Cryptocurrency markets are down on Thursday, with altcoins notably underperforming Bitcoin after a recent strong spell.
Notable Statistics:
IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 13.4% and increased by 5.2%, respectively. Daily active addresses grew 6.2% and dropped 4.8%, respectively. Coinglass data shows 310,509 traders were liquidated in the past 24 hours for $956.46 million. SoSoValue data shows net outflows of $85.96 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $332.2 million.
Trader Notes: Rekt Capital sees Bitcoin is currently in week three of its price discovery uptrend two, a historical phase that often sees several more weeks of rally before a potential pullback, dubbed price discovery correction two.
The broader trend remains intact, with further upside potential.
Crypto trader Scient observed that although Bitcoin has remained range-bound over the past three days, BTC Dominance is climbing as Ethereum, and altcoins decline.
This capital rotation into Bitcoin may be laying the groundwork for a push toward $125,000.
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Miles Deutscher pointed out that Ethereum’s recent rally to $3,800 was largely driven by ETF flows and spot demand, without a spike in funding rates, indicating the move wasn’t driven by leverage or hype.
As the cycle matures, funding is expected to rise, but for now, market conditions appear sustainable and healthy.
CrediBULL Crypto noted that XRP has completed a triple tap pattern, hitting the range highs and successfully flipping its D3 supply zone into support.
On lower timeframes, a fifth sub-wave may still be in play, pointing to the end of an initial 5-wave structure from the $1.90 lows. The trader sees the current pullback as a bullish consolidation.
Crypto trader GalaxyBTC highlighted a classic breakout and retest pattern on Dogecoin, predicting a significant move is on the horizon for the meme coin.
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Unlock RankingsEdge RankingsMomentum93.91Price TrendShortMediumLongOverview$DOGEDogecoin$0.2392-0.65%$ETHEthereum – United States dollar$3657.150.74%$SHIBShiba Inu – United States dollar$0.000014-0.79%$SOLSolana – United States dollar$186.66-1.49%$XRPRipple – United States dollar$3.18-0.28%Market News and Data brought to you by Benzinga APIs
