Crypto Price Analysis 8-6: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, UNISWAP: UNI
The crypto market registered a marginal decline over the past 24 hours as Bitcoin (BTC) and other cryptocurrencies traded in the red. BTC briefly reclaimed $115,000 on Tuesday but lost momentum almost immediately, plunging to a low of $112,756. However, it rebounded from this level to reclaim $114,000 and move to its current level of $114,064. The flagship cryptocurrency is marginally down over the past 24 hours.
Meanwhile, Ethereum (ETH) registered a notably bigger decline, dropping almost 1% to $3,634. The world’s second-largest cryptocurrency has struggled to reclaim $3,700, and is down almost 5% over the past week. Ripple (XRP) is down nearly 3%, having slipped below $3 and trading around $2.95. Meanwhile, Solana (SOL) is down 2.32%, trading around $164. Dogecoin (DOGE) is down 2.82% and Cardano (ADA) is down 2.31%, trading around $0.726. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), Uniswap (UNI), and Polkadot (DOT) also registered substantial declines.
SEC Says Some Liquid Staking Activities Fall Outside Securities Laws
The United States Securities and Exchange Commission (SEC) has said that certain cryptocurrency liquid staking activities are not securities offerings. The directive is a significant step towards the market regulator’s efforts to provide clear guidance on digital asset regulation. The SEC released a statement referring to key sections of the Securities Act of 1933 and the Securities Exchange Act of 1934.
“The statement clarifies the division’s view that, depending on the facts and circumstances, the liquid staking activities covered in the statement do not involve the offer and sale of securities.”
The SEC defined liquid staking as the process of staking digital assets through a protocol and receiving a “liquid staking receipt token,” which acts as proof of ownership.
“Today’s staff statement on liquid staking is a significant step forward in clarifying the staff’s view about crypto asset activities that do not fall within the SEC’s jurisdiction.”
BlackRock Leads Spot Ether ETF Exodus
US-based spot Ether ETFs registered nearly $500 million in daily net outflows on Monday, the highest in a single day since their launch, according to data from Farside Investors. Farside Investors’ data showed that spot Ether ETFs registered net outflows of $465 million on Monday, the second day of outflows since breaking a 20-day inflow streak on Friday. The sharp pullback in ETFs could signal a potential shift in investor sentiment following a strong showing in July. Spot Ether ETFs registered a record $5.43 billion in net inflows in July.
The latest outflows coincided with ETH dropping to an intraday low of $3,380 on Sunday, down nearly 12% from its peak last week. Data from SoSoValue shows that BlackRock’s iShares Ethereum Trust (ETHA) registered the biggest outflow on Monday with $375 million. Despite the outflows, the ETF maintains a cumulative net inflow of $9.3 billion and net assets $10 billion.
Trump Could Sign Order To Probe Debanking Claims
President Donald Trump plans to sign an executive order directing banking regulators to investigate debanking claims made by prominent individuals from the crypto sector and several conservatives. A rough draft of the order directs bank regulators to probe financial institutions that violated antitrust, consumer financial protection, or fair lending practice laws to cut any agency policy that could have led to banks dropping customers.
The order also directs regulators to refer potential violations to the US Justice Department, with violators facing fines and legal action. According to reports, Trump could sign the executive order as early as this week. Prominent crypto industry executives have long claimed that the Biden administration used regulators to cut off the crypto industry from legacy financial institutions after the FTX collapse. Court documents revealed that the Federal Deposit Insurance Corporation had asked banks to pause crypto-related activities in 2022.
Philippines SEC Goes After Unregistered Crypto Platforms
The Philippines Securities and Exchange Commission has issued an advisory naming several cryptocurrency exchanges, including OKX, Bybit, KuCoin, and Kraken, for operating without proper authorization under the country’s new crypto regulations. The alert warned that several platforms were offering and promoting crypto services despite lacking the necessary registration under SEC Memoranda Circulars No. 4 and No. 5. The new circulars came into effect on Tuesday. The alert stated,
“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public. Their actions are unauthorized and expose Filipino investors to significant risk.”
The Philippines SEC acknowledged that their current list may not include all violators, and other platforms providing similar services are also in violation of Philippine Securities laws.
“The rules apply to any person or entity that offers, promotes, or facilitates access to crypto-asset trading venues or intermediation services such as buying, selling, and derivatives trading of crypto-assets.”
The agency warned violators it would pursue legal and regulatory action against them, including cease-and-desist orders and criminal complaints. The regulator also plans to work with Google, Apple, and Meta to restrict unauthorized marketing activities.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to falter as the flagship cryptocurrency fell back into the red during the ongoing session. BTC ended the weekend positively and pushed higher on Monday, rising 0.69% to cross $115,000 and settle at $115,097. However, it lost momentum on Tuesday, falling to an intraday low of $112,722 before settling at $114,722, down almost 1%. BTC’s rebound faces resistance as long-term holders continue cashing out and institutional interest begins to cool.
BTC is also seeing several sell signals, with two key metrics suggesting a shift in investor sentiment. This points to a possible pause in upward momentum as long-term holders lock in their profits, giving sellers an advantage. Several old whales have also moved around 3,000 BTC around Thursday. Historically, such movements are generally associated with local tops, indicating that BTC’s rally could take a breather. Taker sells volume on futures contracts has also risen. The last time this happened, BTC saw a 6% drop. Options data shows a clear shift in sentiment, with the 30-day skew dropping from +2% to -2%, indicating that investors are paying more to hedge against declines.
Institutional interest has also cooled, with $1.2 billion being moved out of spot Bitcoin ETFs over the past two days, adding to the sell pressure. CoinShares believes a trend shift is underway following a hawkish FOMC meeting. Georgii Verbitski, founder of TYMIO, stated,
“Sideways trading through August is the most probable scenario before momentum resumes.”
Meanwhile, Galaxy Digital founder Michael Novogratz has warned that the growing trend of Bitcoin treasury companies has peaked. Recent months have seen an influx of several new companies holding Bitcoin (BTC) on their balance sheets.
“The question now is which of the existing companies will become monsters.”
Novogratz warned that the growing number of Bitcoin (BTC) and Ether treasury companies could shut out new entrants thanks to dwindling liquidity and opportunities in the sector.
BTC ended the previous weekend in positive territory, rising 1.31% to $119,398. However, it lost momentum on Monday, dropping 1.11% to $118,069. The price encountered volatility on Tuesday as buyers and sellers struggled to establish control. Sellers gained the upper hand as the price registered a marginal decline and settled at $117,925. BTC fell to an intraday low of $115,722 on Wednesday as selling pressure intensified. It rebounded to reclaim $117,000 and settle at $117,783, ultimately registering a marginal decline. Sellers retained control on Thursday as BTC fell almost 2% and settled at $115,800.
Source: TradingView
Bearish sentiment intensified on Friday as BTC dropped over 2%, slipping below $114,000 and settling at $113,365. The price continued declining on Saturday, falling almost 1% to settle at $112,601. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 1.52% to reclaim $114,000 and settle at $114,311. Buyers retained control on Monday as the price rose 0.69% and settled at $115,097. BTC plunged to an intraday low of $112,722 on Tuesday as selling pressure returned. However, it rebounded from this level to reclaim $114,000 and settle at $114,135, ultimately registering a drop of 0.84%. The current session sees BTC marginally down as buyers and sellers struggle to establish control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is marginally up during the ongoing session despite a substantial decline on Tuesday. The world’s second-largest cryptocurrency dropped to an intraday low of $3,547 as selling pressure intensified thanks to a major selloff in Ethereum ETFs. Spot Ethereum ETFs registered a staggering $465 million outflow in a single trading session, prompting analysts to question the longevity and sustainability of the current bull cycle. Claims that the bull market may have reached its peak appear justified with BTC, ETH, and other cryptocurrencies registering notable declines.
BlackRock’s Ethereum ETF registered its most significant outflow since inception, with over 101,000 ETH worth around $375 million liquidated. The outflow snaps the asset manager’s 21-day inflow streak.
“ETH ETFs were bloody red today. 133.1K ETH ($465M) of outflows. On the bright side, ETH ended up green for the day (+6.3%).”
Collective Ethereum ETF outflows reached $465 million, the largest single-day redemption since their launch in July 2024.
ETH ended the previous weekend up 3.52% at 3,875. However, it lost momentum on Monday, falling over 2% to $3,797. The altcoin experienced volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ETH registered a marginal decline. The price fell to an intraday low of $3,680 on Wednesday. However, it rebounded from this level to reclaim $3,800 and settle at $3,811, ultimately rising 0.42%. Sellers reclaimed control on Thursday as ETH fell almost 3% and settled at $3,699.
Source: TradingView
Selling pressure intensified on Friday as ETH plunged almost 6% to $3,488. Sellers retained control on Saturday as the price fell nearly 3%, slipping below $3,400 and settling at $3,393. Despite the overwhelming selling pressure, ETH recovered on Sunday, rising over 3% to settle at $3,500. Bullish sentiment intensified on Monday as the price rose over 6% to reclaim $3,700 and settle at $3,721. ETH was back in bearish territory on Tuesday, dropping nearly 3% to $3,613. The current session sees the price marginally up as buyers and sellers struggle to establish control.
Solana (SOL) Price Analysis
Solana (SOL) is back in the red after a strong start to the week as buyers failed to push the altcoin past $170. SOL started the week in bullish territory, rising nearly 5% and settling at $169. However, buyers lost steam on Tuesday as the price fell 0.60% to $164. The current session sees SOL marginally down, trading around $163.
SOL started the previous week with a sharp jump to an intraday high of $195. It lost momentum after reaching this level, dropping over 3% to $183. Sellers retained control on Tuesday as the price fell almost 1% to $181. SOL dropped to an intraday low of $170 on Wednesday as selling pressure intensified. However, it rebounded from this level to settle at $177, ultimately registering a 2.06% decline. The price continued declining on Thursday, dropping over 3% and settling at $172.
Source: TradingView
Bearish sentiment intensified on Friday as SOL plunged 5.57%, slipping below $170 and settling at $162. Selling pressure persisted on Saturday as SOL slipped below $160 and settled at $158. Despite the overwhelming selling pressure, SOL recovered on Sunday, rising over 2% to reclaim $160 and settle at $162. Bullish sentiment intensified on Monday as the price rose nearly 5% and settled at $169. However, SOL was back in the red on Tuesday, dropping over 3% and settling at $164. The current session sees the price marginally down, trading around $163 as buyers and sellers struggle to establish control.
Ripple (XRP) Price Analysis
Ripple (XRP) fell below $2 on Tuesday, signalling weakness and a potential continuation of its downward trajectory. Despite the recent decline, XRP rose nearly 30% over the past month, with its momentum fueled by institutional interest, whale accumulation, and a regulatory breakthrough with the Securities and Exchange Commission. XRP investors are growing increasingly optimistic ahead of the market regulator’s expected status report on August 15, which could finally end Ripple’s multi-year lawsuit. XRP-related investment products registered over $31 million in inflows. Whale trackers also confirmed large transactions, including a 20 million XRP transfer worth $60 million.
Investors are also positive about potential XRP ETF approvals. The SEC is set to rule on several XRP ETF applications on October 17.
XRP started the previous week in the red, dropping nearly 4% to $3.12. It registered a marginal increase on Tuesday but was back in the red on Wednesday, falling 1.06% and settling at $3.09. Buyers attempted a recovery as the price reached an intraday high of $3.17. However, it could not stay at this level and fell 2.41% to settle at $3.02. Sellers retained control on Friday as XRP dropped over 2%, slipping below $3 and settling at $2.96.
Source: TradingView
Bearish sentiment intensified on Saturday as the price fell almost 7% and settled at $2.76. Despite the overwhelming selling pressure, XRP recovered on Sunday, rising 6.61% to end the weekend at $2.95. Buyers retained control on Monday as the price rose over 4% to reclaim $3 and settle at $3.07. Selling pressure returned on Tuesday as XRP dropped 3.58%, slipping below $3 and settling at $3.96. The current session sees XRP marginally down, trading around $2.94.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a sharp drop on Monday (July 28), dropping nearly 6% and settling at $10.40. Sellers retained control on Tuesday as the price fell almost 1% to $10.31. UNI encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price fell over 3%, slipping below $10 and settling at $9.99. Selling pressure intensified on Thursday as UNI plunged over 6% to $9.35.
Source: TradingView
Bearish sentiment persisted on Friday as the price fell 3.36% to $9.04. Sellers retained control on Saturday as UNI dropped over 3%, slipping below $9 and settling at $8.75. The price recovered on Sunday, rising 4.48% to reclaim $9 and settle at $9.15. Bullish sentiment intensified on Monday as UNI rallied, rising nearly 9% and settling at $9.95. However, buyers lost momentum on Tuesday as the price fell 3.70% to $9.58. The current session sees UNI marginally down as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
