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Bitcoin (BTC) has successfully held its ground above $61,100 despite rising geopolitical tensions, while Ethereum (ETH) saw a 4% drop to $2,390. The broader cryptocurrency market is still reeling from the effects of Iranian airstrikes on Israel, which has negatively impacted risk sentiment among investors.
Despite the prevailing market downturn, whale accumulation of Bitcoin indicates that some investors anticipate a potential bull run ahead. Ki Young-Ju, founder of CryptoQuant, pointed out that key market players are making substantial Bitcoin purchases despite the challenging global landscape.
Bitcoin Sees Strong Whale Support Amid Market Sell-Off
While the broader crypto market dropped by more than 3%, with investors unloading major digital assets, the behavior of Bitcoin whales suggests a more optimistic outlook for the future. During Wednesday’s U.S. trading session, Bitcoin ETFs saw outflows of $91.76 million, highlighting cautious market sentiment. However, Ethereum ETFs diverged from this trend, attracting inflows of $14.45 million and breaking a two-day outflow streak.
XRP Plummets Following SEC Appeal
XRP experienced a steep decline of over 10% in the past 24 hours following news that the U.S. Securities and Exchange Commission (SEC) plans to appeal a court decision related to its regulatory powers over cryptocurrencies. The SEC will petition the 2nd U.S. Circuit Court of Appeals to revisit a July 2023 ruling that determined XRP tokens sold on public exchanges do not qualify as securities under current legal frameworks.
Meme Coins and Other Altcoins Face Mixed Sentiment
In the meme coin sector, MOG, the second-largest cat-themed token after POPCAT, showed little movement despite receiving attention on Republican candidate Donald Trump’s social media account. Meanwhile, a Polymarket prediction market that tracks whether Trump will mention “mog” or related terms by the end of 2023 held steady at a 13% probability.
Lido’s native token, LDO, saw a decline of nearly 9%, in line with Ethereum's downward trend. Elsewhere, artificial intelligence-related tokens, such as NEAR, TAO, and ICP, showed limited price movement, with only a modest 1.8% drop, even after OpenAI announced a $6.6 billion funding round that valued the company at $157 billion.
Worldcoin and Other Tokens Face Downward Pressure
Worldcoin, a project founded by OpenAI’s Sam Altman but operating separately, experienced a 4% drop as it was caught in the overall market turbulence. Investors remain wary as they navigate the effects of geopolitical developments, regulatory scrutiny, and industry-specific news affecting the broader cryptocurrency landscape.
Conclusion : Market Remains Cautious Despite Whale Activity
While Bitcoin continues to hold steady above $61K, driven in part by whale accumulation, the cryptocurrency market remains volatile amid geopolitical tensions and regulatory challenges. The mixed performance across different asset classes, including Bitcoin ETFs, XRP, meme coins, and AI tokens, reflects the cautious sentiment that currently dominates the market. As investors navigate these complexities, it remains to be seen whether Bitcoin’s resilience will translate into a broader market recovery.
