Bitcoin News Today: Whale Moves and Buybacks Fuel IP's Bullish Breakout

Story Protocol's native token, IP, has experienced a significant price surge of over 35% in the past 24 hours, outperforming major cryptocurrencies like Bitcoin and Ethereum during a generally subdued market environment [1]. The altcoin’s performance has been accompanied by a staggering 1,890% increase in trading volume, signaling heightened interest and participation from investors and traders [1]. This surge can be attributed to multiple factors, including a $82 million buyback initiative by Heritage Distilling, a listing on the Korean exchange Upbit—which now accounts for 30% of the daily trading volume—and institutional backing from venture capital firm a16z, which has pledged $220 million in funding [1].

The token’s price has surged to $7.75, breaking through the critical $7.10 resistance level on the daily chart. This level had previously acted as a barrier, with the asset failing to overcome it in multiple attempts [1]. The recent breakout suggests strong bullish momentum, supported by technical indicators such as a Supertrend signal in green and a Relative Strength Index (RSI) at 67, indicating the token has room for further upward movement [1]. Analysts at AMBCrypto predict that if the token sustains its position above $7.10, it could potentially reach $9.10 or higher [1]. The on-chain data also shows a 30% surge in long positions, with bulls dominating the market in the short term [2].

Institutional adoption has played a crucial role in bolstering the token's credibility. The Grayscale Story Protocol Trust has provided additional institutional legitimacy, while the Story Foundation's ongoing buyback plan continues to reduce the circulating supply of IP tokens [2]. Over the past 24 hours, the foundation has already repurchased $3 million worth of tokens, removing them from the market [2]. This buyback activity, combined with increased participation from market makers like Wintermute and Selini, has contributed to tighter spreads and continuous order refilling, further stabilizing the price movement [1].

Whale activity has also intensified. According to on-chain analytics firm Lookonchain, a large wallet withdrew 433,176 IP tokens, valued at approximately $3.7 million, from Bybit [1]. This transaction is being interpreted as a sign of confidence in the asset’s future performance, especially in the context of the current bullish trend. Additionally, the inflow of IP tokens into exchanges over the past 24 hours reached $2.91 million, indicating ongoing profit-taking and a shift in ownership from retail to long-term holders [1].

Despite the positive momentum, on-chain data from CoinGlass highlights potential risks. The platform has identified major liquidation levels at $7.62 and $8.20, which could trigger selling pressure if the price approaches those levels [1]. These are areas where traders have taken on significant leverage, and a correction could result in large-scale liquidations. However, the overall bullish sentiment remains strong, with the majority of traders maintaining long positions and showing a willingness to hold through volatility [2].

Story Protocol continues to expand its ecosystem through strategic partnerships and technological advancements. A recent collaboration with a major AI content platform aims to integrate Story’s open IP infrastructure, enabling more efficient management of digital rights in AI-generated content [6]. This development underscores the protocol’s growing relevance in the AI sector and its potential to influence future IP standards in digital media [6]. Furthermore, the launch of a developer grant program in early July has encouraged innovation across the platform, attracting both crypto-native and traditional developers to build new tools and applications around the protocol [6].

As the project continues to gain traction, market analysts suggest that the current rally may not be a one-off event. With only $3 million of the $82 million buyback plan executed so far, further price surges are possible within the next three months [2]. Institutional activity is expected to play a more prominent role in the token’s price action beyond this period. In the broader market, Story Protocol is currently ranked 60 on CoinGecko, with a market capitalization of $2.37 billion and a fully diluted valuation of $7.97 billion [3]. The token’s performance has outpaced both the global cryptocurrency market and its peers in the smart contract platform category, demonstrating its appeal in a challenging market environment [3].

Source:

[1] AMBCrypto - Story [IP] skyrockets 35%, outshines Bitcoin and Ethereum (https://ambcrypto.com/story-ip-skyrockets-35-outshines-bitcoin-and-ethereum-how/)

[2] MEXC - Story (IP) Price Prediction: $IP In Top Crypto Gainers Today (https://www.mexc.com/news/story-ip-price-prediction-ip-in-top-crypto-gainers-today/80039)

[3] CoinGecko - Story Price: IP Live Price Chart, Market Cap & News Today (https://www.coingecko.com/en/coins/story)

[4] Yahoo Finance - TREE Skyrockets 90% on Back of Upbit Listing Announcement (https://finance.yahoo.com/news/tree-skyrockets-90-back-upbit-102124486.html)

[5] CoinCodex - Story Price Chart & Market Cap (https://coincodex.com/crypto/story-protocol/)

[6] Messari - Story Protocol Price, IP to USD, Research, News & ... (https://messari.io/project/story-protocol)