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BTC Steady Above $100K, Fed Maintains Interest Rates, ETF Filings Pile Up: Your Weekly Crypto Recap

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It was another eventful week in the cryptocurrency space and it all began on Monday morning as a Chinese AI company splashed the waters. DeepSeek arrived at the scene with a bang, indicating that it can do everything ChatGPT does but is faster and cheaper, which put into question the need for highly powerful chips from giants like Nvidia.

Aside from the market-wide crash in stocks, including NVDA’s double-digit dump, the news sent shockwaves across crypto as well. BTC stood around $105,000 ahead of the Monday morning Asian trading session but slumped in hours by several grand to a multi-week low of under $98,000.

The altcoins followed suit, but this otherwise violent correction didn’t last long. By Tuesday morning, the asset had reclaimed the coveted $100,000 mark despite another brief slip below it. The markets calmed for the next few days or so in anticipation of the first FOMC meeting of the year and the first under Trump.

Once that took place and it became known that the US central bank will not change the key interest rates, BTC headed south immediately by $1,500. However, it bounced off on Thursday and spiked to $106,500 where it faced another reaction. After another correction to $104,000 earlier today, bitcoin’s price movements have calmed, and the asset stands at around $105,000 as of press time.

The weekly charts are predominantly in the red, with SOL emerging as the poorest performer within this timeframe. It’s down by 11% after last week’s all-time high amid the TRUMP token mania. DOGE, HBAR, SHIB, and XLM are also deep in the red, while OM has soared by nearly 50% since last Friday.

Market Data

Crypto Weekly. Source: QuantifyCrypto

Market Cap: $3.744T | 24H Vol: $120B | BTC Dominance: 55.6%

BTC: $104,830 (-0.85%) | ETH: $3,352 (-1.5% ) | XRP: $3.09 (-3%)

This Week’s Crypto Headlines You Can’t Miss

Nvidia Stock Crashed 17% as DeepSeek OpenSource AI Revolution Slaps Down US Stocks. The week started with some big AI news from China as DeepSeek emerged as a cheaper and simpler alternative to ChatGPT. This sent shockwaves across Wall Street and crypto, with BTC tumbling below $100,000 briefly and Nvidia’s stock crashing by double digits.

CBOE Restarts US Solana ETF Race With Filings for 4 Asset Managers. The seemingly more favorable regulatory environment in the US toward the crypto industry has propelled many asset managers to submit filings for locally-based digital asset ETFs. Solana is among the leaders, as CBOE filed applications for SOL ETFs from four leading asset managers.

Bitcoin Price Drops by $1K as US Federal Reserve Maintains Interest Rates. BTC’s aforementioned drop from $103,000 to $101,500 after the US Federal Reserve’s move to keep the interest rates as is was short-lived. Nevertheless, the uncertainty about the US economy, inflation state, and future Fed decisions remains with Trump at the helm.

5 Reasons to Be Bullish on Ethereum (ETH) Despite January Drop. ETH is among the most underwhelming performers during this bull cycle, with its price failing to come anywhere near its 2021 all-time high of over $4,800. However, Etherealize founder Vivek Raman outlined five reasons why investors should feel bullish on ETH, but the apparent lack of whale activity suggests otherwise, at least for the short term.

Elon Musk-Led Tesla Reports Massive $600M Bitcoin Gain in Q4, 2024. A new rule in the US reporting book that allows firms to adjust digital asset valuations quarterly based on market prices allowed Elon Musk’s Tesla to report a substantial $600 million paper profit on its BTC investment that was made nearly four years ago.

Litecoin ETF One Step Closer to Approval: Will the SEC Finally Say Yes? Aside from SOL, the other larger-cap altcoins that have seen some movements on the ETF front include LTC and XRP. The former even surged by double digits this week as the US SEC officially recognized Canary Capital’s proposal for a Litecoin ETF and the review process has not begun.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – 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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