Crypto market signals turn bearish: token unlocks, stablecoin outflows, Allbridge hack and BTC liquidity concerns

The crypto market is facing multiple near-term risk catalysts. Large token unlocks are scheduled: ZRO (20 Jul, ~20.9M USD), KAITO (20 Jul, ~16M), H (25 Jul, ~15.5M), plus XPL, SOSO, APR and others in the following days. These unlocks can increase sell-pressure and volatility in the crypto market. On the on-chain/security side, cross-chain bridge Allbridge Core was attacked. Loss estimates range from ~$1.1M to ~$1.65M, with the attacker moving funds from Solana to Ethereum—an event that typically raises bridge-risk premiums across DeFi. Market liquidity indicators also look weak. CryptoQuant reports Binance and Bybit stablecoin reserves fell by over $2.3B in 30 days, arguing that BTC liquidity is “drying up” and demand is fading. This aligns with a trader note that BTC may not “bottom” until later, with a possible test of the $50k area in August. Other notable flows include Bitvavo withdrawing ~3,259만 LINK (~$32.6M) from Coinbase Prime, and BANK Foundation allegedly moving 84M BANK tokens after a period of sharp price gains (reported ~3x+). Meanwhile, Kimi paused new subscriptions due to GPU capacity limits, which is more relevant to AI-crypto infrastructure demand than spot trading. Overall, the crypto market setup is skewed toward downside risk: unlock supply + stablecoin outflows + bridge incident = higher odds of bearish volatility before a clearer trend forms.