Bitcoin Holds Above $118K as Traders Eye Next Leg; ETH, SOL, and Base App Drive Broader Momentum
Bitcoin is steady around $118,800 in Thursday Asia trading, cooling slightly after a sharp rally earlier in the week that pushed prices to a new record above $122,000. While momentum has eased, market structure remains bullish, with analysts pointing to $130K as the next technical target—though short-term profit-taking is clearly underway.
On-chain data shows that short-term holders are beginning to lock in gains. Glassnode’s Short-Term Holder Relative Unrealized Profit metric recently peaked at 15.4%, above +1 standard deviation, a level that often signals interim tops. Similarly, the Realized Profit to Loss Ratio reached a cycle-high 39.8 before pulling back to 7.3, still well above neutral and consistent with prior late-stage bull market behavior.
Altcoins Outperform as Rotation Intensifies
As BTC consolidates, traders are rotating capital into altcoins. Ethereum (ETH) broke above key resistance at $3,400, up over 7% in the past day. ETF flows and optimism around the GENIUS Act continue to drive interest in Ethereum-based strategies.
Solana (SOL) rose 5%, supported by on-chain evidence of a $55 million accumulation by Galaxy Digital, who withdrew large amounts of SOL from exchanges—typically a signal of long-term conviction.
Coinbase Launches ‘Base App’ in Major Wallet Overhaul
Coinbase formally rebranded its wallet product to the Base App, introducing a new front-end experience designed to anchor the Base ecosystem. Unveiled at its “New Day One” event, the app integrates messaging, payments, trading, and an app marketplace. It will serve as the primary user interface for Base Chain (its Layer 2), Base Build (dev tools), and now Base App, the front-end gateway.
The rebrand is part of Coinbase’s strategy to position Base as a standalone crypto operating system, rather than just another exchange extension.
Market Highlights
- Bitcoin (BTC) is stabilizing near $118K, as macro traders look toward a possible September Fed rate cut following softer U.S. inflation prints.
- Ethereum (ETH) has outperformed, rising to $3,417 and flipping green for the year. Institutional inflows and crypto treasury strategies are driving demand.
- Gold rebounded above $3,350 on dovish Fed speculation and weak PPI data.
- Nikkei 225 fell 0.6% after Donald Trump renewed calls for 25% tariffs on Japanese imports, raising trade concerns.
- S&P 500 climbed 0.3% as markets shrugged off political risk tied to Fed Chair Powell’s future under a potential second Trump term.
K33: Bitcoin’s Halving Cycle May Be Breaking
In a note released Wednesday, K33 Research analysts said Bitcoin’s classic four-year halving cycle is losing influence as the asset matures and macro factors dominate. They noted that BTC’s recent breakout came well ahead of typical post-halving timelines, suggesting institutional capital is reshaping market dynamics.
