Whale Revives Profit-Taking Concerns as Bitcoin Holds Flat: Crypto Daybook Americas
Bitcoin’s recent price action showed a brief rally in the Asian session, peaking near $119,200 before retreating. This continues a two-week period of sideways trading. The broader cryptocurrency market displayed weakness, with the CoinDesk 20 index down 1.4% and the CD80 index down 4.6%, indicating significant altcoin weakness. The reactivation of long-dormant bitcoin whale wallets raises concerns about potential profit-taking. One address inactive for over 12 years moved 343 BTC.
Meanwhile, the Ethereum Treasury protocol ETH Strategy secured $46.5 million in pre-launch funding. Ethereum’s recent price increase fueled renewed interest in NFTs, particularly CryptoPunks, whose floor price exceeded $200,000 for the first time in over a year, a 160% increase since August 2024. Conversely, Solana-based FARTCOIN futures experienced significant liquidations totaling $11.39 million, the largest for the year, highlighting speculative excesses.
Traditional markets saw the U.S. dollar index briefly surpass 99.00, its highest since June 23. A strengthening dollar could limit Bitcoin’s upside. Former Bank of Japan Governor Hiroshi Nakaso hinted at potential further interest rate increases, while U.S.-China trade talks continue in Stockholm.
Upcoming events include a webinar on Bitcoin’s potential as a global reserve currency (July 31), the Helium Network halving event (August 1), Hong Kong’s Stablecoins Ordinance taking effect (August 1), and the launch of a bitcoin-backed stablecoin BTCD (August 1). The FTX distribution to eligible claimants is scheduled for August 15. Macroeconomic data releases include U.S. labor market data and consumer confidence (July 29), Mexican Q2 GDP growth (July 30), U.S. Q2 GDP data (July 30), and the Bank of Canada’s monetary policy decision (July 30). The Federal Reserve will also announce its monetary policy decision on July 30. Several companies, including PayPal, Robinhood, Coinbase, and Reddit, are set to release earnings reports in the coming days.
