The desultory price action in crypto continued on Tuesday and helped draw Bitcoin (BTC) closer to its lowest level in several months.
In the early afternoon trading lessons, Bitcoin traded for $ 93,600, lower by 2% over the last 24 hours and from 10% over the past week.
The wider crypto market as defined by the Coindesk 20 index fell 4% over the last 24 hours. Hitting this index was a decrease of 16% in Solana (SOL), which feels the pain as the Memecoin market may have finally reached Peak Grift and/or direct crime over the weekend with rugpull involving Argentine President Javier Millei. Solana is now down by 35% over the past month and has given all his election gains after Trump.
$ 500K still in play
Standard Charter’s Geoff Kendrick has previously said he expects Bitcoin to eclipse $ 500,000 when Donald Trump leaves the office.
When he looked past the paralyzed short-term pricing, Kendrick-in a morning note said Tuesday-the recent slate with 13F archives regarding institutional ownership of Spot Bitcoin Etfs gave him hope.
That type of buyer has evolved from retail to hedge funds and now to banks and sovereigns, Kendrick said, noticing a boosted ETF share from them like Goldman Sachs and the first purchase of a Bitcoin Etf by Abu Dhabi.
Kendrick: “In the future, we would expect that more very long-lasting money only money to buy Bitcoin and would expect the Abu Dhabi position to be the start of much greater participation from sovereign.”
Solana falls
Native tokens of protocols tied to the Solana trading environment was also not spared. Tokens for decentralized exchanges Raydium (Ray), Jupiter (JUP) placed double -digit losses today, while Liquid Stoting Service Jito (JTO) slipped 7% lower, with them all over 30% from their Friday heights.
The Solana Ecosystem, which benefits from generously as a hub for memoin trade and launch of tokens, is struggling with the fall of weight, the latest scandalous pump-and-dump-token launch that put more key figures in the Solana room and even Argentina’s president Javier Milei in the hot seat.
The weight was released on Friday and zoomed in at $ 4 billion market value after Milei’s X posts and said the project would support small and medium-sized businesses in the country. The token then lost almost all its market value when insiders paid $ 100 million, and Milei Backpedaled his support. Milei is now facing charges of fraud and a possible forgery, and Solana-based Dex Meteora co-founder Ben Chow withdrew after being implicated in the token launch.
“This is the latest creepy episode derived from Solana’s Memecoin complex,” said Alex Thorn, head of corporate wide research at Galaxy, in a Tuesday note. The report pointed out that mood against Memecoins began eroding since the Trump token
If the mood was not in the rock floor, the upcoming sun -locking, which increased token’s circulating supply, a further dose of uncertainty in the markets. The estimates vary on the exact amount of tokens to be released in circulation, but a hedgefondanalytic who is expected that approx. 15,725 million sun, worth approx. 2.5 billion dollars at current prices will be unlocked in the next three months, with large parts of the tokensene coming from FTX Estate Holdings.
“If a unlocking of this scale occurs, it can increase the circulating supply of the $ solar and potentially affect market dynamics,” tokenomist analysts said in an X -post. “Historical examples of large token locks have often led to increased pricing volatility. However, it is important to note that the exact size of the lock and the final date is still not published by any official unit.”
