiles through private and public sales, as well as puttable warrants.
Speaking of ether, its recent rally has sparked renewed enthusiasm in risky corners of the crypto market, including CryptoPunks, the Ethereum-based 10,000-piece pixel-art NFT collection. The floor price for CryptoPunks topped $200,000 for the first time in over a year, marking a 160% growth since August last year. (More on this in the Token Talk section).
Futures tied to Solana-based joke token FARTCOIN witnessed large liquidations Monday as the token’s price dropped over 10%. The long liquidations tallied $11.39 million, the largest for the year, Coinglass data show. Futures on the token had zoomed into top 10 rankings last week, pointing to a build of speculative excesses in the crypto market.
In traditional markets, the dollar index briefly topped 99.00, the highest since June 23. A continued recovery in the U.S. currency could cap upside in BTC. Former Bank of Japan Governor Hiroshi Nakaso said the central bank might resume interest-rate increases, and the U.S. and China are meeting in Stockholm to continue trade talks. Stay alert!
BY: Omkar Godbole
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