Coinbase Bitcoin Plunge Analysis
Bitcoin has experienced a significant downturn on Coinbase, dropping to a four-week low of $108,700 as profit-taking activity intensified among long-term holders. The cryptocurrency breached the crucial $112,000 support level amid substantial selling pressure, with long-term investors liquidating approximately 3.4 million BTC. This sell-off appears to reflect growing market exhaustion following the Federal Reserve's recent rate cut decision, with Spent Output Profit Ratio (SOPR) data indicating that some investors are now selling at losses. The situation has been further compounded by slowing ETF inflows and substantial liquidations exceeding $1.5 billion this week. Thin market liquidity has exacerbated the downward pressure, creating challenging conditions for Bitcoin's near-term recovery prospects. This development marks a notable shift from previous bullish trends and highlights the complex interplay between macroeconomic factors, investor sentiment, and technical levels in the cryptocurrency markets.
Bitcoin Retreats to Four-Week Low as Profit-Taking Accelerates
Bitcoin plunged to $108,700 on Coinbase, breaching critical support at $112,000 as long-term holders cashed out 3.4 million BTC. The sell-off reflects mounting exhaustion after the Fed's rate cut, with SOPR data showing some investors now selling at losses.
ETF inflows have slowed markedly alongside the profit-taking frenzy. Liquidations topped $1.5 billion this week as thin liquidity exacerbated downward pressure. The market appears to be testing levels that previously marked cycle tops.
XRP ETFs: How Upcoming Spot Listings Could Impact Price and Circulation
XRP holdings on major exchanges have plummeted, with Coinbase's reserves dropping nearly 90% to just 100 million tokens. This supply crunch coincides with institutional accumulation for spot ETF preparations, where firms are strategically buying via TWAP and VWAP algorithms.
ETF mechanics could amplify the squeeze—each share represents 5-50 XRP held in custody, permanently removing liquidity from circulating supply. The pattern mirrors Bitcoin and Ethereum's ETF-driven cycles, where institutional demand reshaped market dynamics.
Regulatory winds may accelerate the process. SEC Chair Paul Atkins' crypto-friendly stance and the CFTC's support suggest smoother approvals. Current rules mandate six months of futures trading before spot ETF clearance, but evolving thresholds based on market cap could fast-track XRP products.
Centrifuge Launches First Licensed Tokenized S&P 500 Fund on Base Network
Centrifuge has introduced SPXA, the first licensed tokenized S&P 500 index fund on the Base blockchain, marking a significant milestone in the convergence of traditional finance and decentralized technology. The fund, managed by Janus Henderson and Anemoy with FalconX as anchor investor, enables 24-hour trading access to the S&P 500 index, a benchmark tracking 80% of the U.S. equity market.
The launch on Base, an ethereum Layer-2 network developed by Coinbase, represents the first blockchain-based index fund officially licensed by S&P Dow Jones Indices. Wormhole's integration will facilitate future multichain expansion, potentially increasing accessibility across decentralized finance ecosystems.
This innovation addresses a key limitation of traditional index funds by providing continuous market access while maintaining transparency through blockchain-recorded holdings. The MOVE signals growing institutional acceptance of tokenized assets as viable investment vehicles.
CleanSpark Secures $100 Million Bitcoin-Backed Credit Facility with Two Prime
CleanSpark has bolstered its financial position with a second $100 million Bitcoin-backed credit facility, this time with institutional bitcoin yield platform Two Prime. The deal brings the company's total borrowing capacity to $400 million, all secured against its substantial Bitcoin holdings.
The financing structure is notably non-dilutive, preserving shareholder value by avoiding new equity issuance. CleanSpark's balance sheet now carries nearly 13,000 BTC, ranking it as the ninth-largest public holder of the cryptocurrency.
This latest facility follows a $100 million expansion of the company's existing credit line with Coinbase Prime earlier in the week. The capital will be deployed to accelerate data center expansion, hashrate deployment, and high-performance computing infrastructure development.
Coinbase Ventures-Backed Redotpay Hits Unicorn Status with $47M Funding Round
Hong Kong-based crypto payments startup Redotpay has achieved unicorn status after securing $47 million in fresh funding. The round saw participation from heavyweight investors including Coinbase Ventures, Galaxy Ventures, and Vertex Ventures, the venture arm of Singapore's Temasek. An undisclosed global technology entrepreneur also joined the financing.
Founded by ex-DBS banker Michael Gao, Redotpay offers prepaid crypto cards accepted by 130 million merchants globally. Its app facilitates crypto-fiat transfers, asset-backed loans, yield products, and exchange services. The company claims five million users and $10 billion in annualized payment volume.
The new capital will fuel international expansion and regulatory licensing efforts. "Our mission remains making digital finance universally accessible, secure, and efficient," Gao stated, emphasizing how investor expertise will accelerate compliance and blockchain adoption worldwide. This follows a $40 million raise led by Lightspeed Venture Partners just six months prior.
Bitwise Proposes Spot ETF for Hyperliquid's HYPE Token
Bitwise Asset Management has filed an S-1 registration with the SEC for a physically-backed ETF holding Hyperliquid's native HYPE token. The proposed fund WOULD custody assets with Coinbase Custody, offering traditional investors direct exposure to the digital asset through conventional brokerage channels.
Approval would mark a significant milestone in bridging crypto and traditional finance. The ETF's structure avoids derivatives, opting instead for direct token ownership—a model that could influence how digital assets are integrated into mainstream portfolios.
