ZachXBT named some sponsors of Token2049 as sketchy. While these coins may have hype-fueled pumps to cult-like followings, they may have no real utility.

Big stage, bigger scams? 5 shady crypto projects that made it to the spotlight

The Bitcoin price kicked off the weekend in the worst way possible, falling 
beneath the $115,000 level for the first time since early July. Considering 
the supposed significance of this price mark, there have been questions about 
how much headroom the price of Bitcoin still has. The latest on-chain data 
suggests that the Bitcoin bull run might not be over just yet. BTC Long-Term 
Holders Start Distributing In an August 1st post on X, crypto analyst Joao 
Wedson reported that the Bitcoin cycle for the long-term holders seems to be 
coming to an end. Related Reading: Coinbase Bitcoin Premium Just Turned Red 
For The First Time Since May — What This Means Wedson emphasized that, 
regardless of the ongoing excitement around ETFs, on-chain data shows a clear 
market shift. This shift signals that the cryptocurrency&#8217;s long-term holders 
are beginning to sell their coins, and, in large volumes, too. According to 
the analyst, about 50% of the amount of Bitcoin held in exchange-traded funds 
has been sold by the LTHs. Regardless of this situation, however, Wedson 
expects the BTC bull market to go on for “at least 2 more months” and the 
altcoins’ bull cycle for three months. Key Metrics Flash Warnings &#8211; But ‘Final 
Top’ Not Yet Seen Wedson backed his claim with four on-chain indicators, 
starting with the Coin Days Destroyed Terminal Adjusted Metric, which shows 
aged coins moving after being dormant for a long period of time. The analyst 
explained that there has been a significant movement of old BTC over the past 
two years. This, Wedson emphasized, triggered three major warning signs that 
coincide with a local top. Wedson also referenced the Reserve Risk Indicators 
to gauge current LTH conviction. This metric, from analysis, has entered a 
warning zone, as there is increased selling activity and hand exchanges. Next, 
the online pundit quoted results from the Spent Output Profit Ratio (SOPR) 
Trend Signal. The SOPR measures whether coins (in this case, Bitcoin) are 
moved at a profit or loss. Wedson pointed out that this indicator recently 
flashed a bearish signal, which implies increased profit-taking in the market. 
Referring to it as ‘the most accurate metric in the world’ used to identify 
Bitcoin&#8217;s macro tops, the Bitcoin Cycle Market Top Prediction: Max Intersect 
SMA Model was put out last. Wedson highlighted that this metric is yet to 
flash any bearish signal. Using the chart below, the analyst explained that 
until the blue line reaches the $69,000 level, the final top is yet to arrive. 
Ultimately, the analyst preached caution against panicking, as historical 
cycle patterns suggest that the final market top has yet to arrive. As of this 
writing, Bitcoin is valued at about $113,052, reflecting a 1.2% price decline 
in the past 24 hours. Related Reading: Record Bitcoin Prices Propel Strategy 
To First Profit In Six Quarters Featured image from iStock, chart from 
TradingView

Bitcoin Long-Term Holders May Be Selling, But Is The Bull Run Really Over?

After the White House published its latest digital asset report—and U.S. 
crypto czar David Sacks chimed in—speculation lit up X. A wave of users 
wholeheartedly believe the digital dollar might end up running on Ripple’s XRP 
Ledger, pointing to the firm’s stablecoin progress and key alliances as their 
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The $3.5 billion heist is the single largest cryptocurrency hack and went 
unreported by both parties for years, according to Arkham.

$3.5B Bitcoin heist from 2020 retroactively uncovered — Arkham Intel

On Saturday at 6 p.m. Eastern time, bitcoin is changing hands at $112,985 
after dipping to an intraday low of $111,987 from highs near $123,000 in 
recent weeks, with both futures and options metrics flashing mixed signals 
across major derivatives exchanges. Bitcoin Dips but Deribit Traders Still Eye 
$140K+ Strike Prices Bitcoin is down 4.6% […]

Bitcoin Slides Under $112K as Derivatives Market Flashes Divergence

Gold is gliding at $3,362 per ounce, gaining a modest 1% against the U.S. 
dollar over the past week. While its momentum fizzled a bit over the past 
month, there’s still chatter that the shiny metal’s climb to $4,000 isn’t out 
of the question. $4,000 Gold No Fantasy, Says Wisdomtree’s EU-Based 
Commodities Strategist Gold’s 30-day […]