Bitcoin remained stable despite a sharp decline in technology stocks triggered by weaker-than-expected corporate profits.
Notable stats:
Data from Coinglass shows that 83,203 traders were liquidated in the last 24 hours for $301.33 million. Data from SoSoValue shows net outflows of $225.2 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $26.3 million. Over the past 24 hours, top gainers include DeXe, Audiera and LayerZero.
Notable developments:
Trader Notes:
Crypto trader Kaleo remains convinced that Bitcoin has one last leg down before the bear market bottom is reached, although the decline could come by mid-August or sooner.
He believes the market is nearing its bottom from a timing perspective and recommends keeping capital ready to accumulate high-conviction assets.
Meanwhile, he doesn’t expect Bitcoin to reclaim $100,000 or set new all-time highs until 2027.
Trader KillaXBT claims that Bitcoin’s market cycle has accelerated, pointing out that it reached a new all-time high before the latest halving and did so just 476 days after the cycle bottom, much faster than in previous cycles.
He expects the same pattern to repeat itself, with an all-time high halved, faster lows and highs, and a caution against too much reliance on historical seasonality, which he says has already started to diverge.
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