The broader crypto market showed signs of divergence, with BNB gaining 4.6% to hit a new all-time high of $804, while coins like Ethereum, XRP, Cardano, and Avalanche fell up to 2%. Traders pointed to a sector-wide pause after weeks of bullish price action driven by regulatory optimism and institutional interest.
“Bitcoin is consolidating just below its all-time high, showing signs of slowing momentum amid the largest exchange inflows since July 2024 and ETF outflows of $68 million on July 22,” said Riya Sehgal, Research Analyst at Delta Exchange. She added that a sustained hold above $117,000 keeps the bullish bias intact, but a breach below this support level could trigger a deeper correction.
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Bitcoin’s dominance has now declined for seven straight days, suggesting a capital rotation into altcoins. Ethereum ETFs alone have seen $533.8 million in inflows, potentially setting the stage for a high-volatility altcoin rally.While BNB stood out with a record-high price, other tokens like Solana, Tron, and Stellar rose between 1% and 2.4%. In contrast, Ethereum and Cardano remained under pressure, unable to sustain recent highs.
According to CoinDCX Research, “Despite growing weakness among the bulls, markets remain largely stable. Bitcoin is above $118K, Ethereum over $3,700, and there’s renewed attention on memecoins, signaling retail interest.”The SEC recently paused the conversion of Bitwise’s 10 Crypto Index Fund into an ETF shortly after approval, adding a layer of uncertainty. Meanwhile, 21Shares filed for an ONDO ETF, and a draft legislation on crypto markets was released by U.S. Senators, covering token classification, banking rules, and disclosures.Shivam Thakral, CEO of BuyUcoin, said, “The market is digesting macroeconomic concerns, but the surge in institutional adoption and clarity on regulations is keeping the uptrend alive. If the momentum sustains, another leg up is possible.”
Vikram Subburaj, CEO of Giottus, added that Bitcoin remains in a “liquidity tug-of-war,” with possible downside support at $115,000–116,100. The Coinbase Premium Index staying flat indicates cautious U.S.-based participation, he noted.
Edul Patel, Co-founder and CEO of Mudrex, pointed to renewed institutional accumulation, including Strategy’s purchase of 6,220 BTC and SharpLink’s $258 million ETH buy. “If momentum holds, Bitcoin could test resistance at $122,400, with key support shifting to $117,400—a healthy setup for continued upside,” he said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)