Bitcoin Holds Above $118K Amid Cooling Rally; Altcoins and Coinbase’s ‘Base App’ Take Focus
Bitcoin is stabilizing above $118,800 after briefly touching $122,000 earlier in the week—a move that marked a new all-time high. While the broader structure remains intact, on-chain data suggests the first wave of profit-taking is underway, primarily among short-term holders sitting on outsized gains.
According to Glassnode, metrics tracking short-term unrealized profits have moved into historically overheated territory. The Short-Term Holder Relative Unrealized Profit metric peaked at 15.4%—above the +1 standard deviation level—before easing slightly, a signal that “often marks the beginning of a top formation,” the firm said.
Glassnode also pointed to the Realized Profit to Loss Ratio, which spiked to 39.8 (above the +2 SD threshold) before retreating to 7.3—still consistent with patterns seen in late-stage bull cycles. While analysts aren’t calling a definitive top, they note that tops typically unfold in “multiple waves,” with $130K flagged as the next potential resistance zone.
Altcoin Rotation Gains Momentum
With Bitcoin’s momentum slowing, capital is rotating into altcoins. Ethereum (ETH) surged 7.5% in the last 24 hours, breaking out of a multi-week consolidation range. Analysts attributed the move to growing optimism around the GENIUS Act and sustained ETF inflows.
Solana (SOL) also gained 5%, lifted by on-chain data showing that Galaxy Digital accumulated $55 million worth of SOL in under two hours, withdrawing the tokens from several centralized exchanges. These flows highlight growing institutional interest in high-conviction altcoins.
Coinbase Rebrands Wallet to ‘The Base App’
Coinbase officially unveiled the rebranding of its Wallet to the Base App, positioning it as the front-end gateway to its broader Base ecosystem. Announced during the company’s “A New Day One” event, the app now serves as a central hub for Base Chain (Layer 2), Base Build (developer tools), and Base App (user interface).
Unlike the legacy wallet, the Base App features integrated messaging, payments, trading, and a mini-app marketplace—marking a push toward delivering a holistic, onchain user experience. The rebrand also underscores Coinbase’s strategy to present Base as a standalone platform with broader appeal, distancing it from the core exchange brand while retaining interoperability.
Market Snapshot
- BTC: Hovering near $118,000 during Asia trading hours as traders weighed a possible Fed rate cut in September after softer U.S. CPI data. K33 Research suggested Bitcoin’s classic four-year cycle may be losing relevance amid market maturation.
- ETH: Now above $3,400 after a 7% daily gain, driven by strong ETF flows and increased demand from crypto treasury allocators. ETH is now positive year-to-date.
- Gold: Rebounded above $3,350 following weak U.S. producer inflation data and growing speculation over Fed Chair Powell’s tenure, renewing dovish policy hopes.
- Nikkei 225: Fell 0.6% after former President Trump reiterated plans for a 25% tariff on Japanese imports, sparking trade tensions.
- S&P 500: Rose 0.3% as market nerves eased after Trump clarified he has no immediate plans to remove Powell from his post.
