Bitcoin is holding steady above the $118,800 mark as the market digests its recent powerful rally to a new all-time high of over $122,000.
While on-chain data now indicates that the first wave of heavy profit-taking has begun, particularly among short-term holders sitting on significant gains, some analysts believe that historical patterns still suggest room for another push higher, though they are also warning that “overheating” signals are beginning to flash.
In a recent report, on-chain analytics firm Glassnode highlighted that “short-term holders are now sitting on significant unrealized profits,” a condition that is pushing key indicators “towards overheated territory.”
The Short-Term Holder Relative Unrealized Profit metric recently hit 15.4%, breaching a key statistical threshold (+1 standard deviation) before cooling slightly. Historically, this level “often marks the beginning of top formation,” according to Glassnode.
The firm also pointed to the Realized Profit to Loss Ratio, which recently spiked to a staggering 39.8, “well above the +2 standard deviation threshold,” signaling a period of intense profit-taking from successful traders.
Although this ratio has since declined to a more moderate 7.3, the elevated reading remains consistent with behavior typically seen in the late stages of a bull market.
“So far, both the Percent of Spent Volume in Profit and the Realized Profit to Loss Ratio have signaled the first wave of excessive profit-taking,” the report concluded.
While this doesn’t necessarily mark a definitive market top, Glassnode cautions that “such top formations tend to unfold across multiple waves,” with the next major resistance level for Bitcoin projected to be around the $130,000 mark.
The great rotation: traders move into altcoins
As Bitcoin’s near-term upside appears increasingly constrained by this profit-taking pressure, some traders are beginning to rotate their capital into major altcoins.
Ethereum (ETH) surged an impressive 7.5% in the past 24 hours, outpacing Bitcoin and breaking out of a recent consolidation phase.
Analysts have pointed to the recent advancement of the GENIUS Act, a stablecoin regulation bill, as a potential catalyst for ETH’s strong performance.
Solana (SOL) also saw a significant jump, up 5%, buoyed by fresh on-chain data showing that Galaxy Digital had accumulated $55 million worth of SOL within a tight two-hour window, withdrawing the tokens from multiple centralized exchanges.
This rotation into major altcoins like ETH and SOL suggests that while Bitcoin’s broader market structure remains intact, traders are seeking opportunities for higher returns in other parts of the crypto ecosystem.
Coinbase’s big rebrand: from ‘Wallet’ to ‘Base App’
In a significant development for the broader crypto ecosystem, Coinbase has officially rebranded its popular Wallet product as the ‘Base App’.
This move confirms speculation that had been swirling since the company scrubbed its X profile earlier this week.
The rebranding positions the app as a central gateway into the burgeoning Base ecosystem, which is now being pitched as a full-stack, on-chain platform designed for mainstream adoption.
The rebrand was officially announced during Coinbase’s “A New Day One” event, which also unveiled a broader vision for the Base ecosystem, now built around three key pillars: the existing Layer-2 network, Base Chain; a new developer toolkit suite dubbed Base Build; and the newly launched Base App.
Unlike its predecessor, the Coinbase Wallet, the new Base App is designed to be much more than just a place to store crypto.
It will integrate chat functionalities, payments, trading, and a mini-app marketplace that supports a wide range of social and financial experiences.
This is not Coinbase’s first attempt at a wallet makeover (long-time crypto users will remember its original wallet, “Toshi”), but it is arguably its most ambitious.
With the Base ecosystem increasingly distancing itself from the parent Coinbase brand, the new app appears designed to emphasize Base’s distinct identity as a more decentralized, open ecosystem—one that is anchored in the core values of crypto but packaged in a user-friendly way for the everyday consumer.
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- Strategy unveils a new Bitcoin logo and orange color scheme representing its Bitcoin strategy
- Saylor is expected to discuss the rebrand during the company’s earnings call on Wednesday evening
- Strategy currently has 471,107 Bitcoin in reserve worth $45.8 billion
MicroStrategy, the largest corporate Bitcoin holder, has announced it’s rebranded to Strategy and unveiled a new Bitcoin logo.
In a post on X, Michael Saylor, co-founder of Strategy, simply said: “new brand, same strategy,” with an image of him in front of the company’s new logo.
New ₿rand, Same Strategy pic.twitter.com/r1LD5FdEjJ
— Michael Saylor
(@saylor) February 5, 2025
In an announcement released on February 5, Strategy said the rebrand was a “natural evolution of the company, reflecting its focus and broad appeal.” The stylized “B” in the new logo represents Strategy’s Bitcoin strategy while the orange color highlights “energy, intelligence, and Bitcoin,” according to the press release.
Strategy’s stock ticket, MSTB, remains the same.
The rebrand comes ahead of the company’s earnings call on Wednesday evening, during which Saylor is expected to discuss it.
Bitcoin buying strategy
Since 2020, Strategy has employed a Bitcoin buying strategy; however, over the past year, it has ramped up its efforts. In November, Saylor announced that the company was raising $21 billion from a stock sale so it could buy more Bitcoin.
According to data from SaylorTracker, the company currently has 471,107 Bitcoin worth $45.8 billion.
Claiming that Bitcoin represents digital capital, Saylor urged Microsoft to adopt Bitcoin, stating that “Bitcoin represents the greatest digital transformation of the 21st century.”
Other companies following in Strategy’s Bitcoin buying footsteps include Metaplanet, which is aiming to increase its Bitcoin holdings to 10,000 in 2025.
MicroStrategy has officially rebranded, with the software company unveiling its new name and logo. Interestingly, the company’s new logo features the Bitcoin logo, which reaffirms its commitment to its BTC strategy.
MicroStrategy Is Now ‘Strategy’
In a press release, the software and Bitcoin Treasury company announced that it is now doing business as ‘Strategy.’ It added that Strategy is the world’s first and largest Bitcoin Treasury company, the largest independent, publicly traded business intelligence company, and a Nasdaq 100 stock.
MicroStrategy further stated in the press release that this brand simplification is a natural evolution of the company, reflecting its focus and broad appeal. As part of the rebrand, the company also unveiled its new logo, which includes a stylized “B,” which it explained signifies its Bitcoin strategy and unique position as a Bitcoin Treasury company.
Meanwhile, the company revealed that the brand’s primary color is now orange, representing “energy, intelligence, and Bitcoin.” This development comes just days after MicroStrategy announced plans to raise $563 million to buy more BTC.
Speaking on the rebrand, Michael Saylor, the company’s founder and Executive Chairman, said,
Strategy is one of the most powerful and positive words in the human language. It also represents a simplification of our company name to its most important, strategic core. Antoine de Saint-Exupery said, ‘Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.’ After 35 years, our new brand perfectly represents our pursuit of perfection.
MSTR Stock Fails To React
MicroStrategy’s stock failed to react positively to the news of the rebrand to ‘Strategy.” Nasdaq data shows that the MSTR stock price is down almost 2% today and is currently trading at around $342.
However, the stock price could rebound as the company is set to announce its earnings today after the market closes at 9 pm UTC. The company’s earnings beating expectations could easily lead to a rally for the MSTR stock.
Meanwhile, the Bitcoin price remained unchanged and failed to react to the company’s new BTC logo. The flagship crypto is currently trading at around $97,200, down almost 2% in the last 24 hours.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The transition began at the company headquarters in Switzerland, with plans for an eventual change of name and transformation across other offices located in financial hubs like Abu Dhabi, Hong Kong, and Singapore.
The cryptocurrency bank, formerly known as Seba, is embarking on a major rebranding effort as it transitions to a new name – Amina Bank. The change comes following confusion with another bank in Sweden named SEB. The report stated that there was an agreement to adopt a fresh identity to stop whatever confusion the identical names may cause, especially since they have similar services.
The former name Seba is said to be a short form of its founder’s name, Sebastien Merillat, but the new one seeks to reflect the wide range of services that the company is offering. According to CEO Franz Bergmueller, the name Amina signifies the concept of “transAMINAtion,” representing how the bank combines traditional, digital, and crypto banking capabilities to unlock greater potential for clients. He framed the rebranding as part of a major transformation that goes beyond just altering the name. He stated:
“We are delighted to introduce the world to our new brand identity. While we say goodbye to the Seba name, we remain forever proud of the achievements made by the group under the former brand.”
The transition began at the company headquarters in Switzerland, with plans for an eventual change of name and transformation across other global offices located in financial hubs like Abu Dhabi, Hong Kong, and Singapore. Nevertheless, Bergmueller assured that day-to-day operations would continue undisrupted during the gradual process.
Amina (Former Seba) Sets Eyes on Expansion, a New Era of Growth
While proud of Amina’s progress to date, Bergmueller stressed that this represents a pivotal new chapter. Amina, backed by Swiss institution Julius Baer, was first launched in 2018 after securing the necessary licenses in Switzerland. It has made efforts to gain licenses beyond these regions, which is part of its more general goal of being licensed in various areas of the world. The bank secured permission to operate in Abu Dhabi last year, which allowed it to open an office there. This year, it got the license to operate in Hong Kong approved by the Securities and Futures Commission in the country.
The CEO also tied adopting ‘Amina’ to the bank’s vision for a “new era” of accelerated growth. Part of the plan for 2024 is to continue to expand its footprint across strategic regions while keeping the banking experience seamless for existing clients. He said:
“As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi and to continue our global expansion.”
As a rising industry player in cryptocurrency, Amina will maintain services spanning traditional finances and digital banking on the global stage. Bergmueller noted that the hybrid model directly reflects their mission to navigate ongoing changes reshaping the financial landscape. Even amidst acquiring a new brand, the central focus remains fusing these banking spheres.
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In a recent tweet, ErgoDEX announced it will rebrand to Spectrum on August 12. The post included a video trailer teasing its Cardano mainnet release.
The project’s roadmap showed the team is currently working on the Cardano launch. This phase incorporates three milestones, testnet, bug fixes, then the Cardano mainnet launch.
ErgoDEX → Spectrum
This FridayWe can’t wait to show you all what we have been working on!
P.S. Turn onpic.twitter.com/DH5Fmrbez1
— ErgoDEX (@ErgoDex) August 9, 2022
ErgoDEX has been in Cardano testnet since May
On May 24, the ErgoDEX team said they were two weeks into the testnet. The initial results showed stable performance with swaps and adding and removing liquidity on several wallets. The message signed off, saying the focus now turns to optimization and bug fixes.
Between then and now, ErgoDEX has kept the community informed with regular updates, including token list updates and details of specific coding tasks, as the platform finalizes for launch.
New tech UPD’s:
– Updated history on Ergo side & fixed manual refund form
– Fixed asset pair icon behavior
– Added transaction history and a “pending” feature. This will allow users to queue multiple transactions at once that will execute in order of being submitted.
Checkhttps://t.co/3U8aMjcPsH
— ErgoDEX (@ErgoDex) August 8, 2022
Ergo is a Proof-of-Work blockchain incorporating technologies such as zk-proofs and adjustable block size. However, unlike Bitcoin, it is ASIC resistant, meaning profitable mining is possible using standard consumer-accessible equipment.
Upon its release, ErgoDEX will offer cross-chain liquidity and interoperability between the Ergo and Cardano networks.
The team responds to community feedback
A Reddit post on the rebrand yielded community feedback on the name change and other details, including when ErgoDEX plans to launch.
Multiple people pointed out that Spectrum is also the name of a U.S. phone and broadband provider, which may cause branding confusion and open up the project to copyright infringement.
An Ergo team member pointed out that both companies operate within different industries, and tagging “labs” at the end of Spectrum is a sufficient differentiator.
“We are an international finance company and our company name will be Spectrumlabs. We don’t see it as an issue.”
On a firm date for ErgoDEX to launch, the OP said the dApp isn’t finished. The most significant hold-up relates to updating “some final Vasil libraries.”
“We are stuck waiting for some final Vasil libraries to be updated so we can move forward, the ecosystem isn’t ready just yet.”
Cardano developers delayed the Vasil hard fork for a second time following the discovery of bugs during testing. Input Output CEO Charles Hoskinson said:
“It shouldn’t be much longer.”
Multi-signature wallet protocol Gnosis Safe has raised $100M in a funding round led by venture capital firm 1kx and will rebrand as “Safe”.
Gnosis Safe users – a group that includes Bitfinex, BitDAO and Vitalik Buterin – manage more than $38B in assets, according to data from Dune analytics (that figure was just over $100B in February). Earlier this year, holders of Gnosis’ governance token GNO voted to spin off Gnosis Safe.
“In order to get Gnosis Safe to the next level, an ecosystem should be established around this new account standard,” co-founder Lukas Schor argued in the proposal to separate the protocol from Gnosis. “The spin-off will also enable the Gnosis Safe project to have an even stronger focus on its mission: increase adoption of smart-contract-based accounts.”
In addition to 1kx, the 60 investors include Tiger Global, Kraken Ventures, Digital Currency Group, Blockchain Capital, Coinbase Ventures and a number of industry veterans, such as Hasu of Flashbots and Lefteris Karapetsas of Rotki.
“As both a user and developer I find @gnosisSafe as an indispensable tool for every crypto user,” Karapetsas tweeted Tuesday, “and it is my hope to see it grow for the next billion users.”
The $100M raised will go toward the newly established Safe Ecosystem Foundation, a non-profit “protecting strategic assets and contributing to the further development of Safe.”
First called “Gnosis Multisig”, Gnosis Safe was built in 2017 so that the Gnosis team had a means of securely storing its own digital assets.
“After open-sourcing the project, it became the standard for multisignature-wallets on Ethereum,” Schor tweeted on Tuesday.
“But this is only the beginning. We are on a mission to make every account in Web3 a smart contract account,” Schor continued. “By moving away from private-key accounts, we will create a web3 ecosystem that is much more secure and accessible to a wider range of users. Safety nets such as account recovery and hybrid custody will make web3 much more approachable for many more user groups.”
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