Crypto Today: Bitcoin crumbles under German government transfers, Ethereum and Ripple erase gains

Bitcoin, Ethereum and Ripple update

• Bitcoin (BTC) dipped under $58,000 early on Thursday as German government BTC transfers continue to pile. Arkham Intelligence shows that 1,300 BTC worth nearly $76 million was deposited to Kraken, Bitstamp and Coinbase. Another $99 million in Bitcoin was moved to another address, marked as 139Po. Despite the recent correction, options traders maintained their bullish view on the asset. Options traders are bullish on Bitcoin year-end rally to $120,000

• Ethereum (ETH) suffers a correction ahead of the expected Securities and Exchange Commission (SEC) decision on the Spot ETH Exchange Traded Fund (ETF). While analysts predict a rally following an approval, ETH has corrected to support at $3,100 on Thursday. Applicants have filed a revised S-1 draft. Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft

• Ripple wiped out recent gains and lost key support at $0.4508, down to $0.4420 on Thursday. The payment remittance firm filed a letter with the court and the SEC responded to the “supplemental authority” filing on Wednesday. Ripple traders realize over $75 million losses in July, is XRP sell-off coming?

Chart of the day

FTM/USDT daily chart 

Fantom (FTM) has wiped out nearly 20% of its value this week. The token could extend its losses by another 8% and dip to the Fair Value Gap between $0.4246 and $0.4310, as seen in the daily chart. The momentum indicator flashes red histogram bars, supporting a bearish thesis. 

A daily candlestick close above $0.5042 could invalidate the bearish thesis. This coincides with the 78.6% Fibonacci retracement of the rally from the February low of $0.3069 to the March top of $1.2289. 

Market updates

• Whales are taking profits on a large scale in Bitcoin. Data from on-chain tracker Spotonchain identified a 1,700 Bitcoin transfer worth over $99 million to Binance early on Thursday. The whale could take profits or continue to hold the asset. However, given the transfer occurred post the recent decline in Bitcoin price, it is most likely an attempt to reduce risk in the portfolio by shedding BTC holdings. 

• Analysts at Crypto Koryo identified the second-largest drawdown in altcoin prices in the past two years. The current drawdown is nearly 30% larger than any event observed since 2023. This likely points at a time for traders to “buy the dip” ahead of recovery in the market. 

• Robert Kiyosaki urged market participants to buy Bitcoin and precious metals, calling the “biggest market crash in history,” in a recent tweet on X. 

Industry updates

• Asian journalist Colin Wu reports that the Russian Central Bank is actively discussing proposals on the use of stablecoins pegged to Gold or the US Dollar to establish it as a permanent regulation. 
• Tron founder Justin Sun offered to buy the German government’s Bitcoin off-market in a recent tweet:

• The South Korean government has unveiled real-time monitoring for crypto fraud, per a local report from Society.