The giant whale that has been dormant for seven years transferred more than 92,000 ETH, and Ethereum fell below $3,100 in the short term.

By Mary Liu, BitpushNews

Crypto markets and tech stocks failed to rebound after strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation data on Thursday.

GDP data released on Thursday showed that the U.S. economy grew by 2.8% in the second quarter of 2024, exceeding the 2% forecast by economists, and inflation pressure measured by the personal consumption expenditures (PCE) price index fell from 3.4% to 2.6%. %, indicating progress towards the Fed's 2% inflation target.

ABN AMRO economist James Knightly said U.S. consumer spending will slow in the second half of 2024. He added: "Business surveys certainly point to a weak outlook, and today's data does not shake the market's confidence that the Fed will cut interest rates in September."

According to the Chicago Mercantile Exchange (CME) FedWatch tool, interest rate traders are pricing in a September rate cut. The probability was raised to 85.7%.

As of the close of the day, major U.S. stock indexes were mixed, with the Dow Jones closing up 0.20%, the S&P and Nasdaq falling 0.51% and 0.93% respectively.

Bitcoin fell below the $65,500 support in the early hours of Thursday morning, hitting a low of $63,420 in the afternoon, before bulls pushed it back above $65,000, data showed. At the time of writing, Bitcoin is trading at $65,857, up 0.43% in 24 hours.

Ethereum fell nearly 5% in 24 hours, once falling below $3,100 that day. Since the listing of the spot Ethereum ETF, ETH has fallen 8.2% in the past week.

The altcoin market was generally down, with only Galxe (GAL) among the top 200 coins by market capitalization posting gains, rising 15.4% to trade at $3.55. Among the declining coins, BinaryX (BNX) led the decline, losing 19%, Blast (BLAST) lost 15.2%, and ether.fi (ETHFI) lost 14.2%.

The current overall market value of cryptocurrency is US$2.3 trillion, and Bitcoin’s share is 55.4%.

The whale that has been dormant for 7 years transferred 92,500 ETH, or is it related to the Ethereum Foundation?

Blockchain trackers including Whale Alert detected that at 03:39:23PM UTC on July 25, an address transferred more than 92,000 ETH, worth approximately US$290 million, after being dormant for 7 years. The tokens have been held at the same address since 2017.

Arkham Intelligence’s on-chain data shows that the funds may be related to the Ethereum Foundation, and the address was flagged by it as a wallet suspected to be associated with the Ethereum Foundation (0xe93232a). Others in the community said the funds may be tied to early donors to the organization.

Data shows that the wallet originally received 96,474 ETH from the Ethereum Foundation on September 1, 2015 at 12:21:51 UTC, worth $130,320.

Currently, these tokens are idle in wallet "0xe481a22". While it is unclear whether these tokens originated from the Ethereum Foundation, the funds have not been sold or moved to exchanges as of press time. The transfer occurred during a period of ETH price decline and also coincided with the launch of the spot Ethereum ETF.

BTC retests key support level

Market analyst TradingShot said: "Bitcoin today tested the 1D MA50 (blue trend line in the picture below) for the first time since July 19, which is the highest since October 11, 2023. Important 'Breakout and Pullback' Retest This is the last time BTC retested the 1D MA50 as support following the recent breakout, following the bearish phase of the 21-month ascending channel from April 14, 2023 to September 11, 2023. , the phase started at the bottom of the previous bear cycle in November 2022,” he said: “Despite a slight dip below that level on the retest, it still managed to maintain a candle close above it. level and kicked off the October 2023 to March 2024 rally. Therefore, if the same closing conditions hold, we expect a similar rally to begin, which would technically be a new bullish trend that could eventually reach 10. Psychological benchmark of $10,000. "

TradingShot said: "It must also be said that next week's Fed interest rate decision or at least hints of the September meeting will undoubtedly have a huge impact on it."

Market analyst SatochiTrader also Think the current weakness is only temporary and think Bitcoin will start moving higher once the latest round of FUD clears up.

SatochiTrader 在X 平台表示「BTC 擁有大量DCA（美元成本平均法）巨鯨，他們將竭盡全力保護價格走勢，我們的策略是在活躍週期內持有BTC。有關人工智慧、川普、中國和礦工的新聞可能會暫時影響市場，但不會永久影響市場。

TradingView 用戶 The_ForexX_Mindset 敦促交易員儘管最近出現拋售但仍保持冷靜，因為技術數據表明比特幣將很快走高。

他表示：「不要驚慌，TA 很清楚接下來會發生什麼，許多交易員在恐慌狀態下拋售。一旦這一切結束，一般規則就會恢復正常。那些擁有ALTS 的人，價格會回升。許多人們出於恐懼而拋售。

他說：「現在每日收盤價需要高於65,000 美元（上圖藍色），才能使重新測試成功，並將價格保持在65,000-71,500 美元的區域內（上圖紅色）。 」

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