The cryptocurrency market saw two distinct but significant developments. First, the Movement (MOVE) token experienced a sharp price surge of over 15% within 24 hours, primarily driven by its spot listing on the Hyperliquid exchange. This listing allows MOVE to be used as collateral for perpetual trading on the decentralized exchange, which boasts over 700,000 active addresses. The announcement sparked a 515% spike in MOVE's daily trading volume and helped the token break out of a sideways consolidation pattern it had been in since mid-December, trading between $0.0336 and $0.0400.
Despite the bullish momentum, with indicators like the MACD showing gradual growth and the Stochastic RSI confirming buyer dominance, the price struggled to push past $0.045 due to seller resistance. On-chain data showed the number of MOVE holders rose to 39.32k, and transaction counts stabilized at an average of over 550k per day, totaling 4.2 million for the week. However, a 31% dip in monthly active addresses to 14.8k raised questions about the sustainability of the rally's network activity.
In a separate major institutional move, Bitmine staked an additional 154,304 Ethereum (ETH), worth approximately $514 million. This brings Bitmine's total staked ETH to about 1,685,088, valued at roughly $5.62 billion, representing nearly 80% of the firm's total ETH holdings. This significant commitment signals long-term confidence in Ethereum's network and reduces the liquid supply of ETH available for sale. The staking move comes as Ethereum's price reclaimed the $3,300 level but faces stiff resistance near $3,400, a critical inflection point for its short-term trend.
