Bitcoin Lags As XRP And Ether Rally Ahead Of Unlocking Over $100 Million In Crypto Tokens

• Bitcoin struggles below $60,000 on Monday, $46 million in derivatives positions liquidated in the past 24 hours.
• Ethereum is trying to recover from its recent crash, above $2,600 at the time of writing.
• XRP is up nearly 4% and eye recovery at $0.60, a psychologically important level for the altcoin.
• Arbitrum, Sandbox, Starknet, and Avalanche face off with over $100 million in unlocked tokens this week.

Bitcoin, Ethereum, XRP update

• Bitcoin is trading at $59,440 at the time of writing. The largest crypto-asset by market cap is struggling below $60,000, a key level for traders. Data from Coinglass shows that there have been more than $46 million liquidations in the last 24 hours. Bitcoin price hovers around $58,000 after weekend sell-off
• Ethereum collapses under selling pressure. Ether is trading above $2,600 on Monday. Vitalik Buterin’s $8 million ETH transfer on Friday raised concerns among traders as large wallet investors move their holdings to exchange wallets.

Chart of the day

SEI/USDT daily chart

The SEI has recovered from its August low of $0.2026, and is at $0.3066 at the time of writing. SEI’s price is up nearly 15% at the time of writing on Monday and is likely to extend gains by another 13.42%. The target for SEI is $0.35.

The MACD (Moving Average Convergence Divergence) indicator shows the MACD crossing above the signal line. This is considered an optimistic sign for SEI.

The SEI could find support in the Fair Value Gap (FVG) between $0.2616 and $0.2813, as seen in the SEI/USDT daily chart above.

Market updates

• Marathon Digital Holdings will finance the Bitcoin purchases by selling $250 million in debt, according to an official press release.
• Binance plans to convert Monero (XMR) to stablecoin USD Coin (USDC) on September 2 as part of the token delisting process.
• Sandbox (SAND), Arbitrum (ARB), Starknet (STRK), and Avalanche (AVAX) are set to unlock over $100 million in assets this week, data from token.unlock shows.

The token unlocks this week

Unlocks could increase selling pressure on assets, having a negative impact on prices.

Industry updates

• Data from IntoTheBlock shows that 66% of wallet addresses holding Ethereum are currently profitable and most ETH holders have unrealized losses even with the recent market crash.

• If the price of Bitcoin exceeds $72,000, it would liquidate more than $15 billion in derivative positions, according to Coinglass data.

Bitcoin liquidation heat map

• The Crypto Fear and Greed Index shows extreme fear among traders as Bitcoin struggles below $60,000 on Monday.

Fear and Greed Index