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Bitcoin Retains Institutional Whale Interest as Prices Push to Reclaim $63K

Sam Wisdom Raphael
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Bitcoin Retains Institutional Whale Interest as Prices Push to Reclaim $63K

Bitcoin recent price action shows growing optimism, with institutional and whale activity showing strong signs of support. 

The premier crypto asset recently reclaimed the $62K price threshold on the back of the Federal Reserve’s 50 bps rate cut. Amid this push, a combination of institutional futures positioning and whale net flows contribute to the current bullish outlook for Bitcoin.

Institutional Futures and CME Activity

A chart shared today by Ki Young Ju from CryptoQuant shows Bitcoin CME Futures net positions. Over the past five months, there has been a substantial reduction in aggressive shorting by institutional players. 

CryptoQuant
CryptoQuant

This is observed by the decrease in net short positions, which have declined by 75%, according to Ki Young Ju. This development suggests that institutions are gradually reducing their bearish bets on Bitcoin, a clear shift in market sentiment. 

Notably, such aggressive institutional shorting often coincides with periods of price stagnation or decline. However, the reduced shorting activity show a shift toward a more neutral or even bullish outlook from institutions. 

Bitcoin Whale Accumulation Shows Confidence

Another chart provided by IntoTheBlock reveals further evidence of bullish sentiment, amid the consistent net positive flows from large Bitcoin holders. 

These “whales,” representing entities holding at least 1,000 BTC, have continued to accumulate Bitcoin over the past four months. Although the pace of accumulation has slowed, the fact that net flows remain positive reflects ongoing confidence in Bitcoin’s long-term value.

The last net outflow from these large holders occurred in May 2024, indicating that whales are still holding and adding to their positions, even amid volatility. 

Bitcoin Pushes Toward $63K

Meanwhile, currently trading for $62,968, Bitcoin’s recent price recovery shows strength, as it recently retested the $63,000 region after reclaiming the $62,000 level. 

The daily chart reveals that BTC is trading above its upper Bollinger Band at $62,725, which typically indicates that the price is in an overbought zone but can also point to strong momentum.

Bitcoin 1D Chart
Bitcoin 1D Chart

The Relative Strength Index currently sits at 61.65, approaching the overbought territory, which could suggest that a short-term correction might follow. However, the RSI still has room to move higher before signaling a more significant reversal. 

Furthermore, the price action over the past weeks has formed a rounded bottom pattern, a classic bullish reversal signal. If the bulls sustain control, a further push could lead to substantial upward moves, which could take Bitcoin beyond its immediate resistance at $63,000.

Vitalik Buterin Wallet Offloads $3.17M in ETH as Price Pumps 6% to $2,450

Abdulkarim Abdulwahab
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Vitalik Buterin Wallet Offloads $3.17M in ETH as Price Pumps 6% to $2,450

A wallet tied to Ethereum co-founder Vitalik Buterin has caught the crypto community’s attention due to recent large ETH transfers to external addresses.

As market watcher Lookonchain highlighted, the source wallet “0xD04daa” transferred 1,300 ETH, worth approximately $3.17 million, to the anonymous address “0x5567A” a few hours ago.

This latest transaction from the Ethereum address associated with Buterin comes at a time when ETH is witnessing a significant bull run. Ethereum has pumped by 6.3% today, trading at $2,450. This sparks speculation about whether the moved funds are for strategic profit-taking.

Interestingly, after receiving the funds, the receiving wallet deposited 74.17 ETH, worth around $181,000, to Paxos, a known crypto brokerage firm.

Remarkably, this isn’t the first time these wallets have interacted. Roughly 348 days ago, wallet “0xD04daa” sent 1,000 ETH worth $2.45 million to the same “0x5567” address. That sum was subsequently deposited into Bitstamp, a prominent crypto exchange.

Notably, shortly before that transfer, wallet “0xD04daa” had dispatched 2,999 ETH in two transactions to wallet “0x5567A.” Essentially, these two wallets are now transacting again after nearly a year of inactivity.

Historical Connection to Vitalik Buterin

Meanwhile, address “0xD04daa” has historical connections to Ethereum wallets Vb 2 and Vb 3, widely associated with Vitalik Buterin.

In May 2022, Vb 2 sent 1 ETH to “0xD04daa,” which was returned a few minutes later, suggesting a direct link between the wallets. These two wallets have not interacted since then.

However, in November of the same year, Vb 3 sent a staggering 70,000 ETH (worth $171.5 million) in two transactions to “0xD04daa.” And this time, the funds were not returned.

In fact, Etherscan data shows that the original source of the 70,000 ETH was “vitalik.eth,” the official address of Ethereum’s founder.

Vitalik Buterin connection
Vitalik Buterin connection

Buterin’s Clarification on Continuous ETH Sales

In recent months, wallets associated with Buterin have consistently moved ETH to external destinations, raising concerns about potential sell-offs. Buterin has not denied these transactions and recently addressed the issue after being questioned about repeatedly selling millions of dollars in ETH.

Buterin clarified that some of the sales are for charitable causes he supports rather than for personal profit. He also noted that certain transactions occur automatically with pre-authorization.

Dogecoin Rebounds, with Bullish Signals Eyeing $0.15 Target

Albert Brown
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Dogecoin rebounds from recent lows with rising transaction volume and potential breakout signals.

Dogecoin (DOGE) has recently rebounded from recent lows, with growing speculation of potential near-term gains. Notably, Ali Martinez, a market analyst, identified key indicators suggesting a bullish momentum could be building.

Key Signals Suggest a Bullish Momentum

According to Martinez’s analysis, two critical signals are emerging. The first is the Relative Strength Index (RSI), which shows a break above a descending trendline on the daily chart.

The second is the potential for DOGE to surpass the $0.11 resistance level. These observations align with Martinez’s chart, which highlights a descending wedge pattern, commonly viewed as a bullish formation. 

The chart also displays key Fibonacci retracement levels, plotted between a high of approximately $0.22899 and a low of around $0.08049. DOGE is currently trading near the 78.6% Fibonacci level at $0.10067, which is currently acting as a support zone. 

RSI Shows Positive Signals 

Furthermore, the current RSI is hovering just above the 50 mark, indicating neither overbought nor oversold conditions. This position shows a neutral stance but hints at turning bullish.

The downward trendline in the RSI corresponds with resistance in price action, suggesting ongoing bearish momentum. However, the RSI’s attempt to break above this trendline signals a shift toward positive momentum.

Should Dogecoin achieve a breakout from the wedge pattern, a projected upward move of approximately 41.27% is anticipated. This would add around $0.04324 to the current price, aligning closely with the 38.2% Fibonacci retracement level, placed around $0.15.

Transaction Volume Surges, Bullish?

Adding to the optimism, Dogecoin recorded 1.93 million transactions last week, according to IntoTheBlock data. Surprisingly, this is the highest weekly transaction volume since early July helping the crypto to outperform others such as Shiba Inu. 

DOGE No. of Transactions / IntoTheBlock
DOGE No. of Transactions | IntoTheBlock

An increase in transaction volume often signals renewed user engagement, suggesting heightened adoption or trading activity within the network. Despite this uptick, transaction counts remain below peak levels seen in February. 

Previous price movements have also been influenced by notable industry figures such as X (formerly Twitter) owner Elon Musk. For instance, on September 7, Dogecoin saw an 8% surge when the billionaire investor humorously suggested that the “Department of Government Efficiency” adopt Dogecoin.

US State Louisiana Accepts Bitcoin Payments for State Services 

Lele Jima
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US State Louisiana Accepts Bitcoin Payments for State Services 

The crypto industry in the United States records a major milestone as Louisiana accepts its first-ever crypto payment for state services. 

According to a recent announcement from Louisiana Treasurer John Fleming, Louisiana residents can pay for different state services using top digital currencies like USD Coin (USDC) and Bitcoin (BTC). 

Notably, Fleming revealed that Louisiana’s Department of Wildlife and Fisheries recently received the inaugural crypto payment. However, he did not disclose the value of the payment, or which supported crypto was used.  

Louisiana to Leverage Specialized Service 

While Louisiana residents can now make payments in crypto, Fleming disclosed that the state would use a specialized service that immediately converts the funds received to U.S. Dollars (USD) and deposits them into the government’s accounts. 

According to Fleming, this service would protect Louisiana from the high market volatility associated with cryptocurrencies. He also stated that the process shields the state from every crypto-related concern. 

Partnership Between Louisiana and Bead Pay 

Notably, the latest development is a product of a partnership between the Louisiana government and top crypto payments company Bead Pay. 

Per the announcement, Bead Pay will focus on integrating the crypto payments solution into different Louisiana agencies. The company’s solution will allow residents to pay for state services using BTC and USDC while converting the cryptos to USD.  

Commenting on the development, Fleming said the initiative marks a pivotal step toward innovation and provides residents with the flexibility required to handle their financial obligations to the state. 

Louisiana Representative Mark Wright, a major advocate of the state’s crypto adoption, expressed excitement about the development. Wright anticipates supporting Fleming and other crypto enthusiasts to broaden the state’s acceptance of crypto-related payments. 

Other U.S. Cities Accept Crypto Payments 

Note that Louisiana is not the first U.S. state to accept crypto payments for public service. In 2018, Ohio became the first state to allow its residents to make tax payments in crypto. However, it suspended the service the following year, citing legal concerns.

Furthermore, Miami mayor and Bitcoin-friendly politician Francis Suarez flagged off a campaign in 2021 to transform the city into a major crypto hub. Part of this campaign includes accepting taxes and municipal fees in Bitcoin and other major cryptos. 

In the meantime, the crypto adoption crusade in the United States is spreading like wildfire. Politicians aspiring for top positions across different government levels are making significant efforts to woo crypto voters ahead of the elections. 

A case in point is Donald Trump, former United States president and presidential candidate of the Republican Party. Trump has declared support for cryptos, revealing plans to make the United States “the crypto capital of the planet.” 

Yesterday, the former U.S. President purchased over a dozen cheeseburgers for his supporters and made payment in Bitcoin. 

Germany’s Commerzbank Set to Offer Bitcoin and Crypto Trading Services to Its Clients

Mark Brennan
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Germany’s Commerzbank Set to Offer Bitcoin and Crypto Trading Services to Its Clients

Commerzbank, a private banking institute in Germany, has moved to offer crypto custody and trading services to its clients.

With global investors looking to harness the crypto market’s untapped potential, Germany’s Commerzbank has taken the initiative to provide such services to its clients. The second-largest bank by number of branches in Germany has partnered with Crypto Finance to offer crypto services to its customers.

The latest collaboration will see Commerzbank offer custody services while Crypto Finance, the subsidiary of Germany’s largest stock exchange operator Deutsche Boerse, will ensure a seamless trading experience for users. 

Per the Thursday press release, the duo would initially offer Commerzbank’s 26,000 corporate customers access to the two largest cryptocurrencies, Bitcoin and Ethereum. The release stated that there would be room for expansion depending on the client’s needs.

Commerzbank Delves into Crypto Custody

Commerzbank’s push to offer clients crypto trading and custody services was foreseen after it earned official authorization in November 2023. Commerzbank became the first bank to obtain a crypto custody license in Germany.

Gernot Kleckner, the head of capital markets for corporate clients at Commerzbank, stated that the bank deemed offering digital asset services to its clients necessary. Kleckner noted that the bank aims to expose corporate clients to the boundless opportunities that cryptocurrencies offer, with an initial offering of Bitcoin and Ethereum.

Notably, Crypto Finance is becoming a key player in promoting digital asset adoption in Germany. Established in 2017, the firm has benefited from Deutsche Bank’s prominence in the German financial market, offering its users crypto trading, staking, and custody services. 

On September 4, Crypto Finance entered a partnership with Switzerland’s fourth-largest bank, Zurcher Kantonalbank (ZKB), to offer crypto trading and custody to its retail customers. The collaboration would give the bank’s clients exposure to Bitcoin and Ethereum.

Traditional Financial Institutions Accelerate Crypto Exposure

Amidst the growing enthusiasm around digital assets globally, traditional banks and financial technology (Fintech) solutions have ramped up the adoption of the sector. This has been evident in recent activities in and around the banking sector.

Germany’s largest and second-largest banks, Deutsche Bank and DZ Bank, have teased offering crypto-related services. Deutsche Bank partnered with Bitpanda to offer seamless fiat transfers from the financial institution to the trading platform.

Also, DZ Bank announced its plans to offer crypto-related services to its customers. The bank said it would launch this pilot program “during the year.”

A similar trend is also seen in the United States despite the country’s crypto regulatory hurdles. Large banks like Wells Fargo, Goldman Sachs, and JP Morgan have shown susceptibility to cryptocurrencies.

Expert Predicts When XRP Will Break $1, Says XRP Wants to Move Soon

Lele Jima
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Popular crypto analyst Altstreet Bets predicts XRP price could break through $1 before the end of 2024 as it prepares to enter a bullish Elliott Wave structure. 

XRP has faced significant challenges in its attempt to break the $1 price mark. The last time XRP hit this milestone was in Spring 2022, a few months after the 2021 bull rally. 

Despite numerous positive developments surrounding the XRPL ecosystem, XRP remains below the $1 price mark. For instance, in July 2023, XRP surged to around $0.93 after U.S. District Judge Analisa Torres declared that the token in itself is not a security. This marked the highest price XRP witnessed in two years.

XRP to Hit $1 This Year 

However, it failed to reclai $1. Interestingly, Altstreet Bets asserts that XRP will break the $1 psychological target before the year runs out. The analyst referenced the Elliott Wave theory to make this projection, indicating a potential uptrend in XRP’s price. 

According to his chart, the wave structure shows possible routes of increasing price points, beginning from its current price of $0.5849, labeled as Wave i. Notably, the analyst expects XRP to undergo a small corrective wave to around $0.55 before it could stage a rally toward $1 by next month. 

Following this surge, the expert anticipates another corrective wave at “iv” before XRP could ultimately break through the $1 target. 

An Imminent Bullish Move

In a separate update, TraderSZ, a widely followed crypto analyst, speculated that XRP “wants to move soon” and is preparing to break out of a critical resistance zone around the $0.60 mark. 

If this breakout materializes, he expects XRP to embark on an upward trend. Unlike Altstreet Bets, TraderSZ did not specify a target for XRP. 

XRP to $1 Projection 

In the meantime, XRP has received numerous projections indicating that the coin is on track to break the $1 price mark. As reported yesterday, analyst Steph identified the formation of a bullish head and shoulder pattern on the daily chart, suggesting that it could propel XRP for a short-term rally beyond $1. 

As the $1 prediction gains momentum within the XRP community, we consulted ChatGPT to ascertain when XRP could hit this target. The AI chatbot projected that XRP could reclaim the $1 target within 3 to 12 months. With XRP currently trading at $0.5849, it must surge 70.96% to hit the $1 target. 

It is worth noting that several factors could influence this surge. For instance, should the SEC and Ripple fail to appeal Judge Torres’ final judgment before the stipulated deadline, it could end the legal uncertainty surrounding XRP, thus clearing the path for a significant upward movement. 

Ethereum Rally Targets $2,795 Despite Whale Sell-Offs

Albert Brown
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Ethereum Rally Targets $2,795 Despite Whale Sell-Offs

With the crypto bull run gaining momentum, Ethereum inches closer to surpassing $2,500 despite crypto whales booking profits.

With the federal rate cuts, Bitcoin experienced a massive surge in bullish momentum, resulting in a 3.85% jump in the last 24 hours. The broader market witnessed a boost in the fear and greed index, entering the neutral category.

Amidst the recovery run, the Bitcoin price exceeds the $62,000 mark, and Ethereum is close to approaching the $2,500 level. Further, the Ethereum price has increased by 5.25% in the recovery rally in the last 24 hours. 

Ethereum Recovery Rally

The Ethereum recovery rally runs steeply in the daily chart and creates three consecutive daily candles, accounting for a 6% surge. Currently, it is trading at $2,432 with an intraday gain of 2.43% from the opening price of $2,374. 

Ethereum price Chart
Ethereum price Chart

In the broader picture, the recovery run forms a higher-low formation in a falling-channel pattern as it bounces back from the support trend line. 

Whales Selling Spree in a Recovery Rally

Amid the recovery rally gaining momentum, Ethereum whales are using it as an opportunity to book profits. As reported early today, an Ethereum whale and ICO participant deposited 10,000 Ethereum worth $24 million into the Kraken Exchange. 

This move from the whale comes after two years of dormancy, reflecting a profit-booking run. The participant received 50,000 Ethereum, worth around $15,500, during the ICO, which is currently worth $121.85 million. 

Another notable transaction involved a different whale selling 10,595 ETH for $24.79 million over just three days. Despite the rally, this whale, identified as 0xE3E, continues to sell off small amounts, offloading 87.56 ETH for USDT every few minutes.

Currently, this whale retains 6,042 ETH, worth approximately $14.7 million, which is about 36.3% of the original holding. Overall, the whale has realized an estimated profit of $39.34 million.

Will Ethereum Continue To Soar?

On the 4-hour chart, the recovery rally is testing a local resistance trend line, forming a triangle pattern with recent price movements. Ethereum’s price is currently approaching this overhead trend line, hinting at a possible breakout.

Ethereum price Chart
Ethereum price Chart

A bullish breakout above the overhead trend line could target immediate resistance levels at $2,533 and $2,795. Conversely, a bearish reversal within the triangle may test the ascending trend line. Key support levels to watch are at $2,350, $2,150, and the psychological mark of $2,000.

Raoul Pal Says Buy More Bitcoin: “It’s Simply Going Up” Amid Fed Rate Cuts

Albert Brown
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Raoul Pal, a prominent macro analyst and CEO of Real Vision, has recently reaffirmed his optimistic stance on Bitcoin.

Amid the brief surges following the Federal Reserve’s rate cut announcements, Pal expressed confidence in Bitcoin’s long-term trajectory. In a video shared by Real Vision, the CEO emphasized the straightforward message that Bitcoin is on an upward path and that anything else is a mere distraction.

“Bitcoin is going up; It’s as simple as that,” Pal remarked, urging market participants to “learn to take the pain” from temporary fluctuations.

Pal’s Perspective on Bitcoin’s Future Path

Pal’s latest insights focus on a consistent strategy for investors: buy, hold, and prepare for market challenges. According to Pal, Bitcoin’s upward movement is inevitable unless a major shift occurs, such as a significant financial system breakdown or a halt in technological adoption.

He stresses that these conditions are unlikely, suggesting blockchain technology will continue to thrive as part of a broader digital evolution. Pal’s message underscores the importance of resilience, advising investors to buy more during market downturns.

Pal has frequently shared similar sentiments, recently highlighting Bitcoin’s correlation with rising global liquidity. He believes Bitcoin will continue to benefit from a rise in global liquidity. 

Pal shared data projecting Bitcoin’s price could reach approximately $90,000 by November if current trends persist. This projection aligns with Pal’s broader analysis, linking Bitcoin’s price movements to global money supply (M2) trends, which historically have influenced the cryptocurrency’s growth trajectory.

Shared Bullish Sentiment

A recent report reinforces Pal’s outlook, highlighting oversold conditions that indicate potential upside as Bitcoin hovers near its historical consolidation levels. This recent price action has reignited discussions about Bitcoin’s long-term potential, with analysts speculating a possible rise to $1 million over the next decade.

The report also examined Bitcoin’s position within the Power Law’s logarithmic band, a historical marker often linked to market bottoms or consolidation phases. Currently, Bitcoin is trading at the lower end of this band, suggesting limited downside risk and the possibility of an upward shift.

Grayscale XRP Trust Sees 11.44% NAV Growth Since Launch Showing Rising Institutional Interest

Abdulkarim Abdulwahab
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Grayscale XRP Trust Sees 11.44% NAV Growth Since Launch Showing Rising Institutional Interest

Grayscale’s XRP Trust has achieved an 11.44% NAV growth since its launch, highlighting increasing institutional interest in XRP.

In a recent post on X, popular crypto pundit Moses brought to public notice that the net asset value (NAV) of the XRP Trust by Grayscale had surged to $11.77, stressing that it signals strong momentum.

Commenters to the post shared a similar sentiment, noting the growth reflecting expanding institutional interest in XRP.

Grayscale XRP Trust Sees 11.44% Growth Since Launch 

Indeed, the trust’s NAV per share has been on the rise since launching last week. At the end of business on September 6, the NAV had dipped to $10.31. Four days later, it moved to $10.81 before a slight correction. By September 12, the NAV saw a fresh uptick, rising to $11.25.

The XRP Trust maintained the momentum, reaching $11.77 on Tuesday, September 17. However, at the end of trading yesterday, the value had dropped to $11.49. According to Grayscale’s data, the XRP Trust’s NAV per share one-day percentage change is a negative 2.38%.

Interestingly, this negative growth comes despite Grayscale’s announcement yesterday that it had reopened private placement offerings for XRP and several other cryptocurrency trusts. The reopening allowed accredited investors to subscribe to shares of 18 key cryptocurrency trusts, including XRP.

While the performance has dipped as of Wednesday, the current value is still significantly improved from last week’s figure. To put it in perspective, the growth from $10.31 to the current $11.49 represents an 11.44% increase.

Grayscale XRP Trust
Grayscale XRP Trust

Meanwhile, it pales in comparison to other trusts by Grayscale, such as the SUI Trust, which also launched recently. 

SUI Trust Beats XRP

Remarkably, the Grayscale SUI Trust has seen a significant NAV per share 24-hour positive change of 7.85%, while that of XRP dipped by 2.38% during the same period.

The massive discrepancy may be explained by the fact that XRP’s value briefly dipped to just around $0.56 yesterday before recovering to $0.585 with 1.15% growth. On the other hand, SUI’s market price is up by over 13% today.

At press time, the Grayscale XRP Trust had assets under management of $646,729, a notable increase from yesterday’s $622,000 figure.

Ethereum ICO Address Deposits 10,000 ETH After 2 Years of Dormancy

Mark Brennan
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Ethereum ICO Address Deposits 10,000 ETH After 2 Years of Dormancy

An Ethereum ICO participant just deposited 10,000 ETH to the Kraken exchange today after two years of dormancy.

Data from Etherscan shows that an Ethereum whale, who has been dormant for two years, has moved a portion of his Ether stash for possible sales. The wallet awakened today, transferring 10,000 ETH to the crypto exchange Kraken by 7:47 AM (UTC).

The whale sold the Ethereum for $24.37 million at an average price of $2,437 per coin. With the sales, the wallet now holds 9,298 ETH ($22.63 million).

It bears mentioning that the wallet participated in Ethereum’s initial coin offering (ICO) nine years ago. The whale received 50,000 ETH, valued at $15,500 in 2015. At the current market price, this share is valued at $121.8 million, an impressive 785,806% growth.

Ethereum ICO Whale Activity on the Rise

The Thursday sale is one of multiple Ethereum ICO whale selloffs in recent times. These activities have raised concerns among the crypto community over possible market implications.

An earlier report showed that another Ethereum early token recipient moved 2,000 ETH ($5.47 million) after over nine years of dormancy. This came after the Golem network, which received 820,000 ETH from the ICO, sold $21 million worth of Ethereum in August.

Besides ICO participants, other dormant whales have also taken to selling their stash. A dormant whale moved 16,636 ETH two days ago after eight and a half years of inactivity. It bears mentioning that the wallet sold at a 44,600% return on investment.

Ethereum Bulls Take Fatal Hit

Meanwhile, Ethereum bulls have suffered the most setbacks as the asset has shown inherent price weakness. This gross underperformance could be tied to the incessant sales from whales and disappointing inflows into the Ethereum spot exchange-traded funds (ETFs).

The ETFs recorded a third consecutive net outflow day on Wednesday, with issuers selling $9.74 million worth of Ethereum. Notably, the funds have seen a net cumulative outflow of $615.5 million since going live on July 23.

Furthermore, Ethereum’s price weakness against Bitcoin led to a whale suffering an unrealized loss of $49 million. The enthusiast is nursing a significant loss after longing the ETH/BTC pair.

However, Ethereum has shown signs of life after rebounding 4% in the past 24 hours to $2,431. The asset’s trading volume has surged 35% to $21.3 billion, signaling increased market activity.

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