Bitcoin’s $107,800 Line In The Sand: Support Or Breakdown Ahead?

In a QuickTake post on CryptoQuant, Yonsei_dent shares some technical insight into the Bitcoin market, highlighting several important price levels at the moment. The analyst explains that Bitcoin’s current market price is sitting almost directly on top of the Short-Term Holder (STH) Realized Price, an important metric that tracks the average cost basis of recently acquired coins.

Notably, investors holding coins for 1 week–1 month have an average cost basis of $116,400, while the 1–3 month cohort sits lower at $112,600. Meanwhile, holders in the 3–6 month range show a significantly cheaper cost basis of $93,400. When all these groups of short-term holders are weighted by realized capitalization, the blended average STH cost basis is calculated at around $107,800, i.e., about 1.45%% below present market prices.

This alignment makes the $107,800 level a critical line in the sand, so to speak, for the current bullish structure. If Bitcoin remains above this threshold, short-term holders will remain close to breakeven, reducing the likelihood of widespread panic selling. However, if Bitcoin bulls lose this support zone, many new market entrants will fall into loss territory, increasing the potential for a heightened selling pressure.

In such a bearish scenario, market participants would likely turn their attention toward the $93,400 support area, where the 3–6 month cost basis resides. This level could provide the next significant cushion, given that investors in this cohort are sitting on healthier profits and are likely to display stronger holding conviction.

However, it’s worth stating that the situation is not outright bearish. A decisive recovery above $112,600–$116,400, representing the cost bases of 1–3 months and 1 week–1 month holders, respectively, could restore market confidence and reignite bullish momentum towards a potential return to the present market ATH.

Bitcoin Price Overview

At press time, Bitcoin trades at $109,400 following a 5.65% devaluation in the past month. Meanwhile, the daily trading volume is down by 27.02% and valued at $50.48 billion. With a market cap of $2.15 trillion, Bitcoin remains the largest cryptocurrency and fifth-largest global asset.

Bitcoin’s brief dip below $110,000 in the past 24 hours triggered one of the heaviest liquidation rounds in recent times.

According to Coinglass data, crypto traders betting on the market lost $811.6 million, with more than 179,000 traders forced out of positions.

Speaking on this broad liquidation event, Sean Dawson, head of research at Derive.xyz, told CryptoSlate:

“This sharp move appears to be the result of overleveraged positioning, particularly following ETH’s recent run-up, and an overnight dip in the S&P 500, which weighed on risk assets more broadly.”

Notably, the most significant single liquidation came from a BTC-USDT order worth $39.2 million on HTX.

Long traders, those betting on a price increase, absorbed the bulk of the losses, giving up $699.5 million, while shorts lost $112.2 million. This skew toward longs suggests that traders misjudged the strength of the recent rally, leaving them vulnerable when the price pulled back.

Bitcoin accounted for the steepest losses, with traders losing over $270 million in a single day. On Aug. 25, Glassnode noted that over $150 million in long positions were wiped out, marking one of the largest flushes since December 2024.

Ethereum followed with $266 million in liquidations, also dominated by long bets. Other major assets, including Solana, Dogecoin, and XRP, saw additional drawdowns of $38.5 million, $18.8 million, and $17.3 million, respectively.

Bitcoin could dip to $100,000

Meanwhile, the significant liquidations have fed into growing bearish sentiment among market participants, according to data from Derive.xyz

Data from the crypto derivatives trading platform showed that crypto traders now see a 35% probability of Bitcoin falling to $100,000 before the end of September, and a 55% chance that Ethereum could retest $4,000.

Dawson explained that the 25-delta skew has turned negative for both BTC and ETH, meaning traders are paying more for downside protection than upside exposure.

According to him:

“This is the strongest demand for downside protection we’ve seen in two weeks. Traders appear to be bracing for potential retests of $4,000 for ETH and $100,000 for BTC.”

He further noted that macroeconomic headwinds and volatility are weighing on the outlook, resetting risk appetites across the market.

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Former kickboxing champion and controversial influencer Andrew Tate is among the latest celebrities to dive into Kanye West’s newly launched YZY token, but his bets are already deep in the red.

A wallet address linked to Tate opened a 3x leveraged short position on the recently launched, West-linked YZY token at $0.85 and was sitting on a $16,000 loss on the position.

Tate “doesn’t seem to be good at perps trading,” as his cumulative losses are nearing $700,000 on this single Hyperliquid account, wrote blockchain analytics platform Lookonchain in a Friday X post. “So far, he’s made 80 trades on #Hyperliquid — only 29 were profitable (win rate: 36.25%) — with total losses of $699K.”

The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token, which spiked 1,400% within the first hour before dropping over 74% since.

Related: Ether trader nearly wiped out after epic run from $125K to $43M

With growing celebrity interest in cryptocurrencies, more influencers are realizing losses, showing that not all financial advice or investment endorsements should be treated equally. 

The losing trade comes more than a year after Tate was hit by insider trading allegations related to his memecoin, the Daddy Tate (DADDY) token, which saw insiders scoop up 30% of the supply at launch before Tate started promoting the token on X, Cointelegraph reported at the time. 

Related: $1.6B Bitcoin whale shifts another $113M BTC into $240M Ether long

Most Andrew Tate-endorsed memecoins crashed by 99%

Tate joined waves of celebrities who jumped on the Solana memecoin bandwagon on June 7, 2024, endorsing more than 10 tokens known for having no intrinsic value.

Most of the tokens lost around 99% of their value shortly after Tate’s endorsement, with multiple tokens allegedly having up to 30% insider supply allocation, Bubblemaps warned in an X post in October 2024.

These included Roost (ROOST), the Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY).

Over 30 celebrity-endorsed tokens launched on Solana in June 2024 and have seen prices fall by no less than 73.23%.

Other celebrities who promoted Solana-based meme tokens include 50 Cent, Caitlyn Jenner, Iggy Azalea and soccer legend Ronaldinho Gaúcho.

UFC contender Khamzat Chimaev-linked Smash (SMASH) token was also hit by insider allegations after it was revealed that up to 78% of the token’s supply was bought by team and developer-related wallets, Cointelegraph reported in July 2024.

Three days after the token launch, Chimaev’s manager, Majdi Shammas, claimed that the martial artist “wasn’t involved” with the SMASH memecoin and “[knows] just as little as you do,” alleging that he promoted the coin without the fighter’s input.

Magazine: Altcoin season 2025 is almost here… but the rules have changed

]]> https://earlybirdsinvest.com/andrew-tate-shorts-kanye-wests-yzy-racks-up-700k-losses-on-hyperliquid/feed/ 0 54537 https://earlybirdsinvest.com/fraudsters-pose-as-lawyers-to-target-cryptocurrency-losses-fbi-says/ https://earlybirdsinvest.com/fraudsters-pose-as-lawyers-to-target-cryptocurrency-losses-fbi-says/#respond Sat, 16 Aug 2025 16:23:42 +0000 https://earlybirdsinvest.com/fraudsters-pose-as-lawyers-to-target-cryptocurrency-losses-fbi-says/

The Federal Bureau of Investigation (FBI) has warned that criminals are posing as lawyers to steal money from people who have already lost funds in cryptocurrency scams.

According to an August 13 FBI advisory, some scammers pretended they worked with government agencies or financial regulators. Others claimed to have partnerships with organizations that do not exist.

A common tactic is to ask for payment in cryptocurrency or gift cards, methods no genuine law firm would accept. Many victims are persuaded because the scammers know how much money they lost before and when those transactions happened.

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Sometimes victims are told to contact a so-called “crypto recovery law firm” and open an account with a foreign bank. The website they are directed to often looks real but is designed to collect personal information and account details.

Other red flags include demands for “bank fees” to confirm identity, refusal to provide credentials, and avoidance of video calls.

The FBI recommended following a “zero trust” approach with any unexpected phone calls, emails, or messages. People should ask for a photo of a law license and verify it with the issuing authority.

Additional precautions include using only trusted phone numbers and websites, avoiding links from unknown senders, and taking time before transferring money or sharing personal data.

The advisory added:

Contact with scammers impersonating law firms continues to pose many risks, including the theft of personal data and funds from unsuspecting victims, to the reputational harm of actual lawyers being impersonated.

Meanwhile, Wisconsin legislators introduced Senate Bill 386 on August 11 to address scams involving crypto ATMs. What does the bill include? Read the full story.

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A US bank has agreed to pay up to $10,000 to customers affected by an alleged data breach that exposed personally identifying information.

According to a settlement administrator’s portal, The Bank of Canton will pay $300,000 to settle a lawsuit accusing the Canton, Massachusetts-based lender of negligent data security practices.

Class members in the lawsuit, defined as the existing, former and prospective clients of The Bank of Canton in the US impacted by the cybersecurity incident, will receive up to $2,500 for ordinary losses and up to $10,000 for extraordinary losses.

Claimants must provide documentation to prove the losses they suffered as a result of the data breach. Class members who choose not to file documentary evidence can opt for an alternative cash payment of $100.

Claims must be submitted by October 9th, with a final approval hearing for the settlement scheduled to be held in a Massachusetts court on October 21st. Payments will be made once the settlement is approved by a judge.

The Bank of Canton is settling the lawsuit a little over a year after the incident occurred. On or around May 27th of 2023, cybercriminals allegedly gained access to MOVEit Transfer, a file transfer software system used by a third-party service provider of the bank.

The lawsuit alleged the incident led to the sensitive data of the Bank of Canton’s customers, potentially including, account name, account number(s), and Social Security numbers being exposed. The lawsuit was subsequently filed in November of 2023.

Despite agreeing to settle, The Bank of Canton denies the allegations made in the lawsuit.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Tuttle Capital has filed an amendment to shift the effective date for a series of crypto and meme-related leveraged exchange-traded funds (ETFs) to July 16.

This move, first reported by Bloomberg’s ETF analyst Eric Balchunas on July 1, could signal the imminent launch of 10 new leveraged funds.

These ETFs are poised to offer double (2x) leveraged exposure to various assets, including well-known cryptocurrencies like Solana, Chainlink, Cardano, Polkadot, and Litecoin, as well as meme assets such as Trump, Melania, and Bonk.

If approved, the funds would also include assets like XRP and mark a notable expansion in the range of crypto options available to ETF investors.

However, Balchunas clarified that the amended effective date doesn’t always guarantee a launch, though it is often a strong indication that the product is imminent.

He said:

“[This] doesn’t mean they will launch but typically effective dates are when ETFs launch.”

Tuttle originally filed for these ETFs in January, catching the attention of analysts due to their aggressive design.

Unlike standard ETFs, which mirror the underlying asset’s price movement one-to-one, leveraged ETFs aim to amplify these movements, providing investors with double the exposure—both gains and losses—compared to the asset’s daily performance.

Notably, many of these assets do not yet have basic spot ETF counterparts, making Tuttle’s filings unusual.

Crypto ETF wave

The potential debut of Tuttle’s ETFs follows a broader innovation trend in crypto-related financial products.

Rex Shares and Osprey Funds are leading the drive, with a staking Solana ETF (SSK) launch scheduled for July 2. This product would give investors direct exposure to SOL and incorporate on-chain staking rewards.

Unlike the usual spot ETF product, the fund is registered under the Investment Company Act and taxed as a C-corporation. This regulatory structure means that while the US SEC didn’t officially “approve” it, there were no objections to its launch.

According to Balchunas, SSK’s debut could motivate other firms to push for more innovative product designs that face minimal regulatory resistance.

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Altcoins are slipping further into decline as investors flock to Bitcoin amid escalating geopolitical tensions and a risk-off environment.

Data from CoinGlass shows the Altcoin Season Index has plunged to 12, its weakest level in nearly a year, reflecting a deepening lack of interest in non-Bitcoin cryptocurrencies.

The Altcoin Season Index tracks how non-Bitcoin assets perform relative to Bitcoin. A low score suggests that altcoins are underperforming significantly, reflecting a broader move toward safety in uncertain markets.

The trend has intensified over the past month, as tensions between Israel and Iran and fears of escalation involving the United States have pushed investors toward more resilient assets like Bitcoin.

Bitcoin dominance rises

Considering this, Shawn Young, Chief Analyst at MEXC Research, told CryptoSlate that the outlook for a traditional altcoin season remains unclear.

According to him, past cycles have often seen altcoins gain momentum in the latter stages of a bull run, but current market conditions suggest a different path. Institutional players are now setting the tone, and their preference for Bitcoin, seen as both a hedge and a liquidity anchor, continues to suppress the altcoin rebound.

He added:

“As long as volatility remains increased and macro risk lingers, capital rotation into altcoins may remain limited.”

This shift became evident over the weekend, when Ethereum fell to $2,130, its lowest since May, while Solana, XRP, and other prominent altcoins saw drops of over 7%. ETH has recovered to $2260 as of press time.

Although Bitcoin briefly dipped below $100,000, it quickly recovered to $101,000. As a result, its dominance over the total crypto market has surged past 65%, the highest since early 2021.

A different altseason

Meanwhile, Young pointed out that there is still potential for a new type of altseason centered on strong Layer-1 networks like Ethereum, Solana, and XRP.

According to him, these platforms underpin vital infrastructure such as real-world asset tokenization, DePIN protocols, and stablecoin issuance, which are areas that are gaining traction among institutional investors.

He noted that interest in these high-upside altcoins could return if Bitcoin stabilizes above $100,000 and macro risks ease. In addition, launching spot ETFs for these L1s may also serve as a future catalyst that could renew interest in the digital assets.

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With the crash in the Shiba Inu price over the last few weeks, hundreds of thousands of SHIB investors have seen their holdings plunge into the red. Presently, the majority of investors who have bought the Shiba Inu token are seeing losses on their holdings compared to those in profit. With the month of June known to be a particularly bearish one for SHIB, it is possible that even more investors will suffer losses before the month is over.

June Carries Bearish Prospects For Shiba Inu

The month of June has historically been bearish for the Shiba Inu price, and it seems that the year 2025 is not going to be any different. So far, the meme coin’s price is already down by more than 8% this month, suggesting that the month, with only less than 10 days left, is headed for another red close.

In the meme coin’s five-year history, June is the only month that has never seen a green close. As a result, it is the month with the highest negative returns for the meme coin in history. CryptoRank’s data shows an average of -13.8% returns for June and a -11.5% median return for the month.

With the passing of the years, it seems the losses for the month of June have only gotten worse. In June 2024, the meme coin crashed 32.3% to close the second quarter at a 44.3% loss. In fact, Q2 is also the worst quarter for the meme coin, with four out of the last five years closing in the red.

Given that established trends like this tend to repeat themselves, it is possible that the Shiba Inu price does continue to decline from here. The average returns for the month suggest a double-digit loss before the month is over.

SHIB Investors Suffer Massive Losses

According to data from the IntoTheBlock website, the number of Shiba Inu wallets that are nursing losses has skyrocketed. A total of 65% of all investors are currently in the red, putting them in the lead. In contrast, only 32% of investors are seeing any profit at this level, and 3% are sitting at breakeven, meaning the coins last moved around the price that the meme coin is currently trading at.

While the established trend suggests that the Shiba Inu price will continue to decline and push more investors into losses, the CoinCodex prediction suggests a change in the tide. The 5-day prediction sees an 8.8% rise to $0.00001278 in the new week.

On a longer timeframe, more specifically the 1-month prediction, Shiba Inu is expected to go even higher. It puts the meme coin as high as $0.00001496, which is a 27.35% increase from the current level.

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A former Wells Fargo employee in California is reportedly facing charges over allegations he stole $947,000 from the bank’s ATM machines during a span of nearly two years.

In a new report in the San Francisco Chronicle, Tamim Ghulam Haidar, the former Wells Fargo Union City branch operations associate manager, is accused of putting less money into the bank’s ATMs than he reported and pocketing the difference for his own use.

Haidar allegedly deposited the ill-gotten gains he is accused of “knowingly and intentionally” embezzling into his own bank accounts or those he controlled and used the funds to cover losses that “he incurred while trading in the foreign currency markets,” according to legal documents filed in the U.S. District Court Northern District of California.

Haidar allegedly committed the crimes from February 2021 to October 2022.

Prosecutors accuse Haidar of sometimes using other bank employees’ credentials to deposit cash in the ATM to “conceal the fact he was inputting false and inflated dollar amounts.”

Haidar is charged with embezzlement by a bank employee and engaging in monetary transactions in property derived from specified unlawful activity. He faces up to 30 years in federal prison.

Prosecutors are also seeking to force Haidar to forfeit the money he allegedly stole.

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