- Bitcoin faces renewed selling pressure as leveraged trades unwind near $98,500
- Ethereum gains strength as 3,220 BTC are sold and 34,290 ETH are accumulated
- Ondo and AOS lead real-world asset tokenization amid growing institutional interest
Bitcoin is once again under the microscope as traders and investors digest a turbulent week. According to Altcoin Buzz, an analytic firm analysis, a sharp sell-off partially driven by major liquidations and end-of-month options pressure has rattled market sentiment. While the digital asset clings to key support around $106,000, many analysts warn that the $100,000 psychological level and even a brief drop to $98,500 remains possible.
The downside pressure stems from multiple angles. Month-end options expiry often triggers volatility, and this instance was no exception. Additionally, the liquidation of a high-profile whale on Hyperliquid sent shockwaves through the system, further fueling uncertainty.
This trader, identified as James Win, reportedly lost over $99 million due to aggressive leverage, making it one of the most notable capitulations in recent months. Interestingly, the broader market seemed to hunt this position, raising questions about transparency and its double-edged impact in decentralized trading ecosystems.
Altcoins Show Mixed Signals Amid Shifting Flows
While Bitcoin tested its bottom, Ethereum quietly gained ground. On May 29, a significant rotation occurred: 3,220 BTC were sold while 34,290 ETH were accumulated. This movement suggests Ethereum is displaying relative strength in comparison to Bitcoin.
Moreover, technical indicators for XRP hint at a potential future rally. A bullish golden cross between XRP’s MVRV and its 200-day moving average may signal long-term upside. However, the current price action remains weak, with key support seen near the $2 mark.
Meanwhile, Solana continues to attract bullish predictions. Standard Chartered forecasts its price could reach $275 by the end of 2025, and up to $500 by 2029. With Coinbase and Kraken introducing 24/7 SOL futures trading in mid-June, institutional interest could further support its growth. Technical resistance sits near $180, and consolidation within the $159–$180 range is likely before a breakout.
Innovation and Real-World Assets Gain Momentum
On the innovation front, platforms like Ondo and AOS Network are driving real-world asset (RWA) tokenization forward. Ondo’s total value locked has surpassed $1.27 billion, while recent partnerships with Robinhood and Solana are building the framework for tokenized finance. Despite some weakness near the $0.75 support, Ondo remains a key player in the RWA space.
Additionally, the AOS and Neo partnership introduces a decentralized infrastructure for AI and streaming. This collaboration aims to reduce development costs and improve performance through decentralized compute power. Developer activity has surged 60% over the past year, signaling growing interest in AI-integrated blockchain platforms.
