Bitcoin, Ethereum Flat, But Dogecoin Spikes: 'Veteran Holders Are Not Selling Bitcoin,' Analyst Highlights

Author: Khyathi Dalal | July 22, 2024 03:17pm

Cryptocurrency markets are trading relatively flat, with Dogecoin the notable bullish exception.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$68,231.5	+1.3%
Ethereum (CRYPTO: ETH)	$3,498.7	+0.15%
Solana (CRYPTO: SOL)	$81.56	+3%
Dogecoin (CRYPTO: DOGE)	$0.142	+6.95%
Shiba Inu (CRYPTO: SHIB)	$0.00001786	+0.8%

Notable Statistics:

• IntoTheBlock data shows large transaction volume dropped by 16% and daily active addresses declined by 12.6%. Exchange netflows decreased by 118.3%.
• Coinglass data shows 43,399 traders liquidated in the past 24 hours for $111.4 million. Bitcoin's open interest spiked to $37 billion highest since June 11.  
• Crypto chart analyst Ali Martinez cited a CNBC interview where it is indicated that Bitcoin could be the U.S. reserve currency.
• In another tweet, Martinez noted whales are buying and hodling Bitcoin again. He sees a major shift from Bitcoin distribution to accumulation.

Notable Developments:

• Hong Kong Launches Asia’s First Bitcoin Futures Inverse Product
• Shorting BTC Before Trump’s Bitcoin Conference Speech Is A Dangerous Game: 10x Research
• President Biden’s Exit Followed Nearly $80M In Wagers On Crypto Prediction Market Polymarket
• Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled
• Trump Fundraiser At Bitcoin Conference Reaches $845K Asking Price Per Seat

Top Losers:

Cryptocurrency	Price	Gains +/–
cat in a dogs world (CRYPTO: MEW)	$0.008241	+17.2%
Celestia (CRYPTO: TIA)	$7.54	14.8%
Dogwifhat (CRYPTO: WIF)	$2.87	11.4%

Trader Notes: Cryptoquant Founder & CEO Ki Young Ju, in his latest post, highlighted that bull market investors (holders of 6 months to 2 years) offloaded most of their Bitcoin as it approached its earlier all-time high.

He adds, "If you’re selling Bitcoin now, you likely haven’t held it for over 3 years, as veteran holders aren’t selling."

CrypNuevo discussed Bitcoin's future trajectory in the context of liquidations.

$BTC liquidations:

The liquidity at $68.9k keeps increasing non-stop, and it just seems a matter of time before Bitcoin hits that level.

The only question is whether if we see a little drop first before reaching there or if we go up there straight away. pic.twitter.com/YYxH2CkpCv

— CrypNuevo 🔨 (@CrypNuevo) July 22, 2024

Crypto chart analyst Ali Martinez thinks Bitcoin is "breaking through multiple trend lines in the hourly chart." In another tweet, he points to a crucial support level for Bitcoin is "between $63,440 and $65,470, where 1.89 million addresses bought 1.23 million BTC."

#Bitcoin is breaking through multiple trend lines in the hourly chart! pic.twitter.com/Z9d4ZqXNlj

— Ali (@ali_charts) July 22, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Analyst Predicts Bitcoin To Soar By 83%, But There’s One Major Catch: ‘We’re Going To Get That Continuation As Long As …’

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $SHIB $SOL $TIA