Cryptocurrency markets are trading lower as profit-taking continues to weigh on sentiment.
Notable Statistics:
- Coinglass data shows 126,923 traders were liquidated in the past 24 hours for $444.38 million.
- SoSoValue data shows net outflows of $121.8 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $196.6 million.
- The top losers in the past 24 hours include Pump.fun (CRYPTO: PUMP), Sei (CRYPTO: SEI) and SPX6900 (CRYPTO: SPX).
Notable Developments:
- Wyoming State Debuts US Dollar Stablecoin On Seven Blockchains
- Circle Launches New Blockchain For Stablecoins: Goldman Sachs, JPMorgan Analysts Adjust Price Targets
- KindlyMD Expands Bitcoin Treasury With $679 Million Acquisition
- Trump Jr.-Linked Thumzup Expands Into Dogecoin, Litecoin Mining With Dogehash Deal
Trader Notes: IntoTheCryptoverse founder Benjamin Cowen predicts Bitcoin is likely to retest its bull market support band in September, consistent with historical post-halving corrections.
CryptoQuant data shows Bitcoin's weakness around 480 days after the halving mirrors prior cycles, suggesting the current dip could last another 2–4 weeks before momentum shifts higher, potentially accelerating toward new highs by Day 510.
Crypto industry expert Quinten Francois noted it's hard to be bearish when Bitcoin is turning an 8-year resistance into support, reinforcing the long-term bullish case.
Rekt Capital highlighted Bitcoin's dip below $114,000, stressing a daily close under this level followed by resistance confirmation as key for a confirmed breakdown.
Roman Trading added that while the uptrend from April 8 has broken, a downtrend is not confirmed unless $112,000 support is lost.
He also noted declining volume suggests the move may lack conviction, with horizontal support outweighing diagonal support for now.
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