The commencement of the Crypto Week has proved to be a sell-the-news event as the broader crypto market crashed with Bitcoin (BTC) price retracing nearly 5% from its all-time highs of $123,000. A Saotshi-era Bitcoin whale has recently moved 18,643 Bitcoins worth $2 billion to Galaxy Digital, as a potential profit-booking move.
Altcoins like Ethereum (ETH), Solana (SOL) XRP, Dogecoin (DOGE), etc. are also seeing a pullback anywhere between 3-8% today. All eyes will be on the release of the US CPI and PPI data for June, ahead of this week.
Crypto Market Crash Soon As Crypto Week Begins
As the much-awaited Crypto Week 2025 commences, the top three things on the agenda are the GENIUS stablecoin bill, the CLARITY Bill, and the anti-CBDC surveillance bill. The crypto community cheered this development with a strong crypto market rally over the past two weeks, taking Bitcoin to fresh all-time highs.
However, it seems that the commencement of the crypto week is proving a sell-the-news event. With today’s crypto market crash, a total of $681 million have been liquidated in the last 24 hours, with more than $406 million in long liquidations as per the Coinglass data. With Bitcoin leading the broader cryptocurrency market, top altcoins like ETH, XRP, SOL, etc. are also facing a similar drop.
Satoshi-Era Bitcoin Whale Moves $2 Billion BTC Again
The Satoshi-era Bitcoin whale dubbed “Bitcoin OG” has transferred an additional 7,843 BTC, worth nearly $927 million, to Galaxy Digital, bringing total recent transfers to 16,843 BTC valued at around $2 billion.
According to LookonChain data, Galaxy Digital has begun depositing portions of this BTC to crypto exchanges. To date, 2,000 BTC, roughly $236 million, has been directly sent to platforms including Bybit and Binance.
The Bitcoin whale wallet associated with the Satoshi-era BTC holder still retains 80,009 BTC, with a total estimated value of $9.46 billion at current market prices.
Altcoins Bleed Ahead of US CPI, PPI Data
Top altcoins like Ethereum (ETH), XRP, Solana (SOL), etc., are seeing price drops in the magnitude of 3-8% after clocking double-digit gains over the past week. As a result, ETH, XRP have dropped under their key resistance levels of $3,000, and $3.0, respectively, as bulls need to put a greater effort for a sustained rally.
With the crypto week commencing, market investors are putting greater emphasis on the upcoming US CPI and PPI data for June. Economists are forecasting a rise of 0.3% month-over-month and 2.6% year-over-year. This would mark an increase from the previous month’s 2.4% annual rate. Such an inflation print could lead to further selling pressure in risk-on assets like crypto.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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