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Bitcoin Spot ETF Approved, Ethereum Explodes 20% Weekly, and More: This Week’s Crypto Recap

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What a week…

The United States Securities and Exchange Commission finally greenlighted a spot Bitcoin Exchange-Traded Fund (ETF). Those of you who’ve been following the industry for many years know that this has been one of the most highly-anticipated moments, and it’s absolutely monumental how far the industry has come in 2024.

But the process itself was particularly scuffed, to say the least. First, the SEC’s X account was compromised, and the attacker tweeted (falsely) that the ETF was approved. This happened before the much-awaited deadline, and it caused a stir in the market, driving BTC’s price up and down like a rollercoaster. Chairman Gensler was quick to confirm the security breach.

A couple of days later, when the final decision was supposed to come in, the SEC’s website saw the official order published, which gave the green light to spot Bitcoin ETFs. The community was ecstatic… for a moment. Minutes after the link leading to the order was published, it was taken down, causing many to wonder whether this wasn’t the work of yet another wrongdoer.

After a back-and-forth that lasted a few hours, the ETF was finally confirmed. The price went into a rampage of volatility, reaching $49K and crashing by $3K almost immediately after.

Despite this monumental week for BTC, it only managed to increase by some 2.8% and is trading below $45K at the time of this writing.

But that’s not everything.

Ethereum seems to be the bigger winner this week, as ETH’s price soared by a whopping 20% after the BTC ETF was approved. The reason seems simple in hindsight. The SEC gave the go-ahead to a spot BTC ETF strengthens the odds of it doing the same with an ETH ETF, and there are quite a bit few applications filed for that, too.

In fact, BlackRock – the world’s largest asset manager, has one filed for ETH, as well. Larry Fink, the company’s CEO, said today that he sees a lot of value in the Commission giving the green light to an ETH ETF as well.

Amid all this, Circle – the company issuing the world’s second-largest stablecoin (USDC) – announced plans to go public.

It’s also worth noting that all of this happened just a few months before the much-anticipated Bitcoin halving event, so it seems that we are in for an exciting 2024!

Market Data

Market Cap: $1.816T | 24H Vol: $145B | BTC Dominance: 47.9%

BTC: $44,484 (+2%) | ETH: $2,663 (+18.5%) | BNB: $306 (-2.9%)

This Week’s Crypto Headlines You Better Not Miss

It’s Official: SEC Approves Bitcoin Spot ETFs For Trade In The United States. The long wait is finally over. The United States Securities and Exchange Commission gave the go-ahead for a spot Bitcoin ETF in an unprecedented move earlier this week.

Bitcoin ETF Volumes Top $4 Billion With 700,000 Trades on Day 1. It was a very volatile day following the approval of the spot Bitcoin ETF. The investment product itself saw combined trading volume exceeding $4 billion on the first day after its launch (across multiple providers).

Fake News: SEC Twitter Account Compromised. The launch of the spot BTC ETF wasn’t without any hiccups. A couple of days before it happened, the SEC’s X account was compromised. The perpetrator published a fake tweet of approval, sending the market into a spiral of volatility and resulting in hundreds of millions worth of liquidated leverage positions.

USDC Issuer Circle Files for US IPO. Circle, the company that issues the world’s second-largest stablecoin (USDC), will be going after an initial public offering (IPO). Further details, such as the proposed number of shares and a price range, are yet to be revealed.

Very Important Update Concerning Ripple (XRP). Ripple – the company behind XRP – will be buying back $285 million worth of its own shares from early investors and employees – according to Reuters. The tender would value the company at a whopping $11.3 billion.

Fundstrat Predicts Bitcoin Could Hit $500k Within Five Years. One of the most popular research companies with a focus on cryptocurrencies and a veteran participant in the industry – Fundstrat – sees Bitcoin reaching a whopping $500K price within the next five years. The reason hides, in part, within the approval of spot BTC ETFs.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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