Asia Session: Bitcoin Inches Toward $130K, Though ETH and SOL Steal the Limelight

Bitcoin Holds Below $119K as Traders Shift to ETH, SOL; Coinbase Rolls Out ‘Base App’

Bitcoin is stabilizing just under $119,000 in Thursday’s Asia trading session, consolidating after hitting a record high above $122,000 earlier this week. Although momentum has cooled, technical setups remain constructive, with $130,000 now viewed as the next upside target.

Profit-taking among short-term holders is evident. On-chain data from Glassnode shows unrealized profits have climbed to 15.4%, nearing levels historically associated with local tops. Realized profit-to-loss ratios have also surged. However, market structure remains bullish.

ETH, SOL Lead Altcoin Rotation

As BTC consolidates, capital continues rotating into altcoins. Ethereum (ETH) jumped over 7% in the past 24 hours to reach $3,417, as institutional appetite returns and ETH’s treasury utility narrative gains traction.

Solana (SOL) gained 5% following reports that Galaxy Digital acquired around $55 million worth of SOL off exchanges—a move interpreted by traders as a long-term bet on the network, reducing near-term sell pressure.

Coinbase Introduces Base App in Ecosystem Expansion

Coinbase launched the Base App, a rebranded version of its wallet platform, during its “New Day One” event. The app combines payments, messaging, dApp access, and trading into a unified front-end designed to serve as the primary gateway to the Base ecosystem.

The company now describes its Layer 2 stack in three pillars: Base Chain (infrastructure), Base Build (developer suite), and Base App (user interface)—positioning itself as a vertically integrated platform for both developers and consumers.

Market Snapshot:

• BTC: Consolidating near $118,700; breakout above $122K remains fresh
• ETH: Up 7.3% to $3,417 amid treasury adoption narrative
• SOL: Trades at $173.86, +5% as institutional demand grows
• Gold: Breaks above $3,350 on U.S. CPI miss
• S&P 500: Gains 0.3% despite renewed Fed policy uncertainty
• Nikkei 225: Falls 0.6% after Trump signals new Japan tariffs

K33 Analysts Say Bitcoin’s Halving Cycle Is Losing Relevance

In a new report, K33 Research suggests Bitcoin’s traditional four-year halving cycle is becoming less predictive. Unlike prior cycles, the current rally began well before the April 2024 halving, with analysts pointing to institutional flows and macro forces as increasingly dominant drivers.

“Bitcoin is maturing,” said K33. “It’s behaving more like a global macro asset than a supply-shock-driven commodity.”