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Bitcoin Seller Exhaustion Hits Extreme, BTC Whale Wallets Reach Six-Month High
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News EditorIn the latest midday crypto news roundup, Bitcoin's sell-side exhaustion index has entered extreme territory, and there is a view that the market could currently be in a bottoming range. On-chain data shows wallets holding at least 10,000 BTC increased to 90, reaching a six-month high. Samsung Electronics gained over 5% intraday, while a 2x leveraged Samsung ETF advanced more than 9%. JPMorgan said the worst is over for SK Hynix and that market sentiment should improve gradually. A wallet associated with Maven11 Capital withdrew 202,705 HYPE tokens, worth $11.17 million, from OKX. Robinhood Chain's ecosystem token StonkBrokers surpassed $92 million in market cap after climbing over 18% intraday. The director of the White House Crypto Committee reiterated the goal of passing the CLARITY Act in September. Serenity noted that Unitree's IPO was oversubscribed by more than 8,000 times from retail investors, potentially benefiting rivals such as Agility Robotics.
Bitcoin's sell-side exhaustion index has entered extreme territory, with a view that the market could currently be in a bottoming range. On-chain data adds another signal: the number of wallets holding at least 10,000 BTC rose to 90, a six-month high.
Samsung Electronics gained more than 5% intraday, while the Southern 2x Leveraged Samsung ETF jumped over 9%. JPMorgan's take on SK Hynix is that the worst phase has passed and market sentiment should improve gradually.
In crypto-related flows, a wallet tied to Maven11 Capital withdrew 202,705 HYPE from OKX, worth $11.17 million. Separately, StonkBrokers, an ecosystem token on Robinhood Chain, pushed past $92 million in market capitalization after rising more than 18% intraday.
On the policy side, the director of the White House Crypto Committee said the team remains committed to advancing the CLARITY Act in September. Serenity also said Unitree's IPO attracted more than 8,000 times oversubscription from retail investors, a development that could benefit peers like Agility Robotics.
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