Bitcoin is once again testing its 50-day moving average, a signal some analysts interpret as mounting exhaustion in the broader rally. The frequent retests of this key technical level suggest that momentum may be fading after months of upward movement.

“The repeated challenges of the 50-day trendline point to built-up fatigue in Bitcoin’s uptrend,” said Alex Kuptsikevich, chief market analyst at FxPro, in a note Thursday. “We’re seeing signs of traders locking in gains, especially as price action consolidates near prior highs.”

The total crypto market capitalization continues to hover in a narrow $3.6 trillion to $3.8 trillion range, currently sitting around $3.72 trillion—still above its 50-day simple moving average of $3.57 trillion. However, declining volumes suggest traders are stepping back, with attention shifting to micro-cap projects amid seasonal weakness.

“This lethargy is discouraging active participants, many of whom are now speculating in much smaller tokens,” Kuptsikevich added.

In contrast to retail pullback, institutional interest remains strong.

Institutions Continue Accumulating ETH, BTC

Gaming firm SharpLink made headlines by adding 83,561 ETH (worth approximately $264.5 million) to its reserves last week, increasing its total holdings to 522,000 ETH. Altogether, 64 corporate entities now hold 2.96 million ETH—around 2.45% of total supply—valued at $10.81 billion.

On the Bitcoin front, Strategy acquired 21,021 BTC in July, worth an estimated $2.46 billion. That purchase contributed to a total of 26,700 BTC added by large entities during the month. Public and private firms now collectively hold over 1.35 million BTC—more than 6% of the circulating supply—according to data from BitcoinTreasuries.

Price Action and Market Trends

Bitcoin remains stable near $114,570, while Ethereum is holding around $3,650 as of Thursday morning in Asia. XRP has climbed 2% in the past 24 hours to $2.97. Among major altcoins, Solana (SOL) and Dogecoin (DOGE) led the way with 3.5% gains, though overall market volumes and volatility remain subdued.

Meanwhile, Ethena’s USDe has surged to become the third-largest stablecoin by market cap, hitting $9.5 billion after rising 75% since mid-July. The growth appears to be driven by attractive yields ranging between 10%–19%, depending on platform and strategy.

The total stablecoin market cap is approaching $275 billion, extending its growth streak to seven straight months. Rising stablecoin inflows may signal incoming volatility as more capital prepares to rotate into digital assets.