HYPE rallies toward $50 after Sonnet BioTherapeutics combines with Rorschach to launch a $583 million Hyperliquid token treasury.

Hyperliquid Strategies Inc. plan for $583M treasury boosts HYPE price

Bitcoin (BTC) is showing signs of recovery following a brief market retreat 
triggered by the latest US Consumer Price Index (CPI) update. The asset had 
slipped to lows near $116,000 following inflation data. However, BTC has 
rebounded since, reaching $119,248 earlier today and trading at $119,187 at 
the time of writing, roughly 3.1% below its all-time high of $123,000 set 
earlier this week. While broader macroeconomic concerns are shaping price 
sentiment, new on-chain metrics from the mining sector are drawing attention. 
A CryptoQuant analyst has watched miner activity closely, as some key 
indicators suggest that miners may be preparing to sell. This development 
could influence short-term price action, though the broader outlook for 
Bitcoin remains largely unchanged, according to the analyst. Bitcoin Miner 
Behavior Points to Short-Term Pressures CryptoQuant contributor Avocado 
Onchain highlighted in a recent post that the Miner Position Index (MPI) has 
jumped to 2.7. This index compares the amount of Bitcoin being moved by miners 
to exchanges with the historical one-year average. A high MPI reading 
generally implies increased selling intent, as miners move assets to trading 
platforms. Avocado noted that the current reading may indicate mild selling 
pressure, which could contribute to a near-term correction or sideways trading 
pattern. However, he also emphasized that the current MPI value is still far 
from the elevated levels typically observed at market cycle peaks. The analyst 
suggested that this activity may be part of a recurring intra-cycle trend in 
which brief corrections are followed by further upward movement. He advised 
that it remains uncertain whether this miner activity marks a one-off event or 
signals a larger selling wave. Either scenario may affect short-term 
volatility, but not necessarily the broader trajectory. Network Flows Support 
the Data Trend In a separate analysis, CryptoQuant contributor Arab Chain 
examined the implications of increased miner activity. According to their 
findings, network data reveals a noticeable uptick in miner-related movements, 
levels last seen in November 2024. Arab Chain explained that while miner 
activity on the blockchain is rising, this alone doesn’t confirm sales unless 
Bitcoin is transferred to exchanges. Related Reading: Bitcoin OG Whale Moves 
40,000 BTC To Galaxy, Triggering Market Shock To further validate the outlook, 
Arab Chain analyzed platform inflow data. They observed a correlation between 
BTC transfers to exchanges and Bitcoin’s recent climb above $116,000. This 
movement may indicate that miners view current prices as favorable for 
selling, possibly to cover operational costs or secure liquidity. The data 
also hints at miners anticipating a potential correction, which could drive 
more transfers and further market fluctuations. They concluded that the extent 
of any correction would largely depend on whether this wave of miner activity 
persists. Featured image created with DALL-E, Chart from TradingView

Miner Position Index Rises As Bitcoin Rebounds Post-CPI Data—Here’s What It Means

In a bold move to modernize government operations, California’s leadership 
partners with top tech minds to transform bureaucracy into a model of 21st- 
century efficiency and innovation. Governor Gavin Newsom unveiled the 
California Breakthrough Project, a new initiative launched at Ripple&#8217;s 
headquarters with participation from crypto leaders, including Coinbase, to 
advise on cutting-edge improvements across state […]

California Taps Ripple and Coinbase for Government Tech Overhaul

XRP price started a fresh increase and traded above the $3.020 zone. The price 
is now consolidating gains and might continue to rise above the $3.10 support 
zone. XRP price started a fresh increase above the $3.020 zone. The price is 
now trading above $2.950 and the 100-hourly Simple Moving Average. There is a 
key bullish trend line forming with support at $2.950 on the hourly chart of 
the XRP/USD pair (data source from Kraken). The pair could start another 
increase if it stays above the $2.880 zone. XRP Price Eyes More Upsides XRP 
price started a fresh increase after it settled above the $2.840 level, like 
Bitcoin and Ethereum. The price was able to climb above the $2.950 resistance 
level. The bulls remained in action and the price gained pace for a move above 
$3.00 barrier. Finally, the price tested the $3.10 zone. A high was formed at 
$3.10 and the price is now consolidating gains. There was a move below the 
$3.050 level. The price dipped below the 23.6% Fib retracement level of the 
upward move from the $2.660 swing low to the $3.10 high. The price is now 
trading above $2.950 and the 100-hourly Simple Moving Average. On the upside, 
the price might face resistance near the $3.020 level. The first major 
resistance is near the $3.050 level. A clear move above the $3.050 resistance 
might send the price toward the $3.10 resistance. Any more gains might send 
the price toward the $3.120 resistance or even $3.150 in the near term. The 
next major hurdle for the bulls might be near the $3.20 zone. Downside Break? 
If XRP fails to clear the $3.00 resistance zone, it could start another 
decline. Initial support on the downside is near the $2.950 level and the 
trend line zone. The trend line is close to the 50% Fib retracement level of 
the upward move from the $2.660 swing low to the $3.10 high. The next major 
support is near the $2.880 level. If there is a downside break and a close 
below the $2.880 level, the price might continue to decline toward the $2.840 
support. The next major support sits near the $2.750 zone. Technical 
Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the 
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is 
now above the 50 level. Major Support Levels – $2.950 and $2.840. Major 
Resistance Levels – $3.00 and $3.10.

XRP Price Fires Up Again: Momentum Grows, Eyes Key Resistance

Coinbase has taken a major step toward bringing everyday users onchain with 
the launch of the Base App, a new product that combines trading, social media, 
payments, and app discovery into a single platform. The announcement was made 
on July…

Coinbase unveils Base App, a new “everything app”  for social, payments, and trading

The rise in popularity of the Coinbase app is often seen as a sign of renewed 
retail interest, but there’s still debate whether retail has truly returned.