XRP is the only major cryptocurrency in the green as Bitcoin bulls stay away

• Bitcoin (BTC) fell 2.3% over the past 24 hours to $57,000 after briefly surpassing $59,000 on Thursday. XRP tokens were the only major gainers, rising 5% over the past 24 hours amid favorable developments.

• One trader said bulls were likely “on the sidelines” amid selling pressure from bitcoin wallets owned by the German state of Saxony.

Bitcoin {{BTC}} has fallen 2.3% over the past 24 hours, paring Thursday’s brief gains after a spike following the latest US CPI readings, dragging the broader cryptocurrency market down with it.

Core CPI for June rose 3.3% versus the expected 3.5%, looking bullish for risk assets like cryptocurrencies. However, it turned out to be a “buy the rumor, sell the news” event, with many already anticipating a good report and prices being buoyed in the days leading up, analytics firm Santiment said in a blog post on X.

BTC briefly traded above $59,000 on Thursday, falling to $57,000 by European afternoon hours on Friday. Losses in major tokens followed, with ether {{ETH}} and BNB Chain’s BNB both falling 2.2%, while Solana’s SOL and dogecoin {{DOGE}} lost as much as 5%.

The broad base CoinDesk 20 (CD20)a net index of the largest tokens by market cap, fell 2.48%, indicating losses across the market.

Only XRP is in the green among major coins, with a 5% gain in the last 24 hours, data shows. Those gains came as traditional futures powerhouse CME and CF Benchmarks announced the debut of indexes and reference rates for XRP on Thursday, which Brad Garlinghouse, CEO of blockchain payments company Ripple, said could boost institutional adoption.

Some traders believe that the current lull in prices is due to market participants remaining “on the sidelines” amid selling pressure from the now-defunct Mt. Gox exchange and the German state of Saxony.

“Bitcoin is back at $57,000 after a failed attack at $60,000 on Thursday,” Alex Kuptsikevich, senior market analyst at FxPro, shared in an email to CoinDesk. “German authorities are actively selling previously confiscated Bitcoin. This volume is not huge, but some potential buyers prefer to stay on the sidelines, seeing the oversold.”

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Kuptsikevich ruled out gains in major tokens until BTC makes a move higher. “An altcoin season could only begin when the prices of the largest coins, such as bitcoin, reach all-time highs and appear overvalued to some,” he said.

The German state of Saxony transferred more than $600 million worth of BTC to exchanges on Thursday — moving one of the largest amounts in weeks.

Arkham Data shows that it moved more than 3,000 BTC in the early Asian hours of Friday to various exchanges and OTC trading firms, leaving just over 6,000 BTC in its wallets, worth $340 million at current prices.

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