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Despite the likely selling movement, BTC showed a positive 0.5% price variation in the past hour, resisting the "government dump."
The flagship crypto was still up 3.75% over the past 24 hours and trading at $60,770 as of press time,
The liquidity concentration issues got worse since the launch of spot Bitcoin ETFs in the US, adding risks of sharp weekend price swings.
According to market experts, traders expect a "bullish second half of the year" with options placing the price between $90,000 and $100,000.
Sandbox has experienced the most notable decline. Its average floor price fell from 2.86 ETH in 2021 to 0.13 ETH in 2024, marking a 95% decrease.
Despite the significant inflows for the past two days, the ETFs failed to counter the large holders selling pressure.
Binance CEO Teng said the inflows shows investor's confidence in the crypto trading platform.
Following Jump Crypto's sell-off, Metalpha and an unknown whale also offloaded roughly $73 million in Ethereum.
The unexpected move has triggered concerns among investors about a potential sell-off.
