When we go through situations in life, a hug from the right person can change our perspective, despite the situation not changing. However, you gotta make sure not to hug a person when attending Coldplay’s concert, as you might be caught in a kiss cam.
Not only did the CEO of Astromer and HR get captured on the kiss cam, but they also captured the attention of the whole world. Social media was flooded with memes, people commenting left, right, and center, and drama unfolded. Even after a week and a half after the concert was over, the people were still talking about this.
The crypto corner
With the Coldplay vibes still resonating, the markets opened with Bitcoin’s opening market price at $118K. BTC fluctuated above $117K and below $119K throughout the first four days of the week, and the volatility was within normal range from 2% to 5%. However, come Friday, the king of crypto crashed below the $117K and reached $115K, liquidating $600 million worth of long positions, draining 213,729 traders.
Many were flabbergasted by the crash and were trying to figure out what caused the crash and who was behind it.
Crypto analyst by the pseudonym Ash Crypto stated, “This dump is a pure leverage flush”. The market makers saw many traders taking long positions with altcoins after seeing Ethereum pump hard, probably expecting the dawn of the altcoin season. To the traders’ utmost disappointment, the market makers took the opportunity to dump Bitcoin and liquidate these positions. Despite the big dump, the analyst still believes that the altcoins will pump harder. But wait, we’ve got to figure out who actually dumped Bitcoin?
On-chain sleuth, Lookonchain, discovered that Galaxy Digital transferred nearly 30,000 $BTC($3.5B), and most of it went directly to exchanges and was sold. And then, GalaxyDigital withdrew 1.15B $USDT from exchanges. However, the worst part is that GalaxyDigital still holds 18,504 $BTC($2.14B), and anything is possible.
When Bitcoin has been dumped in the market for profit taking, Ethereum, on the hand, has been acquired. In a separate post on X, Lookoonchain stated that “Fresh whale wallets are accumulating $ETH nonstop!” and “Since July 9, a total of 8 fresh wallets have accumulated 583,248 $ETH ($2.17B).”
Ethereum strengthens against Bitcoin
Since July, Ethereum has been strengthening against Bitcoin, and the Gann chart, which measures the increase of price against the time, shows a ratio of 1:1. This means that with the increase of each unit in time, ETH is also increasing by a unit.
Meanwhile, the Open Interest (OI) for Ethereum has increased drastically in the last 3 days from $28 billion to $57 billion. When the OI increases, it shows that there are many traders opening new positions. Complementing the bullish sentiment, the long/short ratio is at 0.98, and it shows that there are many taking long positions compared to shorts.
The net flow of Ethereum ETF has also increased drastically. When the net flow is positive (green), it shows that the inflow is greater than the outflow. This denotes the investors are buying more ETFs, and the outflow is negligible. The ETF provider will have to buy more ETH to back up their ETFs, and the demand for ETH will increase, and the price will go higher.
Is the altcoin season here?
With the inflows increasing into Ethereum ETFs and whale wallets gulping the token in large quantities, and with ETH strengthening against Bitcoin, many are wondering whether the altcoin season is around the corner.
The Altcoin Season Index chart shows a value of 44, and it is heading towards the 50 level, which, if it crosses, will be deemed as the start of the altcoin season. However, the altcoin season index on its own won’t be sufficient to detect whether it’s the altcoin season. The Bitcoin dominance is another factor that should be considered. Bitcoin dominance refers to the market cap of Bitcoin compared to the market caps of all other tokens combined. When the altcoin season is in, Bitcoin will lose its dominance. However, since Bitcoin dominates 60% of the market, the altcoin season is not yet in, but it will come sooner rather than later.
What to look forward to
The Federal Open Market Committee (FOMC) will gather on the 29th and 30th of July 2025, to decide on the interest rates. Currently, the interest rates are set at 4.25%-4.5% and the target probability for the rates to remain unchanged is 95%. This means that 95% of the people expect the rates to be unaltered.
If the rates are unaltered, the Federal Reserve Chairman Jerome Powell will need to negotiate the US President Donald Trump’s wrath. Trump has been insisting on Powell to reduce interest rates to amp up the crypto prices.
When the interest rates are low, borrowing money or loans will be cheaper, and this will allow investors to borrow money and invest in risky assets like crypto. However, Powell blames Trump’s volatile reciprocal tariffs for being the obstacle that prevented him from reducing the rates. As the story evolves, it will be interesting to see what action Trump would take against Powell, in the event he keeps the rates unchanged.
