Whales wake up: Bitcoin on edge

July 31, 2025

 

Reading time: 5 minutes

Satoshi-era BTC moves stir sell-off fears as whales pile in

Key points:

  • Dormant 2010 wallets moved 250 BTC ($29.6M) after 15 years, triggering speculation but analysts rule out Satoshi links.

  • Meanwhile, whales accumulated 30,000 BTC in 48 hours, with total holdings rising nearly 1% of supply over four months.

News - A rare transfer of 250 BTC from five dormant wallets mined in April 2010 has reignited rumors around Bitcoin’s pseudonymous creator, Satoshi Nakamoto. However, blockchain analysts including Whale Alert have dismissed any direct connection. They argue the wallet signatures don’t match the known Patoshi mining pattern historically linked to Satoshi, and the activity likely came from another early miner.

The revived wallets had been inactive for 15 years. Their sudden movement, along with other long-dormant address awakenings in July, has fueled concerns of potential sell-offs, especially as BTC hovers below $119,000.

Whale accumulation soars - Even as some old wallets reawaken, new money is pouring in. Glassnode data shows whale entities holding over 1,000 BTC rose from 1,392 to 1,417 in just one week, marking one of the highest levels in 2025. Santiment-backed data further reveals that whales holding between 10 and 10,000 BTC have added nearly 1% of the circulating supply over the past four months, including 30,000 BTC in the last two days alone.

The recent uptick mirrors accumulation patterns from November 2024, when retail and institutional investors jointly pushed BTC past the $100K milestone.

Sell pressure lingers despite gains - Not all whales are buying. One major BTC holder offloaded $9 billion via Galaxy Digital last week. Still, with 97% of circulating supply in profit, and over $1.4 trillion in unrealized gains intact, the market remains broadly optimistic.

As early addresses continue to stir and institutions keep loading up, Bitcoin’s short-term path may hinge on how many old coins choose to re-enter circulation.

Trump’s crypto agenda takes shape: U.S. challenges global norms, tightens domestic rules

Key points:

  • The White House unveiled a sweeping 166-page crypto report, pledging to cement America’s position as the global crypto leader while pushing back on international oversight.

  • While regulatory clarity surged, the report withheld details on a Bitcoin reserve, and proposed new tax rules for offshore crypto accounts.

News - The Trump administration has officially outlined its vision for U.S. crypto dominance, releasing a wide-ranging digital assets report that underscores an aggressive pivot toward innovation and sovereignty. At a White House event, Treasury Secretary Scott Bessent called the moment “America’s digital asset frontier,” affirming Trump’s promise to make the U.S. the “crypto capital of the world.”

Key pillars include the GENIUS Act (now law) for stablecoin regulation, a push for the CLARITY Act’s passage, and over 100 new policy recommendations spanning taxation, market structure, and banking access. However, the report notably sidesteps specifics on the much-anticipated Strategic Bitcoin Reserve, providing no ballpark figures or acquisition strategies.

Basel pushback and global power play - The U.S. also challenged the Basel Committee’s controversial 1250% risk weighting on tokenized public blockchain assets: rules that have prevented banks from holding stablecoins. The report dismisses Basel’s authority as non-binding and signals a shift in U.S. intent to lead global financial standard-setting, not follow it.

Offshore tax crackdown and DeFi carve-outs - To curb tax evasion, the White House proposed mandatory reporting for foreign crypto accounts, while affirming that DeFi users should be exempt from new disclosures. Officials also called for tailored financial crime laws and safe harbors for U.S. institutions handling suspicious digital assets during investigations.

Institutional friction and political fallout - While the administration lauded industry collaboration, tensions emerged. Coinbase and a16z were criticized for lobbying Congress to merge the GENIUS and CLARITY bills, a move the White House opposed. Meanwhile, the Winklevoss twins allegedly influenced Trump’s decision to delay CFTC nominee Brian Quintenz’s confirmation.

NFT market rebounds in July: Ethereum dominates, premium buyers emerge

Key points:

  • NFT sales soared to $574 million in July, a 47.6% jump from June and the second-highest monthly total in 2025.

  • Despite a 9% drop in transactions, average sale value surged to $113, while Ethereum-based collections led market activity.

News - July marked a strong recovery for the NFT market, with total sales volume climbing to $574 million, up 47.6% from June’s $388.9 million. While still trailing January’s peak of $678.9 million, it was the second-highest monthly total this year, according to CryptoSlam.

However, the rally came with fewer transactions. NFT trades dropped by 9% to five million, signaling a shift in buyer behavior. The average sale value rose to $113.08, the highest in six months, as collectors pivoted toward higher-value assets. Market data also showed a 17% drop in unique buyers and a 9% rise in unique sellers, suggesting consolidation among premium buyers.

Ethereum leads as Pudgy Penguins outshine rivals - Ethereum remained the dominant NFT blockchain, logging $275.6 million in sales for the month, a 56% increase. All top 10 NFT collections by market cap were Ethereum-based, with CryptoPunks leading at $69.2 million in 30-day volume. Pudgy Penguins followed with $55.5 million and posted the strongest growth among blue-chip collections, with a 65.44% floor price gain. Polygon’s Courtyard NFTs ranked third with $23.8 million in volume.

Mixed signals across other chains and sectors - While Cardano NFT sales more than doubled, rising 102%, Polygon and BNB Chain saw respective declines of 51.1% and 54%. Solana inched up 8%. Meanwhile, the NFT lending market continued its steep decline, dropping 97% from early 2024 levels, with average loan durations shortening to 31 days as risk appetite wanes.

South Korea cracks down on crypto lending as stablecoin use expands

Key points:

  • Regulators are preparing new guidelines for crypto lending and leverage, following scrutiny of Upbit and Bithumb’s high-risk loan products.

  • Meanwhile, stablecoin ATMs targeting tourists launch under a sandbox model, highlighting South Korea’s cautious embrace of digital assets.

News - South Korea is stepping up efforts to rein in risky crypto lending services. Financial regulators, including the FSC and FSS, have formed a joint task force to draft new rules on crypto-backed loans. The move comes after major exchanges Upbit and Bithumb rolled out products offering up to 4x leverage, sparking concerns over consumer protection and legal ambiguity.

Upbit suspended its Tether-based loan feature amid fears of violating the Lending Business Act, while Bithumb adjusted its structure but maintained the controversial leverage ratio. The upcoming guidelines are expected to cover leverage limits, asset eligibility, and clearer risk disclosures, forming a foundation for future legislation.

Regulatory risks and market migration - Industry experts warn that stricter rules could drive users to offshore platforms with weaker oversight, making investors more vulnerable to fraud and loss. Ben Ko of Catalyze Research noted that parts of South Korea’s crypto market are operating “outside the guardrails” of traditional risk frameworks.

Stablecoin ATMs roll out for tourists - While domestic crypto lending faces pressure, the stablecoin sector is cautiously expanding. New ATMs from DaWinKS and the Kaia DLT Foundation now allow foreign tourists to convert USDT to fiat at popular locations. However, access is restricted to non-residents under regulatory sandbox exemptions. The pilot reflects growing interest in real-world digital asset infrastructure, even as stablecoin regulation remains fragmented.

Interesting facts

  • Despite market downturns, illicit crypto transaction volume surged for the second year straight, reaching $20.1 billion in early 2023, underscoring that criminals continue to exploit digital assets even during bear markets.

  • Institutions funneled $21.6B into crypto investments in Q1 2025, and by mid‑2025, digital asset AUM among institutions climbed past $235B, revealing rapid growth beyond early 2024 benchmarks.

  • According to Deloitte’s Q2 2025 survey, 23% of North American CFOs said their treasury departments will use crypto for investments or payments within two years, while 15% expect to accept stablecoins as payment.

Top 3 coins of the day

Hedera (HBAR)

Key points:

  • HBAR rebounded by 4.86% to trade at $0.268, showing strength after testing support near the 20-day moving average.

  • The Stochastic RSI lingered in the oversold region, while the price held above all visible MA Ribbon levels, reflecting bullish control.

What you should know:

Hedera’s HBAR saw a nearly 5% price rebound after cooling off from its recent high. The candles remained well above the 20, 50, 100, and 200-day moving averages, reinforcing a bullish medium-term outlook. Meanwhile, the Stochastic RSI showed a reading below 20, suggesting short-term exhaustion following earlier gains. A steady climb in volume through July added credibility to the recent surge. HBAR’s latest move was also bolstered by speculation around enterprise adoption and a potential Robinhood listing, both of which fueled broader interest. The token's breakout aligned with altcoin momentum as Bitcoin dominance slightly dipped, signaling market rotation. If upward pressure persists, the next resistance to monitor lies at $0.295, while $0.256 may offer interim support.

Pudgy Penguins (PENGU)

Key points:

  • PENGU climbed 3.73% to $0.0367 after bouncing from $0.035 support, buoyed by consistent trading volumes and renewed NFT market momentum.

  • The RSI hovered just below the 60 mark, while the Supertrend continued to display a Buy signal, maintaining bullish bias despite price cooling from recent highs.

What you should know:

Pudgy Penguins’ token witnessed a modest uptick as it continued to ride the broader NFT market wave. The Relative Strength Index’s (RSI) position near 59 hinted at a balanced state, not yet overbought, yet reflecting bullish pressure. Meanwhile, the Supertrend indicator continued to show a Buy signal, reinforcing the token’s short-term bullish setup. Trading activity remained strong, supported by positive sentiment surrounding the launch of the PSG1 console, which includes a built-in PENGU burn mechanism. This has stirred interest in the token’s deflationary narrative. Additional exposure via BTCC’s listing further fueled daily volumes. If buyers remain active, resistance lies near $0.0404, while $0.0326 may serve as the next short-term support level.

XRP (XRP)

Key points:

  • XRP ticked up 0.45% over the last 24 hours to trade at $3.11, maintaining its footing above the crucial $3.00 mark despite recent liquidation-driven dips.

  • The Supertrend indicator remained in Buy mode, while the DMI showed a declining ADX but a still-wide spread between the +DI and -DI lines.

What you should know:

XRP held firm above the psychological $3.00 support zone, even after bulls faced intraday pressure from short-term profit-taking. Volume stayed elevated at over 65 million, indicating healthy trading activity during this consolidation phase. The Supertrend continued to signal a Buy, backing the token’s broader bullish structure. The Directional Movement Index (DMI) reflected easing trend strength, as the ADX dropped to 43.8, though the +DI remained well above the -DI, suggesting that buyers were still in control, albeit with cooling momentum. One tailwind behind XRP’s resilience is a Deloitte Q2 survey showing that 23% of large companies plan to adopt crypto in their treasury operations, with XRP named among their top choices. This has reinforced market confidence, especially alongside the token’s growing ETF inflows and whale accumulation.

How was today's newsletter?

Login or Subscribe to participate in polls.