Crypto markets are trading higher due to a surge in whale trading as they await approval of an Ethereum ETF amid a week of key economic data.
| Cryptocurrency | price | Profit +/- |
| 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:
- According to data from IntoTheBlock, large transaction volume, which refers to transactions over $100,000, increased 74% from 5,512 on July 7 to 7,867 on July 8. Daily active addresses increased 27.3%. Currently, 83% of Bitcoin holders are profitable.
- CoinGlass noted that 33,021 traders were liquidated in the past 24 hours, with total liquidation reaching $91.07 million.
- Santiment data revealed this week that sentiment towards Bitcoin among traders on X, Reddit, Telegram, 4Chan and BitcoinTalk hit its most bearish in a year.
- There are currently 54.09 million active Bitcoin wallets on the network, down 566,000 since June 15, according to data from Santiment.
Notable developments:
Bitcoin, Ethereum and other crypto-related thefts to surge to $1.38 billion in first half of 2024, nearly double last year: report
Republicans vow to support Bitcoin and cryptocurrencies in the 2024 elections, even as bettors lower the odds that Biden will drop out of the presidential race.
Football legend Lionel Messi's Instagram account posts unexpected promotion for Solana meme coin
Solana surges 5.5% after Cboe files SEC application to list VanEck, 21Shares Spot ETF
Top gainers:
| Cryptocurrency | price | Profit +/– |
| Celestia TIA/USD | $7.16 | +17.3% |
| Surname SEI/USD | $0.3403 | +15.5% |
| Bittensor TAO/USD | $259.07 | +12.7% |
Founder and CEO, Cryptoquant Ki Young-ju He stressed that the Bitcoin miner capitulation is still ongoing, noting that historically, this would end when the average daily mining amount reaches 40% of the annual average, but is currently at 72%.
“The cryptocurrency market is expected to be a boring one over the next few months,” he added.
Seth, a macroeconomist and cryptocurrency trader, revealed that he has 2,300 Bitcoin sell orders at $58,000 as Bitcoin is currently struggling at resistance levels.
Bitcoin technical analyst CryptoCon explained in a detailed post that Bitcoin's four-year pattern has remained unchanged for 14 years until March 2024. Based on his alternative theory, he predicted that the April 2025 peak will suddenly come back on track.
What's next?: Bitcoin's impact as an institutional asset class will be explored in depth at Benzinga's “The Future of Digital Assets” event on November 19th.
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