Bitcoin remains above $118,800, hitting new highs above $120K. Analysts warn of overheating signals amid profit-taking. Glassnode reports short-term holders holding significant unrealized profits, signaling a potential top formation. Altcoins like ETH and SOL surge as traders rotate away from BTC facing profit-taking pressure.

Coinbase rebrands its Wallet as the “Base App” in a move to position it as a central gateway into the Base ecosystem. The app integrates chat, payments, trading, and a mini-app marketplace. This marks Coinbase’s shift towards a more decentralized, open ecosystem designed for the mainstream user.

BTC hovers near $118,000 in Asia, with traders anticipating a potential September Fed rate cut. ETH rises over 7% to trade above $3,400, fueled by spot ETF inflows. Gold rebounds above $3,350 on weaker U.S. producer inflation data. Nikkei 225 falls 0.6%, S&P 500 rebounds 0.3% on Trump’s comments regarding Fed Chair Powell.

Read more at Yahoo Finance: Bitcoin Eyes $130K as Euphoria Builds, But ETH and SOL Steal the Show