gm 09/11

Summary
gm, Bitcoin reclaimed the $103,000 level despite remaining sharply lower for the week, down approximately 7.8%. Institutional activity continued to expand with Strategy raising $715 million through its European STRE offering to purchase more Bitcoin, while JPMorgan increased its stake in the iShares Bitcoin Trust ETF by 64% to $343 million. Notable developments included Bitwise's filing for a Dogecoin ETF potentially launching this month, contrasting with its Solana ETF which has seen significant inflows of $545 million while Bitcoin and Ethereum funds experienced outflows. Privacy tokens showed remarkable strength, with Zcash surging to near 8-year highs and Monero gaining over 22% in 24 hours, reflecting growing concerns about privacy and decentralization in the crypto ecosystem.

News Headlines
📉 A BTC Market Divided: Whales Dump While the Rest Accumulate

• Bitcoin's market is experiencing a clear division, with whales holding over 10,000 BTC consistently selling their assets over the past three months, while smaller investors with less than 1,000 BTC are actively accumulating, and mid-sized holders remain neutral.
• On-chain data suggests the recent price drop is linked to previously dormant Bitcoin re-entering circulation, with whale selling behavior significantly influencing market dynamics despite the accumulation trend among smaller investors.

🏆 SUI Surges 7% to Break Key Resistance as Broader Market Slips

• SUI experienced a notable 7.33% surge to $2.08, breaking through the critical $2.00 resistance level while most other cryptocurrencies remained flat or declined. Despite the price increase, trading volume remained below its 7-day average, suggesting concentrated institutional buying.
• Analysts remain optimistic about SUI's long-term prospects due to its layer-1 blockchain technology and expanding ecosystem, with future resistance levels identified at $2.07-$2.08 and a potential next target of $2.34 if momentum continues.

🔒 Privacy Coin Zcash Surges to Near 8-Year High

• Zcash has surged 33% to reach nearly $735, triggering over $51 million in liquidations of short positions, making it the third highest in crypto liquidations behind Bitcoin and Ethereum. The privacy-focused cryptocurrency has increased tenfold over the past five weeks, largely driven by growing concerns about privacy and decentralization in Bitcoin.
• Despite this impressive rally, Zcash still remains 79% below its all-time high of $3,191 from 2016, though its current market cap of around $11 billion makes it the largest privacy coin in the crypto ecosystem.

💻 ICP Jumps 7.9% to $7.77 as Breakout Rally Extends on Heavy Volume

• Internet Computer (ICP) advanced 7.88% to $7.77, with trading volume soaring 261% above average, indicating sustained bullish momentum following its recent breakout. The token's movement above previous resistance levels suggests a continuation of the uptrend that started earlier in the week.
• Technical analysis shows resistance near $8.00 and support at $7.40, with analysts monitoring potential targets of $8.50 to $8.90 if the upward momentum persists. The consistent formation of higher lows reinforces its upward trajectory.

🚀 Ripple Leads Week's Biggest Funding Rounds with $500 Million Raise

• Ripple secured a massive $500 million funding round, achieving a $40 billion valuation, making it one of the top funding events of the week alongside Metropolis, an AI parking solution provider that also raised $500 million.
• The impressive funding week also saw Armis securing $435 million in pre-IPO funding for cybersecurity tools, and Synchron raising $200 million for neurotechnology aimed at assisting individuals with paralysis, reflecting strong investor interest in cryptocurrency and AI-powered technologies.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
💰 Federal Reserve Eyes $3T Stablecoin Market Impact

• Fed Governor Stephen Miran estimates stablecoins could grow to $1-3 trillion by 2030, potentially requiring adjustments to U.S. monetary policy due to increased demand for dollar-tied assets.
• Miran downplayed concerns about stablecoins draining U.S. bank deposits, noting that new regulations under the GENIUS Act would prevent yield offerings on stablecoins.

📱 XRP Rallies on ETF Filing Progress

• XRP's price surged 3.6% to $2.31 following Canary Capital Group's amended prospectus for an XRP ETF, bringing it closer to SEC approval and potentially increasing institutional interest.
• Trading volume exploded 86% above daily averages as 21,595 new XRP wallets were created in 48 hours, demonstrating growing investor participation and network growth.

🔄 Trump Administration Overhauls U.S. Crypto Policy

• President Trump has established a pro-crypto stance in his first year back in office, pushing for bitcoin reserves and prioritizing legislation like the GENIUS Act to regulate the industry.
• The administration has shifted from enforcement-focused regulation to more supportive measures for crypto entities, although government shutdown issues have hampered progress on crucial market structure bills.

⚖️ SBF's Appeal Faces Skeptical Appeals Court

• During Sam Bankman-Fried's hearing at the Second Circuit Court of Appeals, judges expressed skepticism toward his attorney's arguments for a new trial, questioning claims of judicial bias.
• The judicial panel focused significantly on the $11 billion forfeiture amount, probing its justification given potential creditor recovery prospects.

Technical Analysis
Bitcoin - An approximate horizontal trend channel in the short term is broken down. A continued weak development is indicated, and the currency now meets resistance on possible reactions up towards the trend lines. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 107300 points. Negative volume balance shows that volume is higher on days with falling prices than days with rising prices. This indicates decreasing optimism among investors. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken the falling trend channel down in the short term. This signals an even stronger falling rate, but the negative development may result in corrections up in the short term. It also gave a negative signal from the rectangle formation at the break down through the support at 3777. Further fall to 3189 or lower is signaled. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3830 points. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.