Bitcoin Holds Steady Around $61K as Whales Boost Accumulation; XRP Drops 10% Amid SEC Appeal

Bitcoin (BTC) remains stable near $61,100, showing resilience despite broader market volatility and geopolitical tensions. Ether (ETH), on the other hand, has fallen by 4%, trading at $2,390. The dip follows recent Iranian airstrikes on Israel, which sparked a sell-off in risk assets, including major cryptocurrencies.

Despite the downturn, Bitcoin “whales”—large investors holding significant amounts of BTC—are continuing to accumulate at impressive rates. This accumulation indicates bullish sentiment and potential optimism for a future price surge. According to CryptoQuant founder Ki Young-Ju, on-chain data indicates that new Bitcoin whales are making significant purchases, likely in anticipation of an upcoming bull run. Whales, influential holders of substantial amounts of Bitcoin, often move markets with their strategic acquisitions.

CryptoQuant founder Ki Young-Ju on X regarding Bitcoin whales

At the same time, exchange-traded funds (ETFs) tied to Bitcoin are experiencing outflows, with a notable $91.76 million withdrawn on Wednesday during U.S. trading hours. In contrast, Ethereum-linked ETFs saw inflows totaling $14.45 million, breaking a two-day streak of outflows.

XRP saw a significant decline, plummeting by over 10% after the U.S. Securities and Exchange Commission (SEC) announced an appeal of a court ruling. The decision challenges a July 2023 ruling that determined XRP, when sold on public exchanges by Ripple Labs, did not qualify as a security. This appeal has intensified uncertainty for Ripple and the broader XRP market, leading to its sharp drop.

In other market developments, meme coins like Memecoin mog (MOG), the second-largest cat-themed token after popcat (POPCAT), have seen minimal price movement despite an automated mention from Donald Trump’s X account. While this created some buzz, it failed to generate any substantial gains for the token.

Will Trump say “mog” in 2024? on Polymarket

Lido DAO’s native token LDO faced its own challenges, falling nearly 9% following Ether’s decline.

Meanwhile, the Artificial Intelligence (AI) token sector remains stagnant, despite OpenAI’s announcement of raising $6.6 billion at a $157 billion valuation. Notable tokens within the AI category, including NEAR, TAO, and ICP, have dropped by an average of 1.8%, while Worldcoin—founded by OpenAI’s Sam Altman—saw a 4% dip. Despite the excitement surrounding AI technologies, this sector has yet to see major price movements.

As the market continues to face uncertainty, long-term investors may see these dips as potential buying opportunities, particularly as whales keep accumulating Bitcoin. However, the regulatory landscape, particularly with the SEC’s appeal, could impact sentiment across the crypto market.