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Crypto Whales Dump $148 Million in Bitcoin and Ethereum

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Crypto whales significantly impact market trends by offloading substantial amounts of Bitcoin (BTC) and Ethereum (ETH). Recent data indicate a continued pattern of these extensive sales, totaling over $148 million in crypto, moved to various exchanges for probable liquidation.

Since last week, Bitcoin has been trying to recover after dipping to $58,500. Attempts to rally were evident; Bitcoin nearly reached $64,000 on Monday. However, increased selling pressure forced prices below $63,000.

Bitcoin ETFs Recorded $129 Million in Inflows While Crypto Whales Sell

On Monday, a prominent crypto whale linked to the wallet address 3G98j transferred 1,800 BTC valued at $114 million to Binance at around $63,333. This move typically signals an intent to cash out, reflecting a common strategy among crypto whales during market volatility.

“The Bitcoin price started declining after the whale unloaded BTC,” Spot On Chain said.

Further analysis highlights a significant shift in trading behavior. From June 19 to 21, the crypto whale withdrew 6,725 BTC, valued at $437 million, from Binance and OKX at an average price of $65,008.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

This marked the crypto whale’s first major BTC accumulation in over 1.5 years. However, as prices declined by over 4.11%, the crypto whale has sent 3,481 BTC back to Binance in the past five days, indicating a bearish sentiment.

Historically, this crypto whale has shown strategic trading acumen, netting about $1 billion from BTC transactions between 2022 and 2024. During the 2022 bear market, he amassed 41,000 BTC at an average of only $19,000. He later capitalized on this by unloading 37,000 BTC at around $46,800 during the bull markets of 2023 and 2024.

Ethereum has also seen similar whale activities. On early Monday, the crypto wallet 0xedo, allegedly associated with Abraxas Capital, deposited 42,000 ETH, worth approximately $34.78 million to Bitfinex. Despite these large transactions, this crypto whale still holds a significant position in ETH, with over $112 million currently spread across lending and farming platforms like Spark, GearBox, and Stargate, securing a profit of $4.53 million.

Meanwhile, there has been a glimmer of hope for Bitcoin investors. Spot Bitcoin ETFs recorded a substantial inflow on Monday, with $129 million entering the market.

This is the highest in the past 16 trading days. The Fidelity Wise Origin Bitcoin Fund attracted the largest inflow, with $65 million. Moreover, both BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust reported 0 inflows on Monday.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

Spot Bitcoin ETFs Net Flows
Spot Bitcoin ETFs Net Flows. Source; SoSoValue

This contrast between whale sell-offs and significant ETF inflows illustrates the complex and often contradictory forces shaping the crypto market. Such insights are essential for anticipating market shifts and protecting investments, ensuring stakeholders remain informed and vigilant.

Moreover, Bitcoin bull Tom Lee has predicted that Bitcoin will still hit $150,000 by the end of the year. He believes that after the market absorbs the effect of Mt. Gox sell-offs, Bitcoin can strongly rebound.

“If I was investing in crypto, knowing that one of the biggest overhangs will disappear in July, I think it’s a reason to expect a sharp rebound in the second half. I think 150 is still within,” Lee said.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana Hits New All-Time High After 3 Years

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On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.

Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.

Solana Hits All-Time High as Gary Gensler Plans Resignation

Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.

The collapse of FTX in November 2022 pushed Solana’s price down to around $8.

Solana Price Performance. Source: BeInCrypto

However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.

“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.

The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.

Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.

“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.

Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.

Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.

Odds of Solana ETF Approval in 2024
Odds of Solana ETF Approval in 2024. Source: Polymarket

Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price 25% Rally: Breaking Barriers and Surpassing Odds

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XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.

  • XRP price started a fresh surge above the $1.20 resistance level.
  • The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is up over 25% and it seems like the bulls are not done yet.

XRP Price Eyes Steady Increase

XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.

There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.

The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.

XRP Price

A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.

Are Dips Supported?

If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.

If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.3350 and $1.2850.

Major Resistance Levels – $1.4000 and $1.4200.



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WisdomTree Europe Launches XRP ETP

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ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.

ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.

WisdomTree’s XRP ETP

WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.

“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.

The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.

WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.

The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.

XRP Price Spike
XRP Price Performance. Source: BeInCrypto

WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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