Asia Open: Bitcoin Climbs Toward $130K, But ETH and SOL Lead the Charge

Bitcoin Steadies Near $119K as Traders Rotate Into ETH, SOL; Coinbase Unveils Base App

Bitcoin hovered just below $119,000 in Thursday’s Asian trading, consolidating after a sharp rally to all-time highs above $122,000 earlier this week. Despite the pause, the technical outlook remains bullish, with analysts pointing to $130,000 as the next major resistance level.

Short-term holders have been taking profits. Glassnode data shows unrealized profit margins for recent buyers hitting 15.4%, near historically elevated levels. Realized profit-to-loss ratios also spiked, typically a signal of local tops. However, momentum signals still suggest the broader uptrend remains intact.

Altcoin Rotation Picks Up

While bitcoin trades sideways, capital is shifting into altcoins. Ethereum (ETH) surged to $3,417—up more than 7% in the last 24 hours—bolstered by continued interest from institutional investors and growing adoption in corporate treasury strategies.

Solana (SOL) rose 5% following reports that Galaxy Digital acquired roughly $55 million worth of SOL off exchanges—a move often seen as bullish due to reduced immediate sell pressure.

Coinbase Rebrands Wallet as ‘Base App’

In a push to expand its Base ecosystem, Coinbase launched the Base App, a reimagined version of its wallet platform. Introduced during its “New Day One” event, the app integrates payments, messaging, trading, and dApp discovery, aiming to become the primary gateway to the Base Layer 2 network.

Coinbase says the new structure—Base App, Base Chain, and Base Build—reflects its effort to unify the user experience, development tools, and blockchain infrastructure into one full-stack ecosystem.

Market Snapshot:

BTC: Consolidating below $119K; eyes $130K as next target
ETH: Climbs above $3,400 on treasury demand and altcoin rotation
SOL: Up 5% following large institutional accumulation
Gold: Tops $3,350 amid softer U.S. inflation data
S&P 500: Gains 0.3% as Fed-related uncertainty lingers
Nikkei 225: Down 0.6% following renewed trade tensions

K33: Bitcoin’s 4-Year Halving Cycles Are Losing Influence

Analysts at K33 Research say Bitcoin’s long-standing four-year cycle may be fading as institutional capital and macroeconomic dynamics take greater control. The current rally, which came earlier than previous cycles, reflects a maturing asset now increasingly shaped by global market forces rather than block reward mechanics alone.