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Bitcoin Whale Books $217 Million Profit After BTC Broke $73,000

The ongoing Bitcoin surge is proving lucrative for a crypto whale. According to Lookonchain data on March 13, one large BTC address has raked in $217 million in profits after prices rose above $73,000 earlier today. Profits would have even been higher because, over the past, the whale has been unloading large amounts via Binance, the world’s largest crypto exchange. 

Crypto whale accumulating BTC | Source: Lookonchain via X

This development follows Bitcoin’s solid growth. Since October 2023, the coin has been steadily rising, fueled by supportive fundamental events, including interest rate expectations from the United States Federal Reserve and the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). 

BTC Is Rallying, Whale Books $217 Million Profit

Coupled by bullish holders, expecting more gains ahead and after halving, the coin has been rapidly inching higher, exceeding expectations. The previous all-time high of around $72,800 was broken on March 13 when the coin broke higher, rallying above $73,000.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

This expansion comes after a strong price correction in the New York session on March 12. However, with confidence still in the market, prices rallied strongly during the Asian market, pushing prices above $72,800 to as high as $73,700. 

While traders clipped fluctuations, the anonymous whale took full advantage of the rally after months of HODLing. Lookonchain data shows that the whale began accumulating Bitcoin on August 24, 2023, at an average price of $32,854, before withdrawing and depositing 4,300 BTC at an average price of $3,534. 

BTC whale booking profits | Source: Lookonchain via X

The address currently controls 4,300 BTC worth over $313 million and is $217 million in profits. The whale withdrew 100 BTC worth $7.22 million via Binance on March 13, possible to book profits. 

BlackRock And Wall Street Driving Bitcoin Demand

Whether the whale will withdraw more and consolidate profits remains to be seen. However, considering the overall optimism across the market, the address could register more gains. 

The crypto community expects the deluge of capital from institutions to continue in the weeks ahead. So far, BlackRock, through its IBIT spot Bitcoin exchange-traded fund (ETF) product, controls over 205,000 BTC. There is more demand from other issuers like Fidelity and Ark Invest. 

Beyond that, the rising demand from pension funds, mainly in the United States, would further drive prices higher, lifting HODLers’ valuation. This week, the business intelligence firm MicroStrategy said it was also buying more coins after raising $800 million from investors.

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XRP To Skyrockets To $1.33 Amidst April Rally: Analysts

XRP has demonstrated significant strength for a while now, securing its spot as one of the best-performing cryptocurrency assets by market cap, after surging to its highest level since November.

XRP To Yield Gains From April Rally

The crypto community is buzzing about XRP’s latest price spike as several analysts predict the surge will be the start of the eagerly anticipated rally. With a 50% rise from $0.50 on Monday, March 11, to a weekly high of $0.75, it got off to a great start this week.

Cryptocurrency analyst and trader Dark Defender has shared his latest optimistic forecast for XRP with the community on X (formerly Twitter). Dark Defender highlighted that the crypto asset “broke out” from a strong resistance on Tuesday, just as he expected.

XRP broke out from a 6-year-long symmetrical triangle, which denotes a phase of consolidation with prices bouncing between the lower support line and the upper resistance.

According to the analyst, the monthly time frame clearly shows that the much-anticipated move has begun. Also, the daily time frame “confirms that the massive resistance level of $0.6649 has been broken.” 

XRP

He further added that for the “weekly and monthly time frame, $0.6649 will possibly be confirmed.” As a result, Dark Defender underscored that his targets are now “closer to the mid-resistance around the $1.33” price mark. Meanwhile, he has placed his “Fibonacci price targets at $1.88 and $5.85 in the upcoming weeks.” 

The post read:

XRP had the break-out yesterday, as we expected. In the Monthly Time Frame, it is obvious the move has started and the huge Resistance of $0.6649 has been confirmed to be broken in the Daily. $0.6649 will be Confirmed for the Weekly and Monthly Frames. Our targets are closer now to $1.33 mid resistance, and $1.88 and $5.85 Fibonacci targets in the upcoming weeks.

As a result, the expert has urged the community to watch out for “solid strikes” in the coming week. In addition, he noted that “April will be hot,” suggesting significant gains throughout the month.

Presently, the digital asset gradually gaining strength trading at $0.6897, indicating a weekly increase of over 12%. However, its market cap and trading volume are both down by 1.58% and 57% in the last 24 hours.

The Asset Does Not Belong In Your Portfolio

Despite XRP’s latest rally, crypto expert Jason Pizzino has claimed that investing in the token might not be a smart move. Jason Pizzino has issued a warning to the community never to consider adding XRP to their portfolio.

He claims that “even though it climbs this cycle, it still “needs to rise more than 2600%” in value to match Bitcoin‘s peak of 2017. “It achieved 500% in the previous cycle and is now only 30% away from shattering the SEC Lawsuit low,” he added.

Pizzino believes that the major advantage of influencers discussing XRP is that there is still a “large audience interested” in knowing about the project and “optimistic price projects that never appear.”

XRP

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How an Appeals Court Ruled on an Aspiring Class-Action Lawsuit Against Binance

A federal appeals court ruled last week that Binance needs to face a putative class-action lawsuit from a group of U.S.-based crypto investors who allege the exchange allowed them to buy and trade unregistered securities in the form of certain cryptocurrencies. The ruling doesn’t make a determination on whether the tokens are indeed securities or not, but it’s significant in broader securities cases nonetheless.

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Cloudy Future For Ethereum ETFs – What’s Casting Doubt On Their Fate?

The fervor surrounding the eagerly awaited Ethereum spot Exchange-Traded Fund (ETF) has hit a roadblock as regulatory silence between the US Securities and Exchange Commission (SEC) and asset managers raises doubts about the imminent approval.

Regulatory Riddles Surrounding Ethereum’s Fate

Despite the crypto market’s optimistic outlook for Ethereum’s spot ETF, the SEC’s noticeable lack of commentary has set off alarm bells. Eric Balchunas, Bloomberg’s senior ETF analyst, has flagged this radio silence as a “negative sign,” pointing out that the SEC had previously commented on Bitcoin spot ETFs.

The absence of dialogue is viewed as a factor diminishing the approval odds each passing day, contributing to an air of uncertainty within the cryptocurrency community.

Adding a layer of complexity is the SEC’s ambiguous stance on Ethereum’s status. SEC Chair Gary Gensler’s recent remarks on whether Ethereum should be considered a security or commodity have created a foggy landscape. This uncertainty becomes a pivotal factor as Ethereum’s potential spot ETF awaits regulatory approval.

Unique Position In The Crypto Ecosystem

Investors, eager for a diverse range of investment opportunities beyond Bitcoin, have turned their attention to Ethereum. The second-largest cryptocurrency’s appeal lies in its multifaceted use cases, unlike Bitcoin’s primary function as a store of value.

Ethereum’s versatility, particularly highlighted by its upcoming “Dencun” upgrade on March 13, promises to enhance transaction processing capacity, reduce costs, and foster a more dynamic ecosystem with varied applications.

The correlation dynamics between Ethereum spot and futures ETF are under scrutiny, with indications that it is weaker compared to Bitcoin. This divergence in correlation adds a layer of pessimism to the market sentiment, prompting investors to carefully navigate the uncertainties surrounding Ethereum’s regulatory approval.

Ethereum: Market Dynamics And Institutional Interest

As Ethereum gains momentum, institutional heavyweights like BlackRock and Grayscale have expressed interest in Ethereum spot ETFs, mirroring the trend seen with Bitcoin.

Investors, sensing a potential approval on the horizon, have begun shifting their focus from Bitcoin to Ethereum.

This shift is not only influenced by speculation but also by Ethereum’s fundamental strengths, including ongoing network upgrades and a vibrant decentralized finance (DeFi) ecosystem.

Contrary to earlier predictions, Standard Chartered’s foresight places Ethereum’s ETF approval by May 23. This timeline aligns with expectations that the SEC might follow a similar pattern to the drawn-out process witnessed with Bitcoin.

The research suggests a trajectory of cautious deliberation, leading to a probable green light.

Ether’s Market Surge And Altcoin Potential

In the midst of regulatory uncertainties and market speculations, Ethereum’s price has recently broken through the $4,000 mark, reflecting investor confidence.

This surge is supported by Ethereum’s robust fundamentals, ongoing upgrades, and its pivotal role as a bellwether for altcoin potential.

Ethereum’s price trajectory and market dominance are becoming increasingly intertwined with the broader cryptocurrency landscape, shaping the narrative of its imminent spot ETF approval.

Featured image from Pixabay, chart from TradingView

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If Bitcoin Clears $70,000, How Fast Will Ethereum Ease Past $5,000?

As Bitcoin surges towards its all-time high (ATH) of nearly $70,000, analysts are closely watching Ethereum, the world’s second-largest cryptocurrency, wondering how quickly it will follow suit and break its record ATHs of approximately $5,000 printed in late 2021.

How Will Ethereum React When Bitcoin Breaks Above $70,000?

One analyst, posting on platform X, highlights the difference in the two coins’ positions compared to the last time Bitcoin broke above 2017 highs of $20,000 in December 2020. Then, Ethereum was trading at $600, a full 57% below its previous ATH of about $1,400. 

As Bitcoin nears its record peak of around $70,000 registered in December 2021, Ethereum is approaching $4,000. However, the difference between then and now is that ETH is about 36% shy of its ATH of around $5,000. 

The question in the analyst’s mind is, considering historical performance, how fast ETH will ease past $5,000. When Bitcoin broke above $20,000 in late December 2020, the analyst notes that it took approximately two months for ETH to sweep past $1,400 and record new highs.

The boom after this breakout lifted ETH to around $5,000, accelerated mainly by retail activities cycling around decentralized finance (DeFi) and non-fungible token (NFT) minting.

Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

Looking at the Ethereum price action in the daily chart, it is clear that buyers are in control. ETH prices, CoinMarketCap data reveals, are up roughly 7% in the past 24 hours and 15% in the previous week. However, how quickly ETH might repeat the prior 2020-2021 feat remains to be seen. 

Exploring ETH’s Chances

Like in the past, the Ethereum price action benefits from the Bitcoin expansion. The revival in Bitcoin prices has seen capital flow to Ethereum, priming its broader ecosystem comprising DeFi and NFT protocols. DeFiLlama data shows that Ethereum manages over $56 billion worth of assets.

Notably, almost all top DeFi protocols in Ethereum, including Lido, Maker, Uniswap, and EigenLayer, have posted strong inflows in the past day, week, and month.

Ethereum DeFi protocols pulling in capital | Source: DeFiLlama

Aside from market-related factors, Ethereum prices are also steadied by hopes around the eventual approval of a spot Ethereum exchange-traded fund (ETF). BlackRock is among the leading asset managers to file with the United States Securities and Exchange Commission (SEC). 

However, the agency postponed a ruling on BlackRock’s application for a spot Ethereum ETF, citing concerns about the network’s new proof-of-stake consensus mechanism. The SEC expressed worries that staking, a core aspect of proof-of-stake, could create opportunities for manipulation. 

The clear reservation regarding proof-of-stake cast a shadow on Ethereum’s near-term outlook despite the current uptick in prices. Still, the community finds relief realizing that the Commission rejected approving a spot Bitcoin ETF for roughly ten years before January 2024.

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Justin Sun Moves $100M To Binance, Stacking Ethereum?

Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.

Justin Sun moves $100 million USDT to Binance | Source: Lookonchain via X

Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?

From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.

Ethereum price trending upward on February 29 | Source: ETHUSDT on Binance, TradingView

The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely.

As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated.

Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.

Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates

So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF). 

The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product.

Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.

However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years.

With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum’s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.