Major Sell-Offs Obscure Whale's Cryptocurrency Buying Strategy

The cryptocurrency market has experienced a significant downturn over the past day, with bitcoin falling below $109,000 for the first time since July 9 and ether posting a 13% decline from its recent record high of around $4,950. The CoinDesk 20 and CoinDesk 80 indices have decreased by 2% and 3.3%, respectively, indicating substantial losses in the broader altcoin market. Over $900 million in leveraged futures bets have been liquidated, with the majority being long positions. The downturn began on Sunday when a whale sold 25,000 BTC, sparking a flash crash. One theory is that the whale intentionally removed the bid wall, anticipating that institutions would buy more through ETFs during the week, thereby driving up prices. According to MEXC Ventures, BTC has reached an inflection point and may enter a period of consolidation between $110,000 and $120,000 or decline further toward $105,000 to $100,000. The consensus remains bullish on ether, but a sustained breakout to new highs will likely require a significant catalyst. XRP lacks a clear directional trend, with its chart suggesting a potential retest of $2.60 to $2.00. In traditional markets, the Treasury yield curve continues to steepen, with traders betting on a September Fed rate cut. Japanese government bond yields are approaching new multidecade highs, which could inject volatility into global financial markets.