Bitcoin’s price remains firm near $117,000 as markets digest a staggering liquidation of 80,000 BTC, one of the largest single whale sell-offs in crypto history. Instead of breaking down, Bitcoin bounced back quickly, suggesting that institutional inflows, particularly into spot ETFs, are dampening short-term swings. This stability has traders and analysts asking: is crypto entering a new phase of resilience?
Despite a drop of roughly 3 percent following the whale sale, BTC recovered, aided in part by over $356 million in ETF inflows over two consecutive days. Those inflows helped steady the ship at a time when altcoins, led by Ether, which is holding strong near $3,700 after a 53 percent rally in the past month, continue to attract capital and momentum. Meanwhile, Ethereum futures volume on CME jumped more than 200 percent year-over-year in Q2, signaling mounting institutional interest in altseason even as Bitcoin consolidates.
Across the crypto space, Bitcoin Cash (BCH) surged over 5 percent, topping $580 as technical analysts flagged breakout setups pointing toward potential targets in the $620–$680 range. Longer-term traders noted that BCH cleared a resistance zone that had held for months, reinforcing speculation of further upside.
Meanwhile, popular NFT token PENGU held strong at its 10-day moving average, a trend-triggered launchpad in recent cycles, setting up projections toward $0.076 or even $0.097.
Traditional finance continues to lean into crypto innovations. JPMorgan is actively considering lending against client crypto holdings like Bitcoin and Ethereum, moving beyond earlier skepticism from its own CEO. This shift marks a milestone moment in institutional banking’s embrace of digital assets.
At the same time, a newly minted crypto hedge fund called Third Eye is set to launch with $70 million in capital. Led by ex-Jefferies trader Tian Zeng, the fund will trade both crypto and crypto-linked equities starting August 1.
In Washington, Congress continues pushing toward crypto regulation. Both chambers are advancing the CLARITY and Senate versions of legislation that would codify how assets like Bitcoin and Ethereum are treated, likely exempting them from securities classification once they meet specific criteria. Token issuers would also face twice-yearly disclosures.
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