Bitcoin holds above 109k as market awaits next breakout; Altcoins decline
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Crypto prices remained range-bound on Friday, with Bitcoin trading marginally lower amid mixed signals from global markets and continued institutional inflows Bitcoin was last down 0.3% at $109,031, having touched an intraday high of $110,541 earlier in the session. Ethereum slipped 1% to $2,563. The global crypto market capitalisation also dipped 0.5% to $3.37 trillion, according to CoinMarketCap data.Major altcoins traded in the red, with XRP, Solana, Dogecoin, and Cardano shedding between 1% and 3%. Other top tokens such as Chainlink, Avalanche, Stellar, Toncoin, Shiba Inu, and Litecoin also declined up to 3%.Despite the mild pullback, analysts said market sentiment remains broadly positive, supported by institutional buying and a healthy technical setup.'Bitcoin (BTC) is hovering around $109,000, showing resilience after touching an intraday high near $110K,' said Shivam Thakral, CEO of BuyUcoin. 'Flows into spot BTC ETFs remain strong, drawing institutional capital and supporting prices. A breakout above $114K could trigger the next leg of the rally.'Edul Patel, Co-founder and CEO of Mudrex, echoed the optimism, noting that bulls continue to defend key levels.'Bitcoin is holding strong above the $109,000 mark despite brief selling pressure following U.S. payroll data,' Patel said. 'Data from The Block shows 98.9% of Bitcoin holders are currently 'in the money', reflecting strong market confidence. If Ethereum stays above $2,500, we could see a rally toward $2,700 driven by whale accumulation and institutional interest.'Adding to the upbeat outlook, Avinash Shekhar, Co-Founder and CEO of Pi42, said rising open interest and unrealised profits suggest the market is not overheated yet.'Bitcoin is trading firmly above $109,000, with the unrealised profit ratio at 80%—a healthy sign of confidence among holders. Open interest is rising again, reflecting renewed enthusiasm without signs of excessive speculation,' Shekhar said. 'Ethereum is holding within its expected range, supported by improving macro sentiment and equity market gains.'Among altcoins, Shekhar noted that XRP is showing strong upward potential with technical indicators pointing toward a possible move to $3, while Dogecoin has regained strength after breaking above its 50-day trendline.With bullish fundamentals intact, analysts believe Bitcoin may soon test the $110,000 mark again and possibly chart a path toward new all-time highs around $115,000.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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Time of India
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In some cases, whales aren't simply selling, they're swapping tokens for deals tied to the stock market, bypassing the open market. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Live Events 'What we're seeing is a churning in the base,' said Edward Chin, co-founder of Parataxis Capital. 'A less covered driver and potential reason for the churn and increasing network activity seems to be driven by whales converting their BTC into equity exposure through in-kind contributions of BTC into financing transactions tied to the public markets.' Institutions — from ETFs and Saylor's Strategy to dozens of corporate imitators — now control about a quarter of all Bitcoin in circulation. Back in 2020, researcher Flipside Crypto estimated that about 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency's blockchain controlled 95% of the digital asset. The power dynamic is shifting fast. 'Crypto is becoming less of an outlier and more established as a legitimate asset class,' said Rob Strebel, head of relationship management at the trading firm DRW, which includes crypto-focused arm Cumberland. Alongside that shift, 'we expect to see a compression in volatility.' That appears to be already taking place, dampening one of the most alluring aspects of Bitcoin to many traders. A closely watched measure of price swings has declined to the lowest level in about two years, according to Deribit's BTC Volatility Index. The gauge monitors the 30-day forward-looking annualized expectations of volatility. While the whales cut exposure, ETFs, treasury companies and other institutions combined have absorbed nearly 900,000 coins in the past year, according to 10x Research. These players now hold about 4.8 million coins, out of about 20 million Bitcoin in circulation. But even as institutions bring stability and legitimacy to the asset class, some observers warn they're also providing the long-awaited exit ramp for whales, raising the risk that it's retail and retirement investors left holding the bag if crypto sentiment falters. 'The goal for a long time has always been to make Bitcoin a palatable asset for institutional investors to provide exit liquidity in volume so the whales could cash out,' said Hilary Allen, a law professor at American University's Washington College of Law, a long-time crypto skeptic. 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Outflows of just 2% in 2018 and 9% in 2022 triggered Bitcoin price drops of 74% and 64%, respectively, according to 10x Research. 'We are nearing a point where the market is hitting its peak,' said Fred Thiel, chief executive officer of Bitcoin miner MARA Holdings Inc., which has yet to sell any of its Bitcoin holdings. 'My personal belief, however, is we are in a very different market dynamic today.' All told, the shift from anonymous whales to institutional allocators may help sustain the current market dynamic for an extended period. 'This can go on for a long time — years,' said Markus Thielen, CEO of 10x Research. 'It's more of a slow grind, where Bitcoin becomes more of a 10%-20% asset. The nature of Bitcoin really changes.'
