**Tuesday Morning Brings More Turbulence to the Crypto Market**
Tuesday morning started off with more turbulence across the cryptocurrency market. Bitcoin is currently trading at $108,097, dragged down by another round of ETF outflows. Meanwhile, Ethereum suffered even heavier losses, with $145.7 million leaving its spot funds.
Adding to the market uncertainty, Elon Musk’s SpaceX suddenly transferred $268 million worth of Bitcoin across two dormant wallets—the first large transfer in three months. This move has sparked speculation but, for now, remains a bookkeeping event until those coins reach trading venues.
### Bitcoin Price: Is $108,000 Legit While ETFs Bleed?
Bitcoin began the day down 2.4% over the past 24 hours, after facing a brutal rejection at $110,500. The market structure appears fragile, with support just above $107,000. If selling accelerates, the next clear target is $104,000. On the upside, only a decisive break above $115,400 could reset the charts for a bullish outlook.
Pressure is mounting from ETF outflows. Yesterday alone, spot Bitcoin products saw $40.5 million in withdrawals, reducing total net assets to $149.7 billion. Earlier this year, strong inflows had pushed Bitcoin toward a local high near $115,000; now, consistent outflows suggest institutions are trimming exposure, threatening short-term confidence.
The derivatives market is also adding to the weakness. In the past 24 hours, $88.9 million in Bitcoin longs were liquidated, part of a broader $321.3 million wiped out across the market. Most of these losses stemmed from overleveraged longs rushing into dips. Currently, the market rewards caution and punishes impatience.
### Elon Musk’s SpaceX Transfers $268 Million BTC
On-chain analysts identified a significant transfer from SpaceX wallets: 2,495 BTC worth approximately $268 million moved into two new, inactive addresses. This is SpaceX’s first major Bitcoin transfer in three months.
The pattern resembles activity from July, when SpaceX routed coins through Coinbase Prime, interpreted as internal treasury optimization. While the latest move seems similar, it understandably raises caution. In a week marked by ETF redemptions and liquidations, news of a Musk-connected entity shifting a quarter-billion dollars in Bitcoin adds to market tension. Until the coins reach exchanges, the transfer is more bookkeeping than an increase in market supply.
### XRP Price Surges Despite Retail Panic
XRP staged one of the week’s most dramatic reversals. After dipping below $1.90, XRP bounced back to $2.50 and is currently trading between $2.41 and $2.53.
This turnaround was far from random. Data from Santiment reveals that retail sentiment hit a nine-month low, a classic sign of capitulation. Weaker holders sold out in fear, allowing stronger hands to absorb the supply.
Despite widespread negativity, price action moved oppositely—often an indicator that XRP has found a local bottom. Technically, XRP is currently boxed in with support between $2.35 and $2.40, and resistance at $2.76. A breakout above resistance could push XRP toward $3.00, while failing to hold $1.98 risks another collapse.
What makes this bounce particularly notable is its foundation: exhaustion rather than euphoria.
### Binance Founder’s Bold Call: Bitcoin to Surpass Gold
Binance founder Changpeng Zhao (CZ) remains a “permabull,” stunning the crypto community with a bold prediction. He declared that Bitcoin will eventually overtake gold’s massive $30.1 trillion market capitalization.
“It might take a while, but it’ll happen. Save the tweet,” CZ wrote.
Currently, Bitcoin’s market cap sits around $2.2 trillion, ranking eighth globally. For comparison, Amazon is worth $2.3 trillion, silver close to $3 trillion, and Microsoft and Apple each exceed $3 trillion. Gold, however, remains far ahead.
For Bitcoin to surpass gold, its market cap would need to grow by more than 1000%, which could push prices over $1 million per coin. Skeptics dismiss this as fantasy, citing regulation and infrastructure challenges. Notably, CZ’s prediction did not surface during a bull run—it emerged amid $40.5 million in ETF outflows, $145.7 million leaving Ethereum funds, and a Fear & Greed Index reading of 34.
### Evening Outlook
The crypto market begins the U.S. session on edge, with over $321 million in liquidations highlighting the risks of overleverage. The ongoing ETF outflows, coupled with mixed price action across major tokens, suggest caution in the short term.
However, market veterans like CZ remind us this is a long game. While red candles dominate now, the million-dollar Bitcoin target keeps the promise of a bold future alive.
*Stay tuned as the market unfolds.*
https://u.today/morning-crypto-report-bitcoin-dangerous-at-108000-xrp-retail-hysteria-fuels-250-rally-elon-musks
