It turns out that the start of the cryptocurrency week is a 'sell the news' gala, as the overall cryptocurrency market crashes, with Bitcoin (BTC) price falling nearly 5% from its historical high of $123,000. A Bitcoin whale from the Satoshi era recently transferred 18,643 Bitcoins worth $2 billion to Galaxy Digital as a potential profit-taking move.
Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), and other altcoins have also seen a 3-8% pullback today. The upcoming U.S. CPI and PPI data for June will be closely watched this week.
At the start of the cryptocurrency week, the cryptocurrency market is on the brink of a collapse.
As the much-anticipated 2025 cryptocurrency week kicks off, the three most important items on the agenda are the GENIUS stablecoin bill, the CLARITY bill, and the anti-CBDC surveillance bill. The cryptocurrency community cheers for these developments, as the cryptocurrency market has rebounded strongly in the past two weeks, with Bitcoin price reaching a new all-time high.
However, the start of the cryptocurrency week seems to have turned into a 'sell the news' event. According to Coinglass data, with today's crash in the cryptocurrency market, a total of $681 million was liquidated in the past 24 hours, of which long positions accounted for over $406 million. As Bitcoin leads the cryptocurrency market, top altcoins like ETH, XRP, and SOL are also facing similar declines.
A Bitcoin whale from the Satoshi era has again transferred $2 billion worth of Bitcoin.
A Bitcoin whale from the Satoshi era, known as the 'Bitcoin OG,' has transferred an additional 7,843 BTC to Galaxy Digital, worth nearly $927 million, bringing the total transfer amount recently to 16,843 BTC, worth about $2 billion.
According to LookonChain data, Galaxy Digital has started to deposit some BTC into cryptocurrency exchanges. So far, 2,000 BTC (approximately $236 million) have been directly transferred to platforms like Bybit and Binance.
Bitcoin whale wallets associated with Satoshi-era BTC holders still hold 80,009 BTC, estimated to be worth $9.46 billion at current market prices.
Before the release of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data, altcoin prices have significantly dropped.
Top altcoins like Ethereum (ETH), XRP, and Solana (SOL) saw a double-digit increase in the past week but have now dropped by 3-8%. As a result, ETH and XRP have both fallen below the key resistance levels of $3,000 and $3.0, respectively, and bulls need to make greater efforts to achieve sustained increases.
With the arrival of the cryptocurrency week, market investors are paying more attention to the upcoming U.S. CPI and PPI data for June. Economists predict that the U.S. economy will grow by 0.3% month-on-month and 2.6% year-on-year in June. This will be higher than last month's annualized growth rate of 2.4%. Such inflation data may lead to further selling pressure on risk assets like cryptocurrencies.
