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- A whale sold 24,000 BTC worth $310M, sending Bitcoin below $114K.
- Ethereum and Solana held firm despite Bitcoin’s sharp drop.
- Market cap fell under $4T, highlighting ongoing volatility.
The global cryptocurrency market cap slipped to $3.95 trillion, down 0.89% in the past 24 hours, as investor sentiment cooled to neutral. The Fear & Greed Index now sits at 50, reflecting caution after a volatile week. The CMC100 index also fell 1.18% to $244.57, underscoring the market-wide pullback.
Bitcoin Faces Sharpest Drop
Bitcoin (BTC) led the decline, sliding below $114,000 and erasing gains from the Federal Reserve’s dovish rate outlook. Analysts attribute the drop to a massive on-chain event: a whale moved 24,000 BTC—worth nearly $310 million—in a single transaction.
The selling pressure triggered liquidations across major exchanges, particularly among leveraged traders, reversing all of Friday’s gains. The whale’s wallets still hold 152,000 BTC, with funds originally deposited to HTX six years ago. Market watchers suggest further consolidation may follow throughout August and September, making near-term volatility likely.
Ethereum and Major Altcoins Show Resilience
Despite Bitcoin’s sharp correction, Ethereum (ETH) has proven more resilient, holding above $4,700 after a mild 0.83% dip. ETH remains up more than 10% over the past week, buoyed by institutional demand and staking inflows.
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XRP traded at $3.04, slipping only 0.31%, while BNB held steady at $877.86. BNB’s stability followed a notable announcement: China Renaissance, a Hong Kong–listed investment firm, has invested $100 million into BNB, marking the first publicly traded company to take such a position.
Solana (SOL), one of the strongest recent performers, dipped to $210.47, down 0.93% but still holding a 15% weekly gain. Meanwhile, Dogecoin (DOGE) slid to $0.2322, losing 1.54% as meme coins mirrored the broader market correction.
Market Outlook: Healthy Correction or Warning Sign?
While corrections are a natural part of crypto’s market cycle, Bitcoin’s vulnerability to large whale moves highlights ongoing liquidity risks. Analysts remain broadly bullish on the long-term outlook for digital assets, but the latest reset serves as a reminder: in crypto, a single wallet can move markets in hours.
The latest crypto market dip underscores the fragility of short-term rallies in the face of whale activity. While Ethereum and major altcoins remain relatively stable, Bitcoin continues to bear the brunt of volatility—setting the tone for the rest of the market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
