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Crypto Traders Shrug Off Dormant Bitcoin Whale Moves, With Profit-Taking on XRP, DOGE, SOL
Musk mania, bullish options flows, and tariff delays keep crypto bid alive amid quiet summer trading.
Jul 8, 2025, 5:20 a.m.
What to know:
- Bitcoin reached a record weekly close near $110,000, despite challenges like dormant whale wallets and thin holiday liquidity.
- Major cryptocurrencies experienced profit-taking, with solana and dogecoin leading declines, while ether and XRP remained stable.
- Analysts suggest bitcoin could surpass its previous high in July, driven by institutional demand and ETF inflows.
Bitcoin posted its highest-ever weekly close at nearly $110,000 on Sunday, defying a week marked by potential headwinds, including dormant whale wallets moving $8 billion in BTC, renewed tariff drama, and thin holiday liquidity.
By Tuesday, the asset was holding steady just under $108,000 after a brief sell-off on Monday night. Major crypto assets saw a bout of profit-taking. Solana lost 2.3% to $149, while fell 4.1% to lead slides. Ether hovered near $2,530, and XRP held steady around $2.26.
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In broader markets, Asian equities wobbled but avoided a selloff after President Donald Trump signaled openness to resume trade talks, postponing fresh tariffs until at least Aug. 1.
The MSCI Asia-Pacific index traded flat despite Korea and Japan facing new levies. Risk appetite crept back as the yen softened and the won rallied, while the euro gained on reports of a potential EU deal.
“Markets are hovering around record highs again,” said Augustine Fan, Head of Insights at SignalPlus.
“Earnings season kicks off this week, and sentiment is being driven by the hope that CEOs guide positively, especially after being blindsided last quarter by sudden tariff headlines,” Fan said.
Crypto continues to track equities tightly, with BTC-SPX correlation near local highs. Fan noted that unless volatility picks up, we’re likely in for “a hot but quiet summer,” albeit one where breakouts can still come from thin air.
Meanwhile, at least one trader eyed a break of bitcoin’s $112,000 record highs in the coming weeks.
“Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end. Institutional demand and consistent ETF inflows continue to reinforce bullish momentum,” Ryan Lee, chief analyst at Bitget Research, said in a message to CoinDesk.
“Ethereum is also gaining strength, supported by sustained whale accumulation and renewed optimism under a crypto-friendly U.S. administration. ETH could test $3,000 by the end of July, though market volatility remains a factor,” Lee said, adding that the anticipated Fed rate cut in September may serve as a further catalyst.
Read more: Bitcoin Traders Chase $130K Bets in Anticipation of Renewed Bullish Volatility
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What to know:
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Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
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