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Ethereum Whales Exit With $73 Million, But Bulls Hold Strong

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Despite crypto whales offloading large amounts of Ethereum (ETH), the asset’s staunch supporters remain optimistic. Recent data highlights a trend of stakeholders moving large volumes of ETH, likely for sale, amidst a general downturn in crypto asset prices.

Moreover, the spot Ethereum ETFs have been recording outflows for the past eight trading days.

Crypto Whales and Institutions Move ETH to Centralized Exchanges

During this week, notable movements have captured the attention of market analysts. Spot On Chain reported that a whale’s wallet, identified as 0x46c, moved 5,088 ETH—valued at about $13.66 million—from Elixir to a deposit address at Binance.

“Notably, the whale withdrew those ETH tokens from Binance at $3,393 on average (estimated cost: $17.3 million), mostly between March 28 and April 3, 2024. If truly selling now at $2,682, the whale would realize an estimated loss of $3.62 million (-21%) after 5 months,” Spot On Chain stated.

Read more: How To Evaluate Cryptocurrencies with On-chain & Fundamental Analysis

In another transaction, an investor linked to wallet 0x75b transferred 8,825 ETH to Binance, worth approximately $24.07 million, marking a nearly 23% loss.

Concurrently, another entity believed to be associated with Amber Group moved 6,443 ETH to Binance and Kraken. Also, another address that supposedly belongs to Cumberland moved 6,439 ETH worth $17.66 million to Binance.

Generally, crypto entities move funds to centralized exchanges for the purpose of selling them.

These movements of crypto whales and institutions have collectively introduced nearly $73 million worth of selling pressure into the market. Amid these sell-offs, Ethereum’s price has decreased slightly by 2.39% in the last 24 hours. It is currently trading at $2,682.49.

Ethereum (ETH) Price Performance
Ethereum (ETH) Price Performance. Source: BeInCrypto

Ethereum exchange-traded funds (ETFs) have also seen significant outflows, with a net outflow of $13.23 million on Monday alone. This extends the outflow streak to eight days, totaling around $112 million.

However, the community sentiment remains overwhelmingly positive. Influential figures like Ryan Adams continue to champion the blockchain’s potential and future vigorously. Adams has pointed out the strengths of Ethereum and its decentralized finance (DeFi) ecosystems, suggesting a bright future ahead.

“DeFi is awesome. ETH is an incredible asset. Ethereum is one of the most important systems on the planet. Vitalik’s leadership and vision are admirable. L2 teams are absolutely crushing. DeFi is building strong. The best is yet to come,” Adams said.

Moreover, Vitalik Buterin, Ethereum’s co-founder, recently addressed concerns regarding the platform’s viability in a tough market. He also emphasized Ethereum’s solid fundamentals and noted improvements in transaction efficiency on Layer-2 solutions.

Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder

The enthusiasm is also fueled by the anticipation of Ethereum’s upcoming Pectra Upgrade. Scheduled for early 2025, this major update is expected to strengthen both the execution and consensus layers of the network. Planned

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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Bitcoin ETFs Dominate Market Despite 72 Altcoin Proposals

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As the SEC is signaling its willingness to approve new altcoin ETFs, 72 active proposals are awaiting a nod. Despite the growing interest from asset managers to launch more altcoin-based products in the institutional market, Bitcoin ETFs currently command 90% of crypto fund assets worldwide.

New listings can attract inflows and liquidity in these tokens, as demonstrated by Ethereum’s approval of ETF options. Still, given the current market interest, it’s highly unlikely that any crypto found will replicate Bitcoin’s runaway success in the ETF market

Bitcoin Dominates the ETF Market

Bitcoin ETFs dramatically changed the global digital assets market over the past month, and they are performing quite well at the moment. In the US, total net assets have reached $94.5 billion, despite continuous outflows in the past few months.

Their impressive early success opened a new market for crypto-related assets, and issuers have been flooding the SEC with new applications since.

This flood has been so intense that there are currently 72 active proposals for the SEC’s consideration:

“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x MELANIA and everything in between. Gonna be a wild year,” claimed ETF analyst Eric Balchunas.

The US regulatory environment has become much friendlier toward crypto, and the SEC is signaling its willingness to approve new products. Many ETF issuers are attempting to seize the opportunity to create a product as successful as Bitcoin.

However, Bitcoin has a sizable head start, and it’s difficult to imagine any newcomer disrupting its 90% market share.

Bitcoin Represents 90% of Global Crypto ETF Investment
Bitcoin Represents 90% of Global Crypto ETF Investment. Source: Eric Balchunas

To put that into perspective, BlackRock’s Bitcoin ETF was declared “the greatest launch in ETF history.” Any new altcoin product would need a significant value-add to encroach upon Bitcoin’s position.

Recent products like Ethereum ETF options have attracted fresh liquidity. Yet, Bitcoin’s dominance in the institutional market remains unchanged.

Of these 72 proposals, only 23 refer to altcoins other than Solana, XRP, or Litecoin, and many more concern new derivatives on existing ETFs.

Some analysts claim that these products, taken together, couldn’t displace more than 5-10% of Bitcoin’s ETF market dominance. If an event significantly disrupted Bitcoin, it would also impact the rest of crypto.

Still, that doesn’t mean that the altcoins ETFs are a futile endeavor. These products have continually created new inflows and interest in their underlying assets, especially with issuers acquiring token stockpiles.

However, it’s important to be realistic. While XRP and Solana ETF approvals could drive new bullish cycles for the altcoin market, Bitcoin will likely dominate the ETF market by a large margin — given its widespread recognition as a ‘store of value’.

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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Coinbase Lists RSR, Atkins Association Fuels Bullishness

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Coinbase is listing Reserve Rights (RSR), a dual‑token stablecoin platform aimed at creating a collateral‑backed, self‑regulating stablecoin ecosystem. Following the announcement, Binance’s ‘smart money’ traders are increasing long positions on the altcoin.

Incoming SEC Chair Paul Atkins was an early advisor for RSR, but he doesn’t maintain any active connection to the project. Nonetheless, RSR speculators may be anticipating some benefits from this old association.

Coinbase Lists RSR To New Enthusiasm

RSR has been active since 2019, aiming to upend the stablecoin ecosystem. It’s an ERC‑20 utility and governance token that underpins the Reserve Protocol, a dual‑token system designed to back and stabilize the Reserve stablecoin (RSV) at a $1 USD peg. RSR, a non-stablecoin, provides governance and backstop insurance to its counterpart.

The asset’s valuation peaked in 2021 but has been quiet since then until regaining prominence in 2024. Today’s Coinbase listing announcement saw RSR jump nearly 10%.

reserve rights (RSR) daily price chart
Figure: Reserve Rights (RSR) Daily Price Chart. Source: CoinGecko

Coinbase first announced that it would list RSR a little under three weeks ago. Coinbase listings usually cause the underlying tokens to spike, and this has been no exception.

However, an intriguing side effect has also taken place. As the asset prepares its debut on Coinbase, top traders on Binance are showing a strong bullish positioning.

Binance Top Traders Go Long on RSR
Binance Top Traders Go Long on RSR. Source: Coinglass

On Binance, the top‑trader long/short ratio measures the share of total open positions held as longs by the top 20% of accounts by margin balance. A 65.48% long ratio means these “smart money” participants are overwhelmingly betting prices will rise.

Meanwhile, beyond Coinbase listing, RSR is getting attention due to its link with incoming SEC Chair Paul Atkins. Although Atkins disclosed his crypto investments and has no current link with RSR, he joined the Reserve Rights Foundation as an advisor in its early stages.

Since Atkins succeeded in his confirmation hearing, RSR posted an impressive 22% rally. Technically, he hasn’t been seated as Chair yet, but traders are evidently expecting bullish developments.

Atkins has promised to bring crypto-friendly reform, and this connection could disproportionately impact his former associates.

That isn’t to say that anyone has alleged that Atkins will engage in corruption to unfairly boost RSR. However, since becoming President, members of Trump’s family have been involved in several controversial crypto deals. This precedent may be encouraging traders to believe in the importance of political connections.

For now, market narratives are very important in this industry. As Atkins officially begins his career as the SEC’s new Chair, RSR may continue to receive indirect benefits.

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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Onyxcoin (XCN) Shows Reversal Signs After 200% Rally

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Onyxcoin (XCN) is down nearly 10% over the past seven days, cooling off after a sharp 200% rally between April 9 and April 11. Momentum indicators suggest that the bullish trend may be losing strength, with both the RSI and ADX showing signs of fading conviction.

While XCN’s EMA lines remain in a bullish formation, early signs of a potential reversal are emerging as short-term averages begin to slope downward. The coming days will be key in determining whether Onyxcoin can stabilize and resume its climb—or if a deeper correction is on the horizon.

Onyxcoin Shows Early Signs of Stabilization, but Momentum Remains Uncertain

Onyxcoin’s Relative Strength Index (RSI) is currently sitting at 43. Readings above 70 typically indicate that an asset is overbought and could be due for a pullback, while readings below 30 suggest it may be oversold and poised for a potential rebound.

Levels between 30 and 70 are considered neutral, often reflecting consolidation or indecision in the market.

XCN RSI.
XCN RSI. Source: TradingView.

XCN’s RSI signals a neutral state but shows signs of gradual recovery. While not yet a clear bullish signal, yesterday’s upward move suggests that bearish momentum may be easing.

However, the fact that RSI failed to hit above 50 reflects lingering uncertainty and a lack of sustained buying pressure.

For now, XCN appears to be in a wait-and-see phase, where a continued climb in RSI could signal a shift toward renewed upside, but any further weakness might keep the price trapped in a consolidation range.

XCN Uptrend Weakens as ADX Signals Fading Momentum

Onyxcoin’s Average Directional Index (ADX) has declined to 11, down from 13.92 yesterday and 15.26 two days ago. This decline reflects a consistent weakening in trend strength.

The ADX is a key component of the Directional Movement Index (DMI) and is used to measure the strength—not the direction—of a trend on a scale from 0 to 100.

Values below 20 typically suggest that the market is trending weakly or not at all, while readings above 25 confirm a strong and established trend.

XCN ADX.
XCN ADX. Source: TradingView.

With the ADX now at 11, Onyxcoin’s trend is losing momentum, even though it technically remains in an uptrend. This low reading suggests the current bullish phase is fragile and may lack the conviction needed for sustained upward movement.

Combined with EMA lines that are beginning to flatten, the weakening ADX adds weight to the possibility that the trend could soon shift or stall.

If no surge in buying pressure emerges to reinforce the uptrend, XCN may enter a period of sideways movement or even a reversal in the short term.

Onyxcoin at a Crossroads as EMA Lines Hint at Possible Trend Reversal

XCN EMA lines remain bullish for now, with short-term averages still positioned above long-term ones.

However, the short-term EMAs have started to slope downward, raising the possibility of a looming death cross—a bearish crossover in which the short-term average falls below the long-term average.

If this crossover materializes, it would signal a shift in trend direction and could trigger a deeper pullback, after a 200% rally between April 9 and April 11, making it one of the best-performing altcoins of the previous weeks.

XCN Price Analysis.
XCN Price Analysis. Source: TradingView.

Key support levels to watch are $0.016, followed by $0.0139 and $0.0123. If bearish momentum accelerates, XCN could drop as low as $0.0109, marking a potential 38% correction from current levels.

On the flip side, if bulls manage to regain control and reinforce the existing uptrend, XCN could challenge the resistance at $0.020.

A breakout above that level would open the door for a potential rally toward $0.027, representing a 55% upside.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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