Arkham says the massive Bitcoin whale transfer might be due to a wallet upgrade, but others in the industry have their own theories.

$8.6B Bitcoin whale transfer shows no signs of sell-off: Arkham

Vitalik Buterin proposes EIP-7983 to cap transaction gas at 16.77 million, 
aiming to boost Ethereum security, stability, and zkVM compatibility.

Vitalik proposes gas cap to enhance Ethereum security, stability

From billion-dollar Bitcoin movements to courtroom maneuvers and cross-border 
hacks, this week’s crypto headlines span the strange, the strategic, and the 
staggering.

Satoshi stirs, FTX looks abroad, Brazil central bank hacked | Weekly Recap

FTX is seeking court approval for a new claims process that could affect 
creditors from 49 jurisdictions where crypto is banned or restricted.

Why FTX creditors in 49 countries may be cut from payouts

Bitcoin is currently holding just above the $108,000 level and bulls are 
maintaining momentum after a volatile start to July. However, a closer look at 
on-chain data shows how fragile that position might be. Interestingly, two 
support levels, $106,738 and $98,566, are now the most important zones for 
bulls to defend. These levels represent clusters of addresses holding large 
amounts of Bitcoin, and losing them could trigger a deeper correction. Related 
Reading: XRP’s Time Is Now, Says Pundit—Don’t Snooze On The ‘Biggest Transfer 
Of Wealth’ Bitcoin’s Support Clusters Around $106,000 And $98,000 Taking to 
the social media platform X, crypto analyst Ali Martinez pointed to two major 
support levels based on data showing Bitcoin&#8217;s purchase clusters. This data is 
based on Sentora’s (previously IntoTheBlock) In/Out of the Money Around Price 
metric among addresses that bought Bitcoin close to the current price. As 
shown by the metric, the most important current zones of purchase are at 
$106,738 and $98,566. These two zones are where massive buying activity has 
occurred in the past few weeks, and they could act as support in case of a 
Bitcoin price crash. The first zone, between $104,982 and $108,190, contains 
1.68 million addresses with a total volume of 1.28 million BTC at an average 
price of $106,738. Below the first zone, a larger group of 1.71 million 
addresses holds a greater volume of 1.25 million BTC within the price range of 
$95,248 to $98,566, with an average price of $98,566. As long as Bitcoin 
continues to trade above these levels, the ongoing rally could continue to 
push upward. However, if these pockets of demand are broken with enough 
selling pressure, the leading cryptocurrency could enter into an uncertain 
price zone with little buying interest to provide support. Speaking of selling 
pressure, on-chain data shows a slowing sell pressure among large holders. 
According to data from on-chain analytics platform Sentora, Bitcoin recorded 
its fifth straight week of net outflows from centralized exchanges. The past 
week alone saw more than $920 million worth of BTC moved into self-custody or 
institutional products, mostly Spot Bitcoin ETFs. Bitcoin Needs To Break 
Weekly Resistance For New Highs Even with solid demand zones beneath, 
Bitcoin’s path to new highs is not yet confirmed. Analyst Rekt Capital weighed 
in with his analysis, noting that Bitcoin is currently facing a strong weekly 
resistance band just under $109,000. Particularly, Bitcoin is at risk of a 
lower high structure on the weekly candlestick timeframe chart. Rekt Capital 
noted that a weekly close above the red horizontal resistance line must be 
achieved in order for Bitcoin to reclaim a more bullish stance. That 
resistance, which is currently around $108,890, is acting as a ceiling for 
Bitcoin’s upward rally. Related Reading: Dogecoin Social Surge: Rising Buzz 
And Network Use Spark New Interest As such, Bitcoin would need to make a 
weekly close above $108,890 to position itself for new all-time highs. Unless 
there is a convincing break of that level, the price action of Bitcoin could 
be erratic and susceptible to a retracement to $106,000. At the time of 
writing, Bitcoin is trading at $108,160. Featured image from Unsplash, chart 
from TradingView

Bitcoin Must Hold $106,000 And $98,000 To Avoid Breakdown

Max Crown, CEO of the TON Foundation, announced the launch of an initiative 
allowing Toncoin holders to secure a 10-year Golden Visa in the UAE. 
Participants can obtain the visa by staking 100,000 in TON for three years and 
paying a one-time processing fee of $35,000. The process promises fast 
approval, with visas issued in […]