A cryptocurrency whale opened a 20 times leveraged long position in 792,200 XRP on Hyperliquid, with an entry price of $1.3564. As XRP fell, the position moved into an unrealised loss that was estimated to have neared $30,000. The trader, however, was offsetting part of the XRP loss with gains from other positions, including a 40 times leveraged long in 254.98 bitcoin and a HYPE leveraged position.

Bitcoin demand is weakening quickly, increasing the likelihood of a prolonged sideways move or additional declines below $80,000. Cointelegraph reported that spot demand and exchange-traded fund flows slowed after the price met resistance above $80,000. Indicators from Caprioli Investment and on-chain data firms pointed to reduced buying strength and softer spot market conditions. ETF holdings also weakened, with flows turning to net selling. Analysts said a sustained recovery requires demand and accumulation above key support around $78,300.