Satoshi sellers, XRP drops quickly and a very bad jobs report - is the Bitcoin bullrun over?

The sale of some 80,000 Bitcoins by an anonymous Whale from the Satoshi era and a dismal US jobs report prove a toxic combination. By now, there’s a mild panic on social media regarding short-term crypto (and stock market predictions) for August. Altcoins like XRP are dropping like a stone.

Have we been too optimistic in recent weeks, and was a price point of $120,000 indeed the all-time high of the summer for Bitcoin? In other words, is the 2025 Bitcoin bull run over?

Biden

US President Trump has been trying for weeks to fire Federal Reserve Chairman Jerome Powell, as Powell continues to refuse an interest rate cut. However, Trump has no authority over his position and so, when the latest jobs figures were released on Friday (and it turned out that this macroeconomic indicator was very bad) Trump didn’t hesitate for a second and promptly fired Erika McEntarfer, chair of the US jobs data agency. She had been appointed by Trump’s predecessor, Joe Biden, so that was relatively easy to accomplish (and had no political repercussions).

However, it doesn’t change the economic picture, of course. Trump’s threats of tariffs have led to companies in the United States taking fewer risks and therefore making fewer investments, which is now translating into less hiring and a possible economic slowdown.

Whale

Trump’s decision, along with the threat of new import tariffs, has been causing a sell-off in the crypto market for several days now. The knowledge that a whale who had been holding Bitcoin for a decade decided to cash in on some $9 billion last week is also contributing to the panic currently taking over commentators on social media.

Mind you, it’s still very early days of course, and there’s no indication that this is the start of a prolonged downward trend, but the signs are indeed not good. I also remember a piece I wrote earlier this year in which Peter Brandt predicted that August might be the end of the Bitcoin bull run. I personally predict we might dip below $100,000 in the coming weeks. We haven’t really seen a pullback of that magnitude during this bull run, and it would simply be healthy.

I’m curious to see if I’ll be proven right.