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BTC Struggles Below $100K, US Inflation Higher Than Expected, ETF Filings Pile Up: Your Weekly Crypto Recap

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The last several days have been quite interesting for the cryptocurrency industry, with numerous events impacting the price of Bitcoin (BTC) and the altcoins.

At the beginning of the business week, American President Donald Trump continued his trade war, announcing an upcoming 25% import tax on all steel and aluminum entering the US. 

His announcement triggered another round of uncertainty across the financial markets. However, the impact on the crypto sector was not as intense as the one observed at the start of the month. 

This time, BTC slipped from around $98,000 at the time of the disclosure to roughly $97,000 hours later. On February 11, the bears retook control, suppressing the price to $95K before another resurgence of over $96,000. 

The release of the US CPI data on February 12, though, brought more pain for the bulls. The latest figures showed that inflation in the world’s largest economy was higher than the previous expectations. This caused a sudden drop below $95,000 for BTC and substantial declines for most altcoins. 

The crypto market has been in a recovery mode in the past two days, with the leading digital asset rising to its current $97,000, while many alternative coins charted significant gains.

Ripple’s XRP stands as the top performer, witnessing a daily increase of over 12% and surpassing $2.75. Its revival happened shortly after the US SEC acknowledged Graysclale’s application to convert its XRP Trust into an exchange-traded fund (ETF).

While the weekly charts of the biggest cryptocurrenciesBTC and ETHare in the red, this is not the case for many of the lower-ranked assets. XRP has soared by 11% in the past seven days, BNB is up 13% for the period, while ADA has jumped by 9%. 

Market Data

Crypto Weekly. Source: QuantifyCrypto
Crypto Weekly. Source: QuantifyCrypto

Market Cap: $3.34T | 24H Vol: $109B | BTC Dominance: 57.3%

BTC: $96,757 (-2.8%) | ETH: $2,713 (-2.4%) | XRP: $2.72 (+8%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Hash Rate Hits New All-time High: How Are Miners Coping? Bitcoin mining has become increasingly challenging. Earlier this month, the network’s hash rate hit an all-time high of 845 million terahashes per second, marking a 43% rise from last year. This surge enhances network security but makes mining more competitive, requiring greater computing power and energy consumption.

Strategy Resumes Bitcoin Buying Spree, Adds Another 7,633 BTC. Strategy, formerly MicroStrategy, resumed its Bitcoin accumulation after a brief pause, purchasing 7,633 BTC for $742.4 million at an average price of $97,255 per coin. This brings its total holdings to 478,740 BTC, worth $46.6 billion, giving the company a paper profit of over $15 billion.

Investor Profits Millions From CAR Meme Coin While Experts Warn of Potential Scam. The Central African Republic (CAR) recently launched a national meme coin, but skepticism quickly followed after an investor allegedly turned $5,000 into over $12 million within hours. Concerns over legitimacy grew when analysts pointed out that the project’s domain was registered just days before launch. In addition, some AI tools flagged the president’s announcement as possibly manipulated.

ADA Pumps 14% as Grayscale Files For Spot Cardano ETF. Earlier this week, Grayscale officially filed for a Cardano exchange-traded fund with the New York Stock Exchange. ADA’s price reacted positively, surging by double digits after the news. As mentioned above, Grayscale also revealed its intentions to convert its XRP Trust into a spot XRP ETF. 

Binance and SEC Agree to 60-Day Pause in Legal Proceedings. Binance and the US Securities and Exchange Commission (SEC) jointly filed a motion to pause their lawsuit for 60 days, citing the SEC’s newly formed crypto task force, which could influence the case’s resolution. This move, following the appointment of Chairman Mark Uyeda, may set a precedent for other cryptocurrency firms like Ripple, Coinbase, and Kraken to seek similar delays amid evolving regulatory changes.

Huge Pi Network (PI) News for All Users: Is the Long-Awaited Moment Here? The controversial crypto project Pi Network made the headlines, scheduling the launch of its Open Network for February 20. This development (if it indeed sees the light of day) will make the Pi token publicly accessible by allowing exchanges to list it. Some of the platforms that have revealed their intentions to enable trading services with the asset on launch day include Bitget, OKX, and MEXC.

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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