Crypto Market Recap: QNT, CAKE, JUP Lead the Markets While PI & BONK Face Huge Upward Pressure

Crypto markets began the weekly trade on a consolidated note, as Bitcoin price was struggling to reclaim the pivotal range at $110K. While the star token failed to do so, the markets slightly collapsed, and the market capitalization dropped below $3.5 trillion. Regardless of this, Hyperliquid (HYPE) price maintained a steep upswing and smashed a new ATH close to $40 and surpassed Chainlink & Sui to become the 11th largest crypto asset. However, the bulls seem to have exhausted as the price has attracted over a 3% loss since the early trading hours. 

The other tokens in loss today include Pi, BONK, SPX6900, and Sui, which slumped by 4% to 5%. The other altcoins also tanked down, but by a negligible margin, suggesting the bulls continue to hold a tight grip on the rally. No major liquidations were recorded in the past 24 hours, as the total liquidations are around $200 million. However, the Bitcoin whales have begun to sell, which could be the reason for the ongoing bearish price action. 

The data from Glassnode suggests the whales holding more than 10,000 BTC have been selling, while the smaller whales holding less than 10K BTC are accumulating. The accumulation of smaller portfolios shows the strengthening of an underlying popular base, which indicates growing confidence among the investors. On the other hand, the institutions seem to have halted BTC accumulation as the spot ETF flow continues to remain negative for the fifth consecutive day. 

Regardless of this, the traders continue to remain bullish on Bitcoin as they expect nominal growth. Meanwhile, the traders have accumulated high leverage just above the ATH, which suggests the price is due for yet another upswing towards new highs. 

This suggests the shorts are preparing for yet another pullback from the highs close to $111,200, which may liquidate more than $70 million in shorts as of this date. Therefore, the current market scenario suggests the bulls continue to remain in control regardless of the short-term pullback. Hence, a significant rebound could be imminent in the coming days, leading the BTC price to a new ATH.