In July, the cryptocurrency market reached new heights, but recent events led to significant price declines, especially among altcoins.
Market Overview
At the beginning of July, the total cryptocurrency market cap surpassed $4 trillion for the first time, primarily driven by Bitcoin's record rise to $123,000 and several altcoins reaching all-time highs like XRP and BNB. However, in recent days, a reverse trend has been observed, with many altcoins experiencing double-digit declines and Bitcoin dropping to a three-week low under $113,000.
Arthur Hayes' Asset Sales
Amid market uncertainty, possibly prompted by Trump's recent tariffs, many well-known figures in the crypto industry have begun to sell off their assets. Arthur Hayes, co-founder of BitMEX, sold over $8 million in ETH, $4.6 million in ENA, and $414,700 in PEPE. He noted that these sales are related to expectations of declines in Bitcoin and Ethereum prices, which he believes may test levels of $100,000 and $3,000, respectively.
SharpLink's Increased Holdings
In contrast to the sell-offs from some larger investors, SharpLink, the second-largest holder of Ethereum, continues to accumulate assets. The company purchased 14,933 ETH for $108.57 million, increasing its total holdings to 464,209 ETH worth over $1.6 billion. Thus, the actions of prominent holders have not hindered SharpLink's asset growth.
The cryptocurrency market continues to fluctuate amid uncertainty, showing that some investors are betting on declines while others take the opportunity to accumulate assets.
