Markets
Bitcoin, Ethereum, Dogecoin Trade in the Green as Whale Transactions Surge: ‘Crypto Markets Will Be Boring for the Next 2-3 Months’
Cryptocurrency markets are trading higher amid rising whale transactions. The market awaits the approval of the Ethereum ETF during a big week of economic data aligned.
| Cryptocurrency | Price | Earnings +/- |
| 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:
- Data from IntoTheBlock noted a 74% increase in large transaction volume along with transactions larger than $100,000, from 5,512 on July 7 to 7,867 transactions on July 8. Daily active addresses increased by 27.3%. Currently, 83% of Bitcoin holders are in a profitable position.
- Coinglass noted that 33,021 traders were liquidated in the past 24 hours, with total liquidations at $91.07 million.
- Santiment Data observed Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan and BitcoinTalk is showing the most bearish narratives this week in a year.
- There are currently 54.09 million non-empty Bitcoin wallets on the network, a net drop of 566,000 since June 15, according to Santiment data.
Notable developments:
Football legend Lionel Messi’s Instagram account posts unexpected promotion for Solana meme coin
Solana Jumps 5.5% as Cboe Files Application with SEC to List VanEck, 21Shares Spot ETFs
Biggest winners:
| Cryptocurrency | Price | Earnings +/– |
| Celestia TIA/USD | $7.16 | +17.3% |
| I know SEI/USD | $0.3403 | +15.5% |
| Bittensor TAO/USD | $259.07 | +12.7% |
Trader’s Notes: Mustache aka El Crypto Prof observed that this is just a Bitcoin correction, nothing more. He added that he had predicted the bottom in 2022 and is also trying to nail the macro top for BTC. He concluded: “The macro top is NOT in.”
Founder and CEO of Cryptoquant How young you are He pointed out that the capitulation of Bitcoin miners is still ongoing. He drew parallels that historically this ends when the average daily value mined is 40% of the annual average; now it is at 72%.
“Expect crypto markets to be boring for the next 2-3 months,” he added.
Macroeconomist and cryptocurrency trader Seth revealed that there are 2,300 sell orders for Bitcoin at $58,000, while Bitcoin is currently struggling at the resistance level.
Bitcoin Technical Analyst CryptoCon explained in a detailed post that Bitcoin’s 4-year pattern remained unchanged for 14 years until March 2024. Based on his alternative theory, he predicted that “A top in April 2025 suddenly becomes the right path.”
What is the next: The influence of Bitcoin as an institutional asset class is expected to be explored extensively at Benzinga’s next event Future of Digital Assets event on November 19th.
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