Bitcoin, Ethereum, Dogecoin Print More Red Candles, But Top Trader 'Can't Be Bearish Here'

Zinger Key Points
  • Global crypto market capitalization down 2.7% to $2.3 trillion as long liquidations spiked to the highest since June 7.
  • One trader noted that Bitcoin’s top could come around year-end or October 2025, while another points to statistics impacting the market.

Cryptocurrency markets are trading down again, as the Donald Trump-themed DJT meme coin causes shockwaves in the crypto industry.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$64,593.68-2.5%
Ethereum ETH/USD$3,440.87-2.5%
Solana SOL/USD$3,440.87-6.7%
Dogecoin DOGE/USD$0.1209-8.1%
Shiba Inu SHIB/USD$0.00001796-9%

Notable Statistics:

  • IntoTheBlock data shows a 67.7% increase in large transaction volume, while transactions greater than $100,000 spiked from 4,812 on June 16 to 6,958 on June 17.
  • Coinglass data notes long liquidations at $286.15 million, which is the highest since June 7, with Bitcoin long liquidations at the highest since June 11.
  • Early Bitcoin miners realized a profit of around $550 million in 2024 in the $62,000 to $70,000 price range.

Notable Developments:

Top Losers:

CryptocurrencyPriceGains +/
Core CORE/USD$1.27-19.5%
Celestia TIA/USD$6.26  -16.9%
Jupiter JUP/USD$0.7245-16.7%

Trader Notes: Crypto chart analyst Ali Martinez commented on the future price trajectory of Bitcoin.

Capo of Crypto commented that while altcoins keep bleeding, Bitcoin and Ethereum remain strong. He added, "I can’t be bearish here. Buying more alts at a discount."

CryptoQuant Founder & CEO Ki Young Ju pointed to some interesting statistics that are likely to impact the market.

  • Bitcoin long-term holder whales sold $1.2 billion in the past 2 weeks, likely through brokers.
  • ETF netflows are negative, with $460 million outflows in the same period.
  • If this ~$1.6 billion in sell-side liquidity isn't bought OTC, brokers may deposit BTC to exchanges.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Where Do Bitcoin And Ethereum Go From Here?

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