Crypto Markets Surge, Whale Transactions Rise, Bitcoin Sentiment Turns Bearish

Crypto Markets Surge, Whale Transactions Rise, Bitcoin Sentiment Turns Bearish

Cryptocurrency Markets See Increased Activity Amid Whale Transactions

The cryptocurrency market is experiencing a surge in activity, with whale transactions playing a significant role. Data from IntoTheBlock shows a 74% increase in large transaction volume, with transactions exceeding $100,000 jumping from 5,512 on July 7th to 7,867 on July 8th. Daily active addresses also saw a 27.3% increase.

Ethereum ETF Approval Awaited Amid Busy Economic Data Week

The market is eagerly awaiting the decision on the Ethereum ETF approval. This comes during a week packed with important economic data releases.

Bitcoin Sentiment Turns Bearish

While Bitcoin holders are largely in profit, with 83% currently holding profitable positions, sentiment among traders has turned bearish. Data from Santiment indicates that Bitcoin sentiment on various platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk is showing the most bearish narratives in a year.

Bitcoin Thefts Rise, Republicans Support Crypto

Reports indicate that Bitcoin, Ethereum, and other crypto-related thefts have soared to $1.38 billion in the first half of 2024, almost double the amount compared to the same period last year. Meanwhile, Republicans have pledged their support for Bitcoin and crypto in the 2024 elections.

Solana Jumps, Bitcoin Faces Resistance

Solana has seen a 5.5% jump following Cboe's application to the SEC to list VanEck and 21Shares spot ETFs. Bitcoin, however, is facing resistance at the $58,000 level, with 2,300 sell orders placed at that price point.

Bitcoin's 4-Year Pattern and Future Predictions

Crypto analyst CryptoCon has observed a shift in Bitcoin's 4-year pattern, which had remained unchanged for 14 years until March 2024. Based on his analysis, he predicts a potential top in April 2025.

The Future of Digital Assets

The upcoming Benzinga's Future of Digital Assets event on November 19th will delve into the growing influence of Bitcoin as an institutional asset class. Additionally, technical analysis will be discussed to understand Bitcoin's recent price movements.