ICP Plummets 7% as Institutional Exodus Shatters Critical Support
Whale-sized sell orders just gutted the Internet Computer's price floor—now traders brace for cascading liquidations.
Blood in the protocol water
The usual crypto cheerleaders are suspiciously quiet as ICP gets dumped harder than a hot ICO. That 'decentralized cloud' narrative? Not looking so bulletproof when VCs cut and run at the first sign of turbulence.
Smart money knows when to fold
Institutions aren't paying those 2-and-20 fees to ride sinking ships. Their exit screams what charts confirm: ICP's tech might be revolutionary, but right now it's trading like just another shitcoin in a bear market.
Funny how these 'long-term holds' always seem to crash right before bonus season.
Technical Analysis
- ICP fell 7% from $5.67 to $5.27 on Aug. 17–18.
- Critical support level at $5.48 was breached during early Aug. 18 trading.
- Volume surged to 708,905 units, almost double the 24-hour average of 386,248 units.
- Recovery attempts failed, with a 1.12% drop from $5.35 to $5.29.
- Current price consolidation near $5.29 reflects waning institutional participation.
Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
