Bitcoin continues to trade below its record high set earlier this month, 
hovering above the $119,000 mark. While price action over the past week has 
shown only a modest 0.3% gain, analysts suggest the market may be nearing a 
turning point. The sideways movement in price has not deterred the broader 
bullish outlook, but on-chain indicators now suggest caution may be warranted. 
One such indicator comes from CryptoQuant’s QuickTake contributor Arab Chain, 
who flagged potential overheating in Bitcoin’s current market structure. 
Related Reading: Bitcoin STH Realized Price Chart Reveals Key Defense Zones 
Amid Volatility Bitcoin Bullish Trend Persists, but Signs Point to Caution In 
a recent post, the analyst highlighted the behavior of the Bull and Bear 
Market Cycle Indicator, which now sits in a zone typically associated with 
strong bullish trends. However, its proximity to the so-called &#8220;overheated 
bull&#8221; range has raised concerns about a possible correction on the horizon. 
The indicator’s historical pattern suggests this zone often precedes a price 
cooldown, leading investors to consider profit-taking strategies. Arab Chain 
noted that despite the bullish structure, the indicator’s advance toward 
overheated territory could prompt speculators to close positions. “The 
proximity of overheated zones suggests that this is not the right time for a 
major purchase,” the analyst explained. The insight reflects the broader 
sentiment that market participants may opt for a wait-and-see approach, 
anticipating a more favorable re-entry after a correction. Additionally, while 
the 30-day to 365-day moving averages still support a continued uptrend, they 
may also signal that a short-term top is forming unless disrupted by new 
market catalysts. Retail Interest Remains Muted as Institutional Demand Grows 
Supporting this view, another CryptoQuant analyst, Burak Kesmeci, emphasized 
the role of institutional activity in driving the current cycle. Kesmeci 
explained that retail investors have reduced their exposure to Bitcoin since 
early 2023, while large investors have increased their holdings, particularly 
from early 2024 onward. “This time, the source of the Bitcoin rally is not 
retail — the big players are in the driver’s seat,” he wrote. This 
accumulation by high-volume wallets, likely linked to institutions or ETFs, 
highlights a shift from previous cycles dominated by retail behavior. Related 
Reading: Bitcoin Final Push? Wave (5) Could Deliver A Spectacular Breakout 
Kesmeci further pointed to Google Trends data showing that search interest in 
“Bitcoin” remains subdued compared to previous bull runs. The absence of 
widespread retail excitement contrasts with the intense public engagement seen 
during Bitcoin’s surge in 2021. According to Kesmeci, the quiet phase may 
indicate that retail has not yet entered the market en masse — a stage that 
historically signals the final leg of a bull cycle. “The crowd has not 
awakened yet,” he noted, adding that “smart money is currently on stage — and 
most people are still watching from the sidelines.” Featured image created 
with DALL-E, Chart from TradingView

Warning Signs? Bitcoin Approaches Overheated Zone as Retail Still Sits Out

The U.S. Securities and Exchange Commission has officially launched its search 
for five new members, including the chairperson, to lead the Public Company 
Accounting Oversight Board (PCAOB) in a pivotal period of fiscal scrutiny and 
investor protection. SEC Chairman Paul S. Atkins announced the opening of the 
nomination process for all five PCAOB seats, with […]

SEC Seeks Candidates for All 5 Audit Oversight Board Seats

Solana-based memecoin launchpad Pump.fun has made the headlines again after 
its recently launched token, PUMP, plummeted to new lows. The nosedive follows 
a recent update on the token’s highly anticipated airdrop and its legal 
troubles. Related Reading: Dogecoin Retests Crucial Support Following 8.6% 
Drop – Here Are The Levels To Watch PUMP Token Loses $1 Billion MC Just over a 
week after launch, Pump.fun’s official token has hit a new all-time low (ATL), 
reaching the $0.0028 area and dropping below the $1 billion market 
capitalization for the first time since its initial Coin Offering (ICO). 
Pump.fun was launched in January 2024 to facilitate and simplify the 
deployment of tokens. The Solana-based platform quickly became the leading 
memecoin launchpad in the crypto market, fueling this cycle’s memecoin frenzy. 
According to Dune data, the launchpad has deployed nearly 12 million tokens 
over the last 18 months and generated a Total Revenue of over $775 million. 
After announcing its official token in early June, the platform’s PUMP rollout 
had a bumpy road, as its official X account was suspended mid-month. The 
token’s public sale was also pushed nearly three weeks from its original June 
25 date. Nonetheless, Pump.fun recorded a highly successful sale two weeks 
ago, raising $600 million in just 12 minutes. Two days after its launch, PUMP 
surged around 70% from its ICO price, reaching an all-time high (ATH) of 
$0.0068 on July 16. Since then, investors have seen a 57.9% price drop, with 
25% of its decline occurring in the past 24 hours. The violent correction has 
been partially fueled by the recent update of PUMP’s upcoming airdrop. In the 
token announcement, Pump.fun stated that an airdrop was “coming soon,” but 
didn’t offer further details. On Wednesday night, the platform’s co-founder, 
Alon Cohen, confirmed that there will be a token airdrop but revealed it “is 
not going to take place in the near future,” which ignited massive backlash 
from the community and sent the token into its current nosedive. Community 
Slams Pump.fun Team Several X users have expressed their concerns and 
discontent with Pump.fun’s team, with some claiming that it is “easily one of 
the worst charts out right now” as “PUMP is trading like the devs already gave 
up.” Another user stated that “the way PUMP is performing post-TGE is 100% on 
the team. Only in crypto you can sell a ‘utility coin’ for $1.3B in cash and a 
week later no one still has a clue what those utilities even are lol.” Some 
community members remain hopeful that the cryptocurrency will reverse. Market 
watcher Bren Trades considers that “The crowd is grave dancing on PUMP. Just 
like they did with PENGU And we saw how that played out.” He noted that “If 
you’ve been here for a while, you know these post-launch dump outs are 
commonplace.” Meanwhile, crypto analyst Altcoin Sherpa wrote on X that “joking 
aside, I actually do think that PUMP bottoms relatively soon. I am expecting 
some sort of giga crime pump eventually.” Legal Drama Intensifies In January, 
Burwick Law filed a class-action lawsuit against the platform, alleging it 
acted as an unregistered securities exchange. According to the original 
complaint, users have suffered massive losses due to their tokens’ price 
plunging after the hype died down. On Wednesday, the law firm filed an amended 
lawsuit in the Southern District of New York against the platform and some of 
its Solana partners, including Solana Labs, the Solana Foundation, Jito Labs, 
and the Jito Foundation. Related Reading: Ethereum Ready For $3,800 Reclaim 
Despite Rejection – Third Time’s The Charm? The new complaint escalates the 
extent of the allegations, claiming that the defendants have extracted over 
$5.5 billion from customers through schemes, and seeking rescission of 
Pump.fun transactions and compensatory damages. As of this writing, PUMP is 
trading at $0.0028, a 26.6% decline in the daily timeframe. Featured Image 
from Unsplash.com, Chart from TradingView.com

Pump.Fun (PUMP) Drops 25% To New Lows Following Legal Pressure, Airdrop Update

The surging borrowing rates in the Ethereum network may send “ripple effects 
across the Ethereum ecosystem,” says a crypto researcher.

Ether vulnerable as ‘meaningful unwinding’ on horizon — Analyst

Following the passage of the GENIUS Act, which regulates stablecoin issuance, 
Anchorage Digital has partnered with Ethena Labs to launch a U.S.-compliant 
version of the USDtb stablecoin. A New Era for Stablecoin Compliance Just days 
after U.S. lawmakers passed sweeping digital asset legislation—including the 
landmark GENIUS Act regulating stablecoin issuance—Anchorage Digital, a 
federally chartered crypto […]

Cryptocurrency price in USD