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Bitcoin (BTC) Price Stands Close to $64K, Toncoin’s (TON) Downfall Continues (Weekend Watch)

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After tapping $65,000 yesterday, bitcoin’s price actions calmed, and the asset remained relatively still at around $64,000.

The altcoins are also quite sluggish on a daily scale, aside from TON, which was impacted by the news surrounding Pavel Durov, Telegram’s CEO.

BTC Calms at $64K

The business week started on a negative note for the primary cryptocurrency as it failed to overcome the coveted $60,000 level and the subsequent rejection pushed it south by two grand on Monday. However, it recovered most losses on Tuesday and Wednesday and even attempted a breakout above $60,000 but to no avail, at least until Friday.

That’s when the bulls took complete control of the market and propelled an impressive rally that drove bitcoin from around $60,500 to $64,000 before the asset exploded further on Saturday morning to $65,000. Some of the possible reasons behind this notable price surge can be found here.

Nevertheless, BTC failed to maintain its run and retraced by around a grand in the following hours. As of now, it struggles to remain confidently above $64,000. Its market capitalization, though, stands strong at over $1.260 trillion on CG.

Bitcoin’s dominance over the altcoins is also on the run as it has neared 54% once again. Recall that the metric had fallen to 53.3% earlier this week.

Bitcoin/Price/Chart 25.08.2024. Source: TradingView
Bitcoin/Price/Chart 25.08.2024. Source: TradingView

TON Slumps Hard

The biggest news in social media and related to the crypto industry in the past 12 hours or so came from France. Local media reported that Telegram’s CEO, Pavel Durov, was arrested after he left his private jet. In the following hours, TON’s price tumbled hard by over 20% now to under $5.4.

Most other larger-cap alts are slightly in the red. ETH, BNB, XRP, ADA, AVAX, SHIB, BCH, and DOT have all produced minor daily losses, while SOL and TRX are with insignificant gains.

The total crypto market cap has shed about $20 billion since yesterday and sits at just under $2.350 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.

Cryptocurrency

Bitcoin Price Tests $110K as Total Liquidations Near $300 Million

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Bitcoin’s price has managed to completely erase the losses from yesterday and it appears that bulls are on the run again.

At the time of this writing, BTC is trading at around $109,500, preparing to test the pivotal technical and psychological level of $110K, sitting right below the cryptocurrency’s all-time high.

BTCUSD_2025-07-02_19-15-08

Data from Coinglass shows that the total number of liquidations across the derivatives market currently sits at almost $300 million – a 32% increase compared to the previous 24 hours.

BTC leads the way with around $50 million in liquidations, where the majority of positions were short. In total, $190M out of the $300 million in forced-closed traders were betting on the price to go down.

Naturally, the altcoins are following suite and are also recovering and most of them are now trading in the green. It’s interesting to see if this will transition into a more sustained upward movement in the next few days.

Screenshot 2025-07-02 at 19.18.06
Source: Qunatify Crypto
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Cryptocurrency

Ripple (XRP) Price Outlook: 2 Bearish and 2 Bullish Factors to Watch

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TL;DR

  • XRP’s recent dip comes alongside a drop in key on-chain metrics – like active accounts and executed transactions – hinting at declining user engagement and a potential short-term correction.

  • Despite the concerns, optimism remains high as Polymarket gives a 92% chance for a spot XRP ETF approval by end-2025, while negative exchange netflows suggest reduced immediate selling pressure.

Pullback on the Horizon?

Ripple’s XRP started July on the right foot, with its price rising to as high as $2.30. The uptrend, however, was short-lived, and it currently trades at around $2.17 (according to CoinGecko’s data).

Meanwhile, the decline of certain XRP metrics suggests the asset’s investors may have to endure a more substantial correction in the near future. Data shows that the number of active accounts, the number of executed transactions, and the number of newly activated accounts have headed south in the past few days.

This development points to reduced user engagement and utility in XRP’s ecosystem, which may lead to price stagnation or even a pullback. 

Interest in Ripple’s cross-border token has also waned over the past several months. Google searches involving the asset are currently far below the peak levels registered in December last year. This could mean that fewer new buyers are entering the market.

XRP Google Searches
XRP Google Searches, Source: Google Trends

The Bullish Signals

Every coin has two sides, so let’s also observe the factors that suggest Ripple’s native token might be on the verge of a renewed rally.

To begin with, XRP investors could gain significantly if a spot ETF receives regulatory approval in the United States. A growing list of major firms – such as Grayscale, Bitwise, Franklin Templeton, 21Shares, and others – have already expressed interest in launching such a product.”

According to Polymarket, there’s a 92% chance that a spot XRP ETF will be greenlighted in America before the end of 2025.

XRP ETF Chances
XRP ETF Chances, Source: Polymarket

The surge in odds follows the SEC’s recent approval of Grayscale’s request to convert its Digital Large Cap Fund (GDLC) into a spot ETFa fund that holds multiple cryptocurrencies, including XRP.

Next on the list is XRP’s exchange netflow, which has been predominantly negative in the last several weeks. This indicates that investors have switched from centralized platforms toward self-custody methods, reflecting a reduced immediate selling pressure.

XRP Exchange Netflow
XRP Exchange Netflow, Source: CoinGlass
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Cryptocurrency

Who is Selling Their BTC at These Prices? Glassnode Reveals Bitcoin Profit Takers

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About a month ago, market analysts noted that profit-taking on the Bitcoin network was modest. However, that has changed.

The on-chain insights provider Glassnode has revealed that profit-taking on the leading digital network is ramping up again. This comes as Bitcoin (BTC) remains in a consolidation phase following weeks of upward movement.

BTC Holders Take Profits

According to Glassnode’s tweet, bitcoin’s realized profits hit $2.46 billion on June 30, while the network’s seven-day Simple Moving Average (SMA) spiked to $1.52 billion.

The SMA, which identifies trends by averaging prices over a specific period, is currently above its year-to-date (YTD) average of $1.14 billion. However, the metric is still below its November-December 2024 peak of approximately $4.5 billion.

The spike in Bitcoin’s seven-day SMA indicates that coin distribution on the network is on the rise. Mid-to-long-term BTC holders have been leading this profit-taking spree; Glassnode said investors aged three to five years have realized at least $849 million in profits. This cohort of market participants is followed by those aged seven to ten years, with $485 million in profits, and investors aged one to two years with $445 million.

Short-term BTC holders, those holding for under one year, have been cashing out the least gains, at less than $6 million.

Interestingly, older BTC holders have been leading the profit-taking for this cycle. CryptoPotato reported a rise in spending by this cohort in late May, which drove the aggregate volume for the one- to five-year cohorts to $4 billion, its highest level since February. While older investors take the lead, the bulk of the volume is coming from this particular group of Bitcoin holders.

Whales Are Redistributing Too

Glassnode’s latest report is further substantiated by an analysis from the institutional decentralized finance (DeFi) analytics platform, Sentora (previously known as IntoTheBlock).

The firm disclosed that wallets holding more than 1,000 BTC have been steadily reducing their balances. This indicates that although institutional money is flowing into Bitcoin, whales are still offloading their holdings.

It is worth mentioning that Sentora sees the redistribution by whales as a sign of a maturing market rather than weakness. Older whale coins being dispersed could become a dynamic that would strengthen Bitcoin’s long-term potential.

Meanwhile, BTC was still consolidating at the time of writing, hovering under $110,000 – a level, which it has remained confined to in the last few weeks.

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