Bitcoin Nears $119K; Coinbase’s Base App Debuts
Bitcoin rebounded to around $118,800 after briefly hitting an all-time high near $122,000, driven by rising on-chain metrics such as open interest and funding rates. Short-term holders have started profit-taking, with Glassnode reporting a 15.4% unrealized profit and a 39.8% realized profit-to-loss ratio—levels often seen before market tops. CryptoQuant data also showed a record $9.29 billion in realized Bitcoin profits in one day, largely from Binance users, suggesting potential short-term volatility. The next key resistance for Bitcoin stands at $130,000. Meanwhile, traders rotated into major altcoins: Ethereum (ETH) rose 7.5% amid stablecoin regulation progress under the GENIUS Act, and Solana (SOL) gained 5% after Galaxy Digital withdrew $55 million in tokens from exchanges. Separately, Coinbase rebranded its Wallet as the Base App during its “A New Day One” event, positioning it as the gateway to its Layer-2 Base Chain, developer suite Base Build and a new mini-app marketplace, integrating chat, payments, trading and social features to drive mainstream adoption.
Bullish
This news is bullish for Bitcoin. The rebound from $116K to near $119K, coupled with rising open interest and funding rates, indicates growing trader confidence and momentum. Although short-term holders are taking profits, the next resistance at $130K suggests room for further upside. Record realized profits highlight potential volatility, but altcoin rotation into ETH and SOL and Coinbase’s launch of the Base App demonstrate healthy capital flows and product innovation, which can support long-term market growth and adoption.