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Ripple CEO Celebrates Incredible Q1 2025, Highlights Major Milestones Achieved in Past Quarter

Lele Jima
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Ripple CEO Celebrates Incredible Q1 2025, Highlights Major Milestones Achieved in Past Quarter

Ripple CEO Brad Garlinghouse comments on the company’s recently published Q1 2025 XRP Markets report, highlighting major achievements in the previous quarter. 

In an X post today, Garlinghouse characterized Q1 2025 as an incredible quarter for Ripple following some significant milestones it achieved in the first three months of the year. 

Major Accomplishments 

The tweet highlighted three Ripple-related accomplishments: the acquisition of Hidden Road, the SEC withdrawing its appeal, and the growing institutional interest in XRP products globally. 

Hidden Road Acquisition 

In the report, Ripple emphasized that acquiring top prime broker Hidden Road for $1.25 billion was the company’s largest deal. It unlocks a new institutional use case for the XRP Ledger (XRPL) and Ripple USD (RLUSD) stablecoin. 

As previously reported, Hidden Road will leverage RLUSD as collateral across its products. This move will enable cross-margining between traditional finance and crypto investments. The prime broker will also integrate XRPL into its post-trade operations, like Repo Markets and Swaps, to cut costs and enhance efficiency. 

SEC Ends Its Appeal 

The report also sheds light on how the SEC informed Ripple of its intent to withdraw its appeal. Ripple responded by also withdrawing its cross-appeal, which challenged the regulator’s victory in the multi-year lawsuit. 

Consequently, the regulator accepted a reduced fine of $50 million from $125 million and a request to vacate the court’s permanent injunction order. However, the agreement is subject to the court’s approval. 

If approved, it would mark the end of the multi-year legal tussle, which Ripple claims ‘tested the limits of regulatory overreach.’ 

Growing Institutional Interest in XRP Products 

Further, Ripple highlighted the growing institutional interest in XRP-related funds globally. This is reflected in how XRP exchange-traded products (ETPs) outperformed funds tied to Bitcoin and Ethereum by securing an inflow of $37.7 million. Per the report, XRP ETP’s year-to-date (YTD) inflows soared to around $214 million. 

The report also revealed how top asset managers worldwide are seeking to introduce XRP ETPs in the first quarter. It mentioned Franklin Templeton’s XRP ETF filing, Volatility Shares’ applications for three XRP ETFs, and the approval of a dedicated XRP ETF in Brazil.

Other notable mentions include Teucrium’s XRP ETF and the launch of CME’s XRP futures in the U.S. 

Evolution of XRP Markets Report 

Meanwhile, Garlinghouse revealed that the company will adopt a new reporting approach for its XRP Markets quarterly reports. He noted that Ripple has been using the report to provide transparency into its XRP holdings since 2017. 

However, he stated that the SEC and other entities used the report against the firm. As a result, Ripple will share its precise XRP holdings data on its website in real-time going forward. The company will also share other Ripple-related announcements through its official social channels, like X. 

Ripple XRP Holdings 

As of March 31, 2025, Ripple held 37,130,000,005 (37.13 billion) XRP in escrow, marking a 2.36% decrease from the 38.03 billion tokens the company had in its escrow accounts by Q4 2024 ending. 

Similarly, Ripple’s spendable XRP balance was around 4,562,433,147 (4.56 billion) by the end of Q1 2025. This represents a surge of 1.71% from what Ripple held by the end of 2024, which totaled 4.48 billion XRP. 

It is worth noting that Ripple released about 600 million XRP from escrow in the first two months of Q2 2025. 

Pundit Suggests the Ultra Rich are Betting on XRP as 25 Wallets Alone Hold 20.3B Tokens

Sam Wisdom Raphael
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Pundit Suggests the Ultra Rich are Betting on XRP as 25 Wallets Alone Hold 20.3B Tokens

A well-known XRP community figure believes ultra-rich investors are betting on an XRP price appreciation, citing a concentration of large holdings.

The latest commentary comes amid XRP’s current range-bound phase, which has seen the crypto asset fail to decisively break above $2.2 in weeks. Amid the bearish performance, some expect XRP to break out soon, and the analyst behind the “All Things XRP” account believes even the ultra-rich investors are anticipating this breakout.

Only 25 Wallets Hold 20.3B XRP

He presented this idea in a recent disclosure on X, calling attention to what he regards as a vote of confidence from these rich investors. According to “All Things XRP,” only 25 wallets hold a whopping 20.3 billion XRP tokens. Notably, this represents about 35% of the circulating supply of 58 billion reported by CoinMarketCap.

The analyst suggested that most of these wallets are not Ripple escrow accounts. Particularly, data from XRPL explorer XRPScan confirms that of the top 20 XRP wallets with the highest balances, only eight hold Ripple’s XRP escrow tokens. 

Meanwhile, of the remaining 12 wallets, two belong to Ripple, with a cumulative spendable balance of 2.525 billion XRP tokens. The remaining 10 wallets belong to exchanges and trading platforms. Notably, these platforms, such as Binance, Upbit, Uphold, and Bithumb, hold tokens for their customers.

While such a large concentration of holdings might trigger centralization concerns, the analyst behind “All Things XRP” suggests it also points to confidence among ultra-rich investors, who have continued to augment their XRP balances in anticipation of the next price surge.

According to him, these large balances on centralized exchanges like Binance and Uphold represent holdings by wealthy clients. In addition, the analyst’s suggestion that these billionaires are betting on XRP appears to be backed up by an accumulation trend surrounding these high-net-worth addresses.

Whales Accumulating More XRP Tokens

For context, wallets holding at least 20 million XRP tokens currently worth over $42 million have increased their cumulative balance since late April. As of April 28, The Crypto Basic found that these addresses held 36.859 billion XRP. However, currently, their holdings have increased to 37.131 XRP, indicating that they have amassed 272 million XRP over the past week.

Wallets Holding at Least 20M XRP
Wallets Holding at Least 20M XRP

Moreover, within a larger time frame, market analyst Ali Martinez confirmed that whales holding between 10 million and 100 million tokens have procured about 900 million XRP worth over $1.89 billion in the past month. 

The analyst behind “All Things XRP” suggests this is a testament to their confidence in XRP. According to him, while these whales have been silent, they let their wallets do the talking. At press time, XRP currently changes hands around the $2.1 mark. It remains to be seen if the asset can engineer the sort of uptrend these whales are banking on.

Gemini Lists Ripple Stablecoin RLUSD for Trading

Elendu Benedict
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Gemini Lists Ripple Stablecoin RLUSD for Trading

RLUSD, the Ripple stablecoin, is slowly moving to broader market usage after leading crypto exchange Gemini listed the token for trading on its platform.

Less than six months after RLUSD hit the market, the stablecoin is already making waves. One recent milestone is its listing on Gemini, a leading US crypto exchange with over 13 million users.

Gemini announced on May 5 that the Ripple stablecoin is now available for trading on its platform. The exchange also confirmed it has enabled deposits and withdrawals of the RLUSD token.

Gemini Lists Ripple Stablecoin RLUSD

Ripple Stablecoin on Gemini

Interestingly, Gemini left the crypto community curious for over five hours with a cryptic message before finally announcing the RLUSD integration. Before the confirming the recent development, the exchange initially posted a message teasing the idea.

Notably, this initial tweet emphasized: “futures are brighteR when we buiLd Up Systems that upGrade finance,” with the letters “R, L, U, S, and D” singled out in uppercase. The post drew reactions from the community, leading to speculations. Shortly after, Gemini finally announced the Ripple USD listing.

Remarkably, the announcement has contributed to a spike in the RLUSD stablecoin’s volume, which has increased 28% in the past 24 hours to $49.28 million. Nonetheless, its market cap remained at $316.9 million, a sizable figure considering it is barely six months in the market.

Ripple Stablecoin Expanding Territory

With the listing, Gemini becomes the 15th exchange to allow the trading of the stablecoin. Platforms like Uphold, Moonpay, Independent Reserve, Archax, and Bitstamp, among others, have already added support for RLUSD.

Furthermore, RLUSD has also expanded beyond the XRP Ledger and Ethereum network. The Root Network recently announced that the stablecoin is available for trading on its futureverse-focused blockchain, boosting liquidity and use case.

Meanwhile, Ripple has also integrated RLUSD into its enterprise, allowing clients to process cross-border payments using the institution-grade stablecoin. The early April Ripple Payments incorporation further boosted RLUSD’s credibility and stability.

Ripple Donates $25M to US Public Education

The Ripple USD stablecoin also made headlines yesterday, May 5, after Ripple donated $25 million in the token for charity. The payments firm donated through DonorsChoose and Teach For America to facilitate classroom education in underprivileged areas in the United States.

The charitable venture would provide basic supplies to advance financial literacy in the classroom while directly supporting teachers to improve delivery. The donation follows the Teacher Appreciation Week event, which also kicked off yesterday.

Ichimoku Cloud Analysis Shows XRP Could Target $6 or $30 Depending on How It Moves Against Bitcoin

Sam Wisdom Raphael
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Ichimoku Cloud Analysis Shows XRP Could Target $6 or $30 Depending on How It Moves Against Bitcoin

A recent Ichimoku Cloud analysis of the XRP/BTC pair has revealed two price paths for XRP, hinging on how the altcoin behaves against Bitcoin in the coming months. 

According to market analyst Dr. Cat, XRP could either face a rejection near $6 or explode toward $30, depending on how it navigates major resistance levels identified on the 3-month and 1-month XRP/BTC charts using the Ichimoku Cloud system.

3-Month XRP Chart Against Bitcoin Shows Resistance Cluster

Notably, on the broader 3-month chart, the indicators show a heavily congested resistance zone that XRP will struggle to overcome without proper timing. In particular, the Kijun Sen, a major Ichimoku equilibrium line, is presently acting as resistance. This line alone presents a barrier. 

However, XRP faces an even worse roadblock from the large bearish TK gap, which represents the vertical distance between the Tenkan Sen and the Kijun Sen. In the current setup, the Tenkan sits well below the Kijun, indicating bearish momentum and a lack of equilibrium.

XRP Against Bitcoin 3M Ichimoku Cloud Chart Dr Cat
XRP Against Bitcoin 3M Ichimoku Cloud Chart | Dr Cat

In addition, the Chikou Span, which shows momentum by lagging 26 periods behind the current price, currently rests below prior candle bodies. This position indicates that historical price levels are also acting as resistance, adding to the roadblock for XRP.

Notably, Dr. Cat believes there is a 90% chance of rejection if XRP attempts to rally toward 0.00005147 BTC (or around 5200 satoshis) within the second quarter of 2025, particularly in June. He warns that for XRP to break past this level, it would require multiple quarterly candles, translating to at least a year or more of price coiling.

1-Month Chart Presents Future Hope

Meanwhile, on the 1-month XRP/BTC chart, Dr. Cat identified a similarly challenging resistance zone. Here, XRP is looking to push into a thick Kumo, or cloud, which acts as a price and momentum barrier. 

XRP Against BTC 1M Ichimoku Cloud Chart Dr Cat
XRP Against BTC 1M Ichimoku Cloud Chart | Dr Cat

As of the time of reporting, XRP rests within this cloud, showing no signs of a clear breakout. Importantly, the upper boundary of this monthly Kumo aligns with the Kijun Sen from the 3-month chart, confirming the strength of this resistance region.

Despite the immediate challenges, the monthly chart presents some hope. Specifically, the future section of the Kumo is thinning out toward the end of 2025. This suggests that XRP may find it easier to break through resistance in the fourth quarter. 

According to Dr. Cat, if XRP fails to make a decisive move this month, the more probable event is not an outright price crash but a period of extended consolidation. 

Notably, such coiling would allow the TK gap to close, with the Tenkan Sen gradually rising and Kijun Sen flattening or falling. Interestingly, this would also permit the Chikou Span to separate from historical candle resistance, creating a more favorable breakout structure.

XRP Could Hit a Top of $6 or Rally to $30

Essentially, if XRP consolidates through the remainder of 2025 and breaks out in Q4, Dr. Cat believes it could surge to 12,000 satoshis (0.00012 BTC). Assuming Bitcoin reaches $250,000 in that same window, this would push XRP to $30. Meanwhile, at a $100K BTC price, this translates to $12 for XRP.

However, if XRP attempts a breakout too soon, particularly in May or June, it could stall near 5200 satoshis (0.000052 BTC) and see a local top of around $4.50 to $6. Currently, the XRP/BTC chart rests on 0.00002245, with XRP trading for $2.12 and BTC at $94,570.

Bitcoin Leads as Crypto Investment Products Record $2B in Net Inflows

Lele Jima
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Bitcoin Leads as Crypto Investment Products Record $2B in Net Inflows

Investment products tied to cryptocurrencies registered their third consecutive week of inflows, with Bitcoin emerging as the biggest winner. 

Data from CoinShares shows that crypto investment products saw another week of net inflows. Last week, they saw a total inflow of $2.02 billion, bringing the total inflows over the past three weeks to $5.5 billion. 

This marks a major shift in investors’ sentiment over the past few weeks, indicating they are now committing funds to these investment products. Before this shift, the market saw outflows for three consecutive weeks from late March to mid-April, driven by the global tariff war. 

However, since Donald Trump announced a 90-day pause on reciprocal tariffs, investors’ confidence in crypto products soared. Accordingly, the market ended the subsequent weeks with positive flows.. 

Bitcoin Gulps $1.84B Inflow 

Last week was no exception, as crypto investment products registered a net inflow of $2 billion. As a result, the total YTD inflows soared to $5.6 billion, while the total AUM climbed to $156.34 billion. 

Meanwhile, Bitcoin reaffirmed its position as the entry point for new crypto investments. The firstborn crypto asset recorded a net inflow of around $1.84 billion last week, boosting Bitcoin’s YTD inflows to $5.57 billion. The premier cryptocurrency boasts an AUM of $136.46 billion. 

Ethereum followed Bitcoin closely, with a weekly inflow of $149 million. This marks Ethereum’s second week of inflows. Moreover, its MTD and YTD inflows rose to $36 million and $551 million, respectively. The data also shows that the AUM across Ethereum investment products totaled $9.58 billion. 

Other crypto assets, such as XRP, Short Bitcoin, Solana, and Cardano, saw inflows of $10.49 million, $6.4 million, $6.03 million, and $1.16 million, respectively. Multi-asset and Sui saw investments of $1.86 million and $300,000, respectively. 

CoinShares Flows by Asset
CoinShares Flows by Asset

Regional Flows 

Regarding regional flows, the United States saw the most inflows over the past week, as expected, with the country’s weekly inflows hitting $1.92 billion. As a result, the total AUM for U.S.-based crypto investment products spiked to $120.13 billion. 

Germany, Switzerland, Canada, Hong Kong, and Australia also saw positive flows of $47.2 million, $34.2 million, $20.1 million, $2.7 million, and $1.9 million, respectively. However, Sweden and Brazil witnessed outflows of around $500,000 and $200,000, respectively. 

CoinShares Flows by Country
CoinShares Flows by Country

Flows by Providers 

Meanwhile, the data also highlighted flows by providers over the past week, with BlackRock’s Bitcoin and Ethereum spot ETFs seeing a combined inflow of $2.56 billion in the past seven days. 

Meanwhile, Grayscale’s Bitcoin and Ethereum ETFs registered outflows of $58.6 million and $26.2 million, respectively.

Ark 21Shares Bitcoin ETF and Fidelity Bitcoin ETF saw the largest outflows in the past week of around $457.6 million and $201.1 million, respectively.

BlackRock Holds Over $5B in Bitcoin Stocks, With $4.23B in Strategy Alone, Latest Filing Shows

Abdulkarim Abdulwahab
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BlackRock Holds Over $5B in Bitcoin Stocks, With $4.23B in Strategy Alone, Latest Filing Shows

BlackRock’s latest 13F filing for Q1 2025 reveals a significant uptick in its Bitcoin exposure. 

The report shows a total of $5.43 billion invested across Bitcoin spot ETFs and stocks tied to Bitcoin treasuries and mining operations. These latest figures represent a major increase from Q4 2024, amid growing institutional confidence in crypto.

Notably, the firm’s flagship Bitcoin spot ETF, IBIT, saw its holdings grow from 2.6 million shares to 5.85 million shares, now worth $273.9 million. BlackRock also opened a new position in Fidelity’s FBTC. It now holds 70,971 FBTC shares worth $5.1 million. At the same time, it initiated smaller positions in Grayscale’s GBTC and GBTC Mini.

Bigger Exposure in Strategy

BlackRock’s largest allocation remains in MicroStrategy (MSTR), the business intelligence firm now known as Strategy, which holds over 555,000 BTC. Specifically, BlackRock now owns 14.4 million Class A shares, an increase of 3.15 million shares from Q4 2024. These shares are worth $4.16 billion.

Additionally, the asset manager holds 623,648 Series A Preferred shares—newly added this quarter—worth $52.3 million. Meanwhile, another new addition in Q1 2025 includes 8.5 million convertible notes (0.625%) and 6.4 million notes (0.875%), totaling over $28 million.

Combined, BlackRock’s stake in Strategy-related securities now exceeds $4.23 billion, accounting for nearly 78% of its total Bitcoin-focused exposure.

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Bitcoin Mining Stocks See Big Inflows

The asset manager also expanded its footprint in Bitcoin mining firms. Its holdings in Marathon Digital (MARA) surged from 50 million to 53.9 million shares, now valued at $619.9 million.

Similarly, BlackRock’s position in Riot Platforms (RIOT) increased by 2.5 million shares, bringing the total value to $192.3 million.

Bitdeer Technologies (BTDR) grew more than 150%, from 835,000 to 2.1 million shares. Other miners like TeraWulf (WULF) and Bit Digital (BTBT) also saw modest increases, bringing BlackRock’s total mining allocation to over $950 million.

Institutional Conviction Rising

The Q1 2025 13F filing reflects BlackRock’s growing conviction in Bitcoin’s long-term value proposition. With over $5.4 billion in strategic Bitcoin-related positions, the world’s largest asset manager is clearly not fading the ongoing institutional FOMO surrounding Bitcoin.

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) now holds 607,685.5 BTC, worth over $57.16 billion. Since its inception, the ETF has attracted $43.68 billion in investment.

Bernstein: Public Firms Projected to Allocate $330 Billion into Bitcoin by 2029

Mark Brennan
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Bernstein: Public Firms Projected to Allocate $330 Billion into Bitcoin by 2029

Public companies could channel over $300 billion more into Bitcoin over the next five years, according to a new report by analysts at asset management firm Bernstein. 

This potential inflow stems from a growing number of corporates adopting a strategy modeled after MicroStrategy’s aggressive Bitcoin accumulation culture. Bernstein disclosed this projection in a recent report.

The asset manager’s base case outlines that between 2025 and 2030, listed corporations could direct nearly $205 billion into Bitcoin. An additional $124 billion is expected to come from companies replicating the capital deployment plan of Strategy (formerly Microstrategy). 

Currently, Strategy holds 555,450 BTC, purchased at a total cost of approximately $38.08 billion, based on an average price of $68,550 per coin. Most recently, Strategy added 1,895 BTC for $180 million.

These projections rely on the premise that more public companies with limited organic growth paths and large cash reserves will follow Strategy’s lead. 

Screened Firms May Drive Billions in Bitcoin Demand

Bernstein estimated that if just 20% of these screened companies allocated 25% of their treasury reserves to Bitcoin, it could generate approximately $190 billion in inflows.

The firm noted that such companies are typically low-growth and have surplus capital without productive avenues for reinvestment. As a result, Strategy’s approach may appeal to these firms as they seek new asset strategies.

Meanwhile, the share of total Bitcoin supply held by public companies has climbed to 3.4%, up from 1.3% at the end of 2023. This increase coincides with broader regulatory and accounting shifts. Data confirms that these companies hold a total of 720,898 BTC worth $67.8 billion at press time. Meanwhile, private firms hold 398,323 BTC currently worth $37.44 billion.

Market Conditions Support Expansion

Meanwhile, the Bernstein report also pointed to Strategy’s role in building institutional-grade instruments that facilitate access to Bitcoin.

Bernstein analysts observed that Strategy’s financial structuring has allowed it to scale during multiple market cycles, although they cautioned that similar success is not guaranteed for others attempting to imitate the model.

Still, growing access to capital markets and the declining float of available Bitcoin suggest that corporate adoption could tighten supply. Strategy’s Chairman, Michael Saylor, recently reiterated his intention to continue acquiring Bitcoin, stating readiness to buy even at $1 million per coin, with potential daily purchases of $1 billion.

Strategy Acquires 1,895 BTC in Latest Purchase, Expands Bitcoin Holdings to Over 555,000

Albert Brown
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Strategy Acquires 1,895 BTC in Latest Purchase, Expands Bitcoin Holdings to Over 555,000

Strategy, formerly known as MicroStrategy, has confirmed another addition to its growing Bitcoin reserves, acquiring 1,895 BTC for $180.3 million. 

This latest acquisition pushes the company’s total holdings to 555,450 BTC. Chairman Michael Saylor highlighted the purchase through a post on X.

Latest Acquisition Follows $1.4 Billion Bitcoin Buy

Notably, this $180 million acquisition is modest compared to last week’s $1.4 billion purchase. Still, it fits into the company’s consistent pattern of strategic buying. Since its inception of Bitcoin purchases, Strategy has significantly ramped up its buying activity, especially following the U.S. 2024 elections. 

At an average purchase price of $68,550 per BTC, the company has now invested approximately $38.08 billion in Bitcoin. With the market price of Bitcoin currently exceeding $94,000, Strategy holds an unrealized profit estimated at more than $14 billion.

The timing of the latest purchase aligns with the company’s ongoing capital deployment plan. Just days prior, Strategy unveiled a $42 billion funding program. This initiative includes a $21 billion common stock issuance and an additional $21 billion through fixed-income instruments. The funds aim to expand Bitcoin holdings and increase yield targets throughout 2025.

Saylor Signals Continued Accumulation Strategy

While no longer CEO, Michael Saylor continues to play a visible role in Strategy’s direction. On Sunday, he hinted at the upcoming buy by pointing to a chart on SaylorTracker, noting the lack of “orange dots” used to represent BTC purchases. 

His messaging comes amid comments reiterating his belief in persistent and large-scale acquisitions. He recently stated plans to continue purchasing even if Bitcoin reaches a price of $1 million per coin. 

According to Saylor, acquisitions could scale to $1 billion per day depending on market conditions and availability.

Future Approach as Liquidity Concerns Emerge

This posture toward aggressive acquisition has prompted industry discussions about the future of Bitcoin supply. Richard Byworth, a partner at Syz Capital and adviser to Jan3, speculated on whether Saylor’s current acquisition method would remain viable if supply tightens significantly. 

He proposed that the company could consider acquiring firms and using their treasury assets for future Bitcoin purchases. This approach, he noted, might offer a more efficient path in a scenario where OTC liquidity dries up.

BlackRock Bitcoin ETF IBIT Sees $2B+ in Weekly Inflow, the Second Largest Among US ETFs, Only Behind Vanguard’s VOO

Elendu Benedict
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BlackRock Bitcoin ETF IBIT Sees $2B+ in Weekly Inflow, the Second Largest Among US ETFs, Only Behind Vanguard’s VOO

The resurgence in demand for Bitcoin investment products saw the BlackRock Bitcoin ETF IBIT pull in heavy inflows the previous week.

Bloomberg’s senior ETF analyst Eric Balchunas highlighted this detail in an X post today, stressing the shift in market sentiments. Per the tweet, the BlackRock iShares Bitcoin Trust (IBIT) had a stellar outing the previous week, outperformed only by Vanguard’s S&P 500 ETF (VOO).

Resurgent IBIT Dominates Inflows

The IBIT saw a net inflow of $2.48 billion, about 19% of the total positive flows between 28th April and 4th May. Only the VOO saw a better inflow ($3.93 billion) than the BlackRock Bitcoin-focused product.

Inflows Among Major ETFs

This renewed traction indicates a changing narrative from earlier sentiments at the beginning of the year, as appetite towards Bitcoin rejuvenates. Balchunas noted that this shift tilted towards market users’ “beta with a side of bitcoin” bias last year.

For context, in 2024, ETF investors sought exposure to funds that track the general performance of the market with a touch of Bitcoin, evident in the $117 billion VOO and $37 billion IBIT net inflows. The Bloomberg ETF expert highlighted that recent inflow data suggest that this mentality seems to be crawling back into the market.

Meanwhile, the BlackRock Bitcoin product has rebounded from earlier setbacks to record a year-to-date inflow of $6.4 billion. The investment product languished below the top 50 in YTD performance across all ETFs before recent momentum pushed it to 8th on the log.

BlackRock Bitcoin Product Dominates Other Bitcoin ETFs

While bearing the torch for Bitcoin in the global ETF markets, IBIT has also been schooling other investment products tracking the performance of Bitcoin. The Monday data identified that it has all been about the BlackRock Bitcoin product, with 96% of all inflows to the US Bitcoin spot ETFs moving into IBIT. 

For perspective, the funds have a one-month net inflow of $4 billion, with the BlackRock product accounting for a staggering $3.85 billion. Balchunas noted that the massive traction despite the Bitcoin ETF decoupling from the actual BTC price could be due to hedge funds leveraging the variation, driving up trading activities.

BlackRock Bitcoin ETF Leads Bitcoin ETF Inflows

Meanwhile, the IBIT has recorded a cumulative net inflow of $43.64 billion since its market debut last year and ranks as the most successful ETF launch in history. The US Bitcoin spot ETF generally holds a net asset of $113.15 billion, about 5.87% of the asset’s market cap.

Bitcoin MVRV Ratio Drops to Long-Term Mean: The Last Time This Occurred, BTC Soared to $108K

Sam Wisdom Raphael
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Bitcoin MVRV Ratio Drops to Long-Term Mean: The Last Time This Occurred, BTC Soared to $108K

The Bitcoin MVRV ratio has now dropped to its long-term mean value, triggering bullish sentiments amid favorable historical precedence.

Notably, Bitcoin’s recent price activity has involved short-term uncertainty following an impressive rally from late April. After surging by nearly 16% from $84,466 on April 19 to a local high of $97,938 on May 2, the flagship crypto asset has entered a period of stagnation. 

Over the past two trading days, Bitcoin has seen back-to-back intraday losses, and early market signals suggest a potential third consecutive dip as of today, with the price currently hovering around $93,901. Despite this lull, on-chain indicators may indicate a brewing resurgence.

Bitcoin MVRV Ratio in Bullish Position

One of the most important signals comes from the Bitcoin MVRV Ratio, which has now retraced to its long-term average of 1.74. According to Glassnode, this level represents a reset zone typically seen during consolidation phases. 

Bitcoin MVRV Ratio Glassnode
Bitcoin MVRV Ratio | Glassnode

Historically, such pullbacks have cooled off unrealized gains, setting the market up for new bullish cycles. A notable instance occurred in August 2024 when the Bitcoin MVRV Ratio hit this same level. What followed was a powerful uptrend, with Bitcoin logging three consecutive monthly gains from September to November 2024. 

This rally extended into December, where heightened optimism surrounding Donald Trump’s presidential victory pushed the asset to an all-time high of $108,364. Although Bitcoin experienced a modest 3.17% correction at that peak, the market held strong.

Notably, the Bitcoin MVRV Ratio recently returning to 1.74 suggests the market may be undergoing a similar reset, potentially priming for another leg up. 

For context, the metric measures the ratio between market value and realized value, helping investors gauge when Bitcoin is overvalued or undervalued. When the ratio drops to its mean, this typically indicates a phase of market stabilization, with room for renewed momentum.

Other On-chain Metrics Supporting a Bullish Outlook 

In addition to the Bitcoin MVRV Ratio, several other on-chain metrics lend support to a bullish outlook. Currently, 88% of the circulating Bitcoin supply remains in profit, with losses mainly concentrated among investors who purchased within the $95,000 to $100,000 range. 

This distribution implies that most holders are still in a good position and that the market hasn’t experienced major capitulation. More notably, this profitability metric has also recovered from its long-term average, indicating a healthy correction rather than a panic-driven selloff.

Moreover, the Realized Profit/Loss Ratio has climbed back above 1.0. This indicates that, on average, sellers are now realizing profits rather than losses. Importantly, it also suggests the current demand is strong enough to absorb profit-taking pressure, a positive sign for potential market recovery.

Bitcoin Realized Profit Loss Ratio Glassnode
Bitcoin Realized Profit Loss Ratio | Glassnode

Bitcoin Market Analyses Mixed

Meanwhile, market analyses have been mixed. The pseudonymous analyst BitBull remains firmly bullish. In his latest assessment of the daily chart, he identified a breakout from a falling wedge pattern. 

He stressed that the breakout boasts strength, noting that Bitcoin is currently retesting the breakout zone. This suggests it could be setting up for another upward move. BitBull speculated that the next rally could drive the price beyond $130,000, with downside risk becoming more likely only if Bitcoin drops below $86,000.

On the other hand, Carl Moon, a well-known market analyst and founder of The Moon Show, is not entirely bullish. He observed today that Bitcoin had broken down from a rising wedge on the 4-hour chart, typically a bearish signal. 

According to Moon, the current price action lacks the necessary volume to sustain an upward trend. He called attention to $91,700 as the nearest support level and warned that a breach below this point could send Bitcoin tumbling toward $88,500.

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