This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin BTC$107,620.56 has breached key support levels in a sign of increasing bearish momentum that suggests a risk of a slide to $100,000.

The leading cryptocurrency by market value fell 6.5% in August, ending the four-month winning streak as the U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, according to data source SoSoValue.

The recent price drop saw bitcoin break below several key support levels, including the Ichimoku cloud, and the 50-day and 100-day simple moving averages (SMAs). It also pierced crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364, according to the daily chart sourced from TradingView.

These breakdowns underscore growing market weakness, confirming a bearish shift in key momentum indicators such as the Guppy Multiple Moving Average (GMMA) and the MACD histogram.

The short-term exponential moving average (EMA) band of the GMMA (green) has crossed below the longer-term band (red), signaling a clear bearish momentum shift. Meanwhile, the weekly MACD histogram has dropped below zero, indicating a transition from a bullish to a bearish trend.

Together, these signals indicate a likelihood of a sustained sell-off, potentially driving the price down to the 200-day simple moving average (SMA) at $101,366, and possibly to the $100,000 mark.

The negative technical outlook aligns with seasonal trends, which show September historically as a bearish month for bitcoin. Since 2013, BTC has delivered an average return of -3.49%, closing lower in eight of the past 12 September months, according to data from Coinglass.

As for bulls, overcoming the lower high of $113,510 set on Aug. 28 is crucial to negating the bearish outlook.

• Support: $105,240 (the 38.2% Fib retracement of the April-August rally), $101,366 (the 200-day SMA), $100,000.
• Resistance: $110,756 (the lower end of the Ichimoku cloud), $113,510 (the lower high), $115,938 (the 50-day SMA).

The 10 highest-grossing crypto protocols generated $1.2 billion in revenue during the 30 days ending Aug. 28, representing a 9.3% increase from the previous month’s total of $1.1 billion per DefiLlama data.

Ethena led the percentage gains with a 243% revenue surge, jumping from $9.46 million to $32.48 million, as its synthetic dollar USDe captured market share from traditional stablecoins.

The protocol’s revenue expansion of $23 million represented the second-largest absolute increase among tracked applications.

Pump.fun posted the second-highest percentage growth at 79%, with revenue climbing from $22.55 million to $40.39 million.

The Solana-based memecoin launchpad benefited from continued speculation in newly created tokens, generating an additional $17.84 million in monthly fees.

Stablecoin dominance continues

Tether maintained market leadership despite modest 2.9% growth, with revenue rising from $614.79 million to $632.91 million.

The stablecoin issuer’s $18.12 million increase represented the largest absolute gain among protocols, reinforcing its position as the sector’s primary revenue generator.

Circle ranked second with revenue growing 4.5% from $197.59 million to $206.4 million, adding $8.81 million in monthly fees. Combined, the two stablecoin issuers accounted for 70% of total crypto protocol revenue during the tracking period.

Hyperliquid recorded substantial growth with revenue expanding 25.9% from $82.86 million to $104.3 million. The decentralized perpetual exchange captured an additional $21.43 million as trading volumes increased across its platform.

Mixed performance across sectors

Sky Protocol achieved 77.5% revenue growth, rising from $10.1 million to $17.93 million. Jupiter reported 23.5% growth, with revenue increasing from $21.95 million to $27.1 million, driven by activity in the Solana ecosystem.

Tron recorded moderate gains of 11.6%, with revenue climbing from $56.21 million to $62.73 million. Phantom wallet generated $22.82 million, up 9.5% from $20.84 million in the previous period.

Axiom provided the sole negative performance among top protocols, with revenue declining 13.9% from $62.11 million to $53.46 million. The cross-chain infrastructure provider lost $8.65 million in monthly fees, the only one in the group with a negative result.

Revenue growth occurs alongside the broader crypto market recovery, with protocols benefiting from increased user activity and higher fee generation across decentralized finance applications and trading platforms.

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Leading digital asset investment firm CoinShares says that institutional inflows into crypto products have set new monthly highs in July.

According to its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that digital assets just pushed over $11 billion over the last month, a new record before the month is even finished.

“Digital asset investment products saw US$1.9bn in inflows last week, marking the 15th consecutive week of positive sentiment. This pushed month-to-date inflows to a record US$11.2bn, significantly surpassing the US$7.6bn seen in December 2024 following the US election.”

Regionally speaking, the United States led globally with $2 billion in inflows, followed by Germany at $70 million. Hong Kong, Canada and Brazil suffered $160 million, $84.3 million and $23.2 million in outflows, respectively.

Institutional Ethereum (ETH) investment products continued their hot streak as current year-to-date inflows for the leading smart contract platform have already blown past 2024 totals.

“Ethereum stood out, unusually leading with US$1.59bn in inflows last week, its second-strongest week on record. Year-to-date inflows into Ethereum have now reached $7.79 bn, surpassing the total for all of last year.”

Bitcoin (BTC), unusually, suffered outflows of $175 million. According to CoinShares, this could mark the beginning of “altseason.”

“While inconclusive, there are some signs: Solana and XRP attracted substantial inflows of US$311m and US$189m respectively, with SUI also seeing US$8m.

However, beyond these names, inflows tapered off quickly. Several altcoins saw outflows, including Litecoin (US$1.2m) and Bitcoin Cash (US$0.66m).”

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XRP is making headlines again as the network has recorded a dramatic surge, surpassing its $1 billion daily transfer volume for the first time in more than a month. The spikes come to a’s heel Powerful price rallyThere are signs that large owners, also known as whales, may play a key role in driving. Next leg of cryptocurrency.

XRP transactions reach major highs

The XRP network shows new strength and growth Transaction volume is rapidly increasing It exceeds $1.07 billion. This spike follows a massive 67% rally in digital asset prices. Climbed over $3.5 Earlier this month after a long period of consolidation. This impressive price surge is one of the most aggressive upward moves in recent months.

Related readings

The revival of both network activity and price signals Growing market momentum And perhaps the change in emotions between investors and traders. Particularly, XRPSCAN, platforms that record data from XRP ledgers; It was revealed A large amount of transfers was recorded on July 18th, representing the largest daily figure for cryptocurrency in more than a month.

What is particularly noteworthy about this recent volume surge is that it doesn’t seem to drive a speculative termination alone. Increase in funds between the account and the Increased user address We propose a deeper level of network usage.

XRPSCAN data shows that XRP Payment Volume On July 18th, one account rose to 1.72 billion people from one account. Furthermore, the number of successful transactions executed during the same period totaled over 2.08 million. New Active Account Also, July 18 recorded its highest daily count of 10,279 last month, rising significantly.

With blockchain metrics flashing green and XRP prices regaining bullish momentum, the surge in daily transfers shows a fresh wave of satiety confidence among holders. Typically, such synchronized growth can point to the intentional accumulation or distribution of whales moving large sums during pivotal market shifts.

Whales will be longer with XRP ahead of potential surges

A new report from analysts shows that XRP Whale Activities It’s back in earnest just a few days after cryptocurrency networks surged beyond the $1 billion transfer volume, as certain holders have been running for a long time. Several long positions have been opened in a price range of nearly $3.44, totaling over $3.8 million, raising speculation that investors may be acting in insider-level trust.

X Social Media analyst KingXRP recently revealed that there are whales input $1.52 million in XRP, the buzz grows around the imminent Realfi integration, XRP ledger Unlock a massive $650 trillion market.

Related Reading: XRP Open Interest hits a fresh ATH of over $10 billion, but will the price continue?

Radar, who adds fuel to the hype, is another market expert, It has been reported Two additional whale-sized positions worth $102 million and $1.31 million have been opened within the same price range. This movement shows a clear change in whale emotions, suggesting an increase in confidence Possibility of XRP breakout.

Getty Images Featured Images, Charts on tradingView.com

XRP Ledger posted the second-largest 30-day increase in tokenized real-world assets (RWA), adding 34.6% to reach $157.4 million, data from rwa.xyz shows. 

Only Aptos outpaced that monthly growth, expanding nearly 57% to $539.3 million, while Ethereum maintained the lead by total value at $7.55 billion, with a 2.4% gain.

Notably, the XRP Ledger is the 10th-largest blockchain by total tokenized RWA value, but it displays the third-smallest number of projects, with six initiatives.

However, this number is set to rise following a recent partnership between Ripple and Brazilian crypto platform Mercado Bitcoin, which aims to tokenize $200 million using the XRP Ledger.

Aptos and XRP Ledger headed the leaderboard by percentage growth. Algorand advanced 21.8% to reach $294.7 million, and Solana added 18.5% to hit $415.0 million. 

Stellar was the only top-ten network to shrink, slipping 5.7% to $467.7 million. Ethereum and ZKsync Era, which account for more than three-quarters of the tracked value, recorded low single-digit moves. XRP Ledger’s share of the indexed market now stands at 1.2%.

Inside XRP Ledger’s tokenization stack

US Treasury debt comprises the largest slice of tokenized value on XRP Ledger at $90.1 million, or roughly 57% of the network’s RWA base. Public equity receipts follow at $55.4 million, with non-US sovereign debt and real-estate tokens contributing $11.9 million and $2.9 million, respectively.

Archax anchors the ledger’s protocol table with $112.1 million across three instruments, equal to 55.6% of on-chain value, while Ondo holds $30.1 million.

Furthermore, token volumes on XRP Ledger are set to widen. The Brazilian exchange Mercado Bitcoin announced on July 4 that it plans to tokenize more than $200 million in permissioned fixed-income and equity-income products on the blockchain. 

According to Ripple, the effort ranks among the most extensive Latin American tokenization campaigns. It builds on Mercado Bitcoin’s record of issuing more than R$1 billion ($182 million) in on-chain private credit assets with zero defaults. 

The exchange will utilize XRP Ledger’s native settlement layer to distribute the instruments across South America and Europe.

Ripple noted that Mercado Bitcoin already uses Ripple Payments for cross-border treasury transfers between Brazil and Portugal and listed the RLUSD stablecoin on its venue earlier this year. 

If completed in full, the new issuance would more than double the ledger’s current RWA capitalization and move the network higher in RWA.xyz’s rankings.

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The crypto market saw significant declines on July 1 despite Bitcoin’s record monthly close the day prior amid continued institutional and corporate accumulation.

Bitcoin (BTC) managed to maintain its footing above the $105,000, but altcoins experienced drastic declines, with some posting double-digit percentage losses for the day.

Bitcoin fell nearly 2% to a low of $105,182, while its daily trading volume rose 5.2% to $44.96 billion, indicating continued activity even as prices dipped. The flagship crypto was trading at $105,700 but remains in danger of further downside if the recovery loses steam.

Ethereum (ETH) also fared better than the average, sliding 3.8% for the day to a low of $2,393, while other major tokens such as Solana (SOL) and Cardano (ADA) posted losses exceeding 7%, reflecting wider market weakness. The overall crypto market value dropped 2.5% to $3.25 trillion.

Over the past 24 hours, approximately 99,016 traders were liquidated, with total liquidations reaching $243.49 million. Long positions accounted for $207.14 million, while shorts represented $36.36 million, based on Coinglass data.

Bitcoin saw the highest liquidations at $57.93 million, followed by Ethereum at $33.04 million.

Broader economic uncertainty continues to weigh on market sentiment. Persistent inflation pressures remain despite prior rate increases, fueling concerns that the Federal Reserve may maintain elevated borrowing costs for longer than previously expected.

Meanwhile, geopolitical tensions, especially the upcoming July 9 tariff deadline, have added to investor caution, with worries about global supply chain disruptions and energy security impacting broader market confidence.

The US Senate also passed President Donald Trump’s “Big Beautiful Bill,” but it dropped the crypto tax amendments from the final draft, further exacerbating the negative sentiment in the market.

Traditional markets showed mixed results, with the Nasdaq and S&P 500 edging down while the Dow Jones Industrial Average rose 1%.

Bitcoin’s relative stability in the face of these declines emphasizes its position as the dominant digital asset, though its failure to break above key resistance levels has prompted some traders to lock in profits, adding to market pressure.

Investors are now awaiting upcoming US labor market data later this week, which could influence the Federal Reserve’s policy path and set the tone for risk assets in the days ahead.

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Binance’s monthly Bitcoin (BTC) inflows have fallen to 5,700 BTC, less than half the 12,000 BTC average recorded since 2020 and 25% of the 24,000 BTC that hit the exchange during the FTX panic of late 2022, CryptoQuant analyst Darkfost shared in a June 24 note.

Darkfost’s data showed that every material deposit surge of the current cycle matched a local price peak. Net inflows jumped above 17,000 BTC during last August’s $69,000 correction and again surpassed 20,000 BTC in March when Bitcoin first printed six figures. 

Each spike preceded a short-term pullback, reinforcing Binance’s role as the venue where holders convert latent selling intent into market supply. 

In contrast, the latest 5,700 BTC reading arrives with Bitcoin stable above $105,000 and volatility near year-to-date lows. The figure is also roughly 30% of the 13,200 BTC that moved to Binance the week Bitcoin first crossed $100,000 in December 2024.

Darkfost argues that the contraction signals a “holding phase” in which both retail traders and larger cohorts keep coins off the exchange, removing immediate sell pressure. Traders typically send Bitcoin to exchanges when preparing to sell. Falling deposits imply fewer coins poised for near-term liquidation.

When supply on order books thins while demand persists, upside follow-through becomes easier, a pattern Glassnode also flagged in May when it reported “Binance sell-pressure cooling off” during Bitcoin’s climb to $104,000.

Context within broader exchange behavior

Binance handles the most significant spot volume among centralized venues, representing 37% of the monthly centralized exchange trading volumes on average this year, according to The Block data. 

As a result, the exchange’s deposit trend serves as a proxy for the system-wide intent to liquidate. 

The analyst chose inflows rather than outflows to filter noise from transfers tied to custodial reshuffles or exchange wallets. A rise in deposits requires an active decision to sell, whereas withdrawals may reflect storage preferences.

Darkfost smoothed the series using a monthly mean to dampen distortions from macroeconomic headlines, such as the early June flare-up between Israel and Iran. Even after that adjustment, the latest value marks the lowest inflow level observed in more than four years of data.

Darkfost cautioned that macro uncertainty and thin liquidity could still jar prices if a shock prompts new waves of deposits. He recommended tracking any jump toward or above the long-run 12,000 BTC mean as a potential warning of renewed distribution.

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