Cryptocurrency markets turned red on Wednesday as rising recession fears in the U.S. weighed on risk assets.
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 3.5% and daily active addresses falling by 10.1%. Transactions greater than $100,000 are down from 10,589 to 10,199 in a single day. Exchanges netflows are down by 407.8%.
- Coinglass data reports 162,816 traders were liquidated in the past 24 hours for $380.67 million.
- Crypto chart analyst Ali Martinez noted that capital inflows into the crypto market spiked from $1.5 billion to $15 billion in ten days.
- In another X post, Martinez highlighted the Bitcoin Accumulation Trend Score being close to 1, implying larger entities, or a significant portion of the network, actively accumulating.
Notable Developments:
- Eric Trump Advocates For Crypto, Says Banks Need To Evolve Or Face Irrelevance
- Inside Donald Trump’s Plan To Become The ‘Bitcoin Superpower’
- PayPal CEO Says ‘Moving Quickly’ To Bring Crypto, Stablecoin Benefits To Users — Fintech Giant Partners With Coinbase To Boost Solana-based PYUSD
- Bitcoin Betters Stocks In Uncertain World, Says Xapo Bank CEO: ‘Nobody Can Print More Of It’
- Bitcoin To Hit $150,000 By October, Says DYDX’s Charles d’Haussy
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Pudgy Penguins (CRYPTO: PENGU) | $0.01060 | -8.6% |
| Virtuals Protocol (CRYPTO: VIRTUAL) | $1.33 | -8.3% |
| Bonk (CRYPTO: BONK) | $0.00001902 | -7.9% |
Trader Notes: Crypto trader Kaleo highlighted that Bitcoin has just set a new all-time high relative to the Nasdaq, breaking above its 2021 peak.
BTC is now consolidating near those levels, a bullish sign suggesting it's primed for another breakout. Momentum favors further upside, and this looks like the start of a major outperformance leg, Kaleo noted.
More Crypto Online offered a technical perspective, observing that Bitcoin remains in consolidation.
The current structure resembles a wave B correction, which typically precedes a stronger wave C move to the upside.
A minor final dip within wave B would be “healthy,” with the broader setup still leaning bullish as long as key support holds.
Meanwhile, Titan of Crypto noted Bitcoin is tightly range-bound between $92,800 and $95,800, awaiting a decisive move.
Despite the lack of a breakout, the steadily rising Tenkan line (a key Ichimoku indicator) reflects increasing buyer strength.
If this trend continues, Titan says a bullish breakout is the more likely outcome.
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