Bitcoin Holds Steady Near $118K as Traders Rotate Into ETH, SOL; Coinbase Debuts Base App

Bitcoin is trading just under $119,000 in Thursday’s Asia session, holding firm after rallying to a record high above $122,000 earlier this week. Although the pace has cooled, analysts say price structure remains bullish, with $130,000 now in sight as the next major resistance.

Short-term traders appear to be taking profits. On-chain indicators show Glassnode’s Short-Term Holder Unrealized Profit metric spiked to 15.4%—a historically elevated reading. Realized profit-to-loss ratios also show a surge, echoing prior market peaks. Still, data suggests that broader trend momentum remains intact.

Altcoin Rotation Accelerates

As BTC consolidates, investors are rotating into altcoins. Ethereum (ETH) climbed above $3,400, up more than 7% over the last 24 hours, driven by renewed institutional inflows and optimism around ETH’s inclusion in corporate treasury strategies.

Solana (SOL) gained 5% after Galaxy Digital reportedly acquired $55 million worth of SOL from exchanges—typically a long-term bullish signal as tokens move into cold storage.

Coinbase Rebrands Wallet as ‘Base App’ in Ecosystem Push

Coinbase unveiled its new Base App, a rebranded version of its wallet platform, aimed at becoming the central hub of the Base ecosystem. Announced at the company’s “New Day One” event, the app combines messaging, payments, trading, and app discovery in one interface.

The rollout is part of Coinbase’s broader vision for Base as a full-stack crypto operating system—anchored by its Layer 2 network (Base Chain), developer tools (Base Build), and now a unified front-end (Base App).

Key Market Developments:

• Bitcoin (BTC): Trading just below $119K, consolidating gains as traders eye $130K breakout.
• Ethereum (ETH): Up to $3,417 amid inflows and treasury use-case momentum.
• Gold: Climbs above $3,350 as dovish Fed bets rise on softer inflation.
• S&P 500: Edges up 0.3% despite political noise around Fed leadership under a possible Trump presidency.
• Nikkei 225: Slips 0.6% as trade tensions resurface following Trump’s tariff comments targeting Japan.

K33 Analysts: Bitcoin’s Traditional Cycle Is Evolving

Analysts at K33 Research say Bitcoin’s historic four-year cycle, driven by halving events, is becoming less relevant. They point out that the recent surge came well ahead of the typical post-halving timeline, suggesting the influence of institutional capital and macro drivers is reshaping Bitcoin’s market behavior.