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Huge Bitcoin Volatility, Ethereum Picks Up Speed, Ripple Bull Run Goes On: This Week’s Crypto Recap

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It was a crazy week in the cryptocurrency industry, filled with a lot of volatility, a resurgance that the entire community was debating about, as well as the story of the underdog coming back at it. Let’s dive in.

First, we have Bitcoin. Its price tried to breach $100K last weekend on numerous occasions, but it turned out that the sell wall there was just too big for the bulls to overcome. That ultimately took its toll, and the price crashed, reaching almost $90K during the week. That’s when things started to get funny. The sentiment was completely from less than a week ago when BTC breached $90K for the first time.

Nevertheless, the price didn’t spend much time at these lows as the bulls were quick to regroup and started pushing forward. At the time of this writing, BTC is trading at around $97K and many are already calling for $100K to be breached this time around.

Another interesting turn is Ethereum’s performance throughout the past seven days. Now, you have to understand that many in the community have been making fun of ETH for being the slow runner throughout this bull run and failing to keep up. This week, however, it’s up by more than 8% and it appears that it’s looking at it’s next target at $3.7K.

But the best performer of them all throughout the past seven days was Ripple’s XRP. The cryptocurrency has been on an absolute tear throughout the past month, and it has even managed to flip BNB for the spot of the 5th largest coin by means of total market capitalization, albeit marginally as of yet.

It’s interesting to see how things will turn in the next couple of weeks, but it appears that the market remains as heated as ever.

Market Data

Source: Quantify Crypto

Market Cap: $3.53T | 24H Vol: $212B | BTC Dominance: 54.5%

BTC: $97,240 (-1.7%) | ETH: $3,582 ( +8.1% ) | XRP: $1.70 (+14.5%)

This Week’s Crypto Headlines You Can’t Miss

MicroStrategy Breaks its Own Record: Another Massive Purchase for 55,500 BTC (Worth $5.4B). The business intelligence company has increased its Bitcoin holdings to 386,700 BTC, following a record-breaking purchase of 55,500 BTC worth $5.4 billion at an average price of $97,862. The company’s total crypto stash, acquired for nearly $22 billion, is now valued at around $37.6 billion, yielding over $15 billion in paper profit. 

WisdomTree Files for Ripple (XRP) in Delaware. The entity has filed initial paperwork in Delaware to launch an XRP exchange-traded fund (ETF), marking the first step toward regulatory approval, with an S-1 registration required to proceed. While the filing reflects growing interest in altcoin ETFs, significant regulatory challenges could delay approvals.

Solana’s Pump.fun Halts Livestream Function After Disturbing Content Sparks Outrage. The Solana-based meme coin generator, has suspended its livestream functionality indefinitely to address inappropriate content and enhance moderation systems. The decision follows incidents of disturbing behavior on its platform, prompting the team to prioritize user safety and transparency while improving content control measures

TORN Surges 400% as Court Rules Against US Treasury Sanctions on Tornado Cash. The federal appeals court ruled that Tornado Cash’s smart contracts cannot be sanctioned as “property,” overturning the Treasury Department’s 2022 ruling against the crypto mixer. This decision was followed by a massive price resurgence for the underlying cryptocurrency.

MARA Boosts BTC Holdings to $3.3 Billion Through $1B Convertible Note Offering. MARA, formerly known as Marathon Digital, has expanded its Bitcoin holdings to 34,797 BTC (valued at $3.3 billion) after purchasing 6,474 BTC in November using proceeds from a $1 billion convertible note offering. The mining company plans to issue an additional $700 million in convertible notes for further Bitcoin acquisitions and corporate purposes, mirroring MicroStrategy’s debt-fueled BTC buying strategy.

Global Stablecoin Supply Hits New All-Time High. The total market capitalization of the stablecoin sector has reached a record $191.6 billion, with Tether (USDT) dominating 69% of the market and USD Coin (USDC) accounting for 21%. The figure represents a 50% increase since January 2024, driven by growing demand and bullish sentiment in the broader crypto market.

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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.

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