Massive Bitcoin withdrawals worth hundreds of millions of USD from major exchanges have sparked significant interest in the crypto community.
However, if Bitcoin fails to break the $86,000 barrier, a price correction remains a real possibility, especially amid wavering investor confidence.
Bitcoin Whales Withdraw Hundreds of Millions in BTC
Data from the X account OnchainDataNerd on April 17, reveals that several large Bitcoin whales executed substantial withdrawals from top exchanges. Galaxy Digital withdrew 554 BTC, valued at approximately $76.74 million, from OKX and Binance.
Abraxas Capital pulled out 1,854 BTC, worth around $157.26 million, from Binance and Kraken.
Two other whales, identified by addresses 1MNqX and 1BERu, withdrew 545.5 BTC ($45.5 million) and 535.2 BTC ($45.44 million) from Coinbase, respectively. In a single day, over $280 million in Bitcoin was removed from exchanges.
Such withdrawals from Bitcoin whales, like those by Galaxy Digital and Abraxas Capital, often signal a strategy to move BTC into cold storage. This is typically viewed as a bullish sign, reducing selling pressure and reflecting expectations of future price increases.
Surge in First-Time Bitcoin Buyers
A report from Glassnode on X highlights a sharp rise in first-time Bitcoin buyers. This influx of new investors could drive short-term price gains. However, long-term holders (LTHs) have paused their accumulation, signaling caution amid heightened market volatility.
First-Time Buyers rose to a 30-day RSI of 97.9. Source: Glassnode
In a post on X, the analyst Ali used the TD Sequential technical indicator to forecast Bitcoin’s price trend. The TD Sequential flashed a buy signal on the Bitcoin weekly chart.
If Bitcoin consistently closes above $86,000, further price increases are likely. Currently, Bitcoin is hovering above $80,000, indicating growth potential. However, surpassing the critical $86,000 resistance level is essential to confirm the bullish trend.
Despite recent whale accumulation, not all signals are positive. Inflows into Bitcoin ETFs have dropped significantly. This decline suggests weakening investor confidence, which could exert downward pressure on prices without fresh catalysts.
Additionally, data from Lookonchain indicates that over $1.26 billion in Bitcoin was unstaked from Babylon. If this capital flows back to exchanges, selling pressure could intensify, making it harder for Bitcoin to breach key resistance levels.
A senior official from Russia’s Finance Ministry has called for the development of stablecoins linked to foreign currencies after wallets connected to Russian users and holding USDT were frozen last month.
The move comes as US-backed stablecoins dominate global liquidity and Washington moves closer to introducing new regulations for the sector.
Russia Might Enter the Stablecoin Market
The ongoing pro-regulatory shift is drawing in new projects targeting the US market. Russia, facing growing financial restrictions, sees a digital alternative as increasingly necessary.
A ruble-backed token could reduce the region’s reliance on USDT and USDC, which both track the US dollar. Such a shift would support Russia’s long-term effort to move away from dollar-based trade.
Elvira Nabiullina, head of Russia’s central bank, remains against using crypto for domestic payments. However, she confirmed that several Russian firms are testing international crypto transfers as part of a government-led trial.
Russia has explored stablecoin initiatives before. In 2023, its central bank reportedly discussed a gold-backed digital currency with Iran, intended for cross-border use and positioned as an alternative to the dollar.
The urgency of Russia’s stablecoin push increased after Tether blocked wallets on the Garantex exchange, freezing assets worth more than 2.5 billion rubles ($30 million). The incident occurred shortly after Garantex was hit with European Union sanctions.
Ethereum (ETH) is showing mixed signals as it hovers near a critical technical zone, with traders closely watching for a breakout or breakdown. On one hand, the BBTrend has flipped sharply bullish, jumping to 4.99 after hitting -3 just a day earlier—suggesting growing upside momentum.
On the other hand, whale activity continues to decline for the seventh consecutive day, a potential sign of weakening institutional confidence. With ETH stuck between strong resistance at $2,900 and key support at $2,679, the next move could define the short-term market direction.
Ethereum BBTrend Flips Bullish: What 4.99 Means for Price Action
Ethereum’s BBTrend has surged to 4.99, rising sharply in the past few hours after hitting a negative peak of -3 just yesterday.
This sudden momentum shift suggests a potential reversal from bearish to bullish conditions, as the trend strength has turned positive and is now approaching the upper threshold that typically signals a breakout scenario.
BBTrend, or Bollinger Band Trend, measures the directional strength of price movement relative to the Bollinger Bands. Values above 0 indicate upward momentum, while values below 0 suggest bearish pressure.
A reading around 4.99 indicates strong bullish momentum. If this trend holds or strengthens, it could signal further upside for ETH as traders interpret the move as a shift in market sentiment and positioning.
ETH Whale Count Declines for 7 Straight Days: Bearish Signal Ahead?
The number of Ethereum whales—wallets holding between 1,000 and 10,000 ETH—has steadily declined to 5,378, down from 5,427 just ten days ago and 5,400 three days ago.
These whales often gauge institutional or high-net-worth investor sentiment, and sustained reductions in their numbers typically indicate either profit-taking, risk reduction, or decreased confidence in near-term price action.
Tracking whale activity is crucial because these large addresses have the power to influence market trends through their trades. When whale counts increase, it’s often interpreted as accumulation, which can signal strong conviction in future price growth.
This behavior can weaken price support and lead to increased volatility. If the downtrend in whale count continues, it could place downward pressure on ETH and increase the risk of a broader market pullback.
Ethereum Approaches Critical Support as $2,900 Resistance Holds
Ethereum recently failed to break through the resistance near $2,900 and is now trending lower, approaching a key support level at $2,679. If this support is tested and fails to hold, the next downside targets are $2,479 and potentially $2,326, especially if bearish momentum accelerates.
These levels are critical, as a confirmed break below them would indicate a shift in short-term market structure and could trigger further selling pressure.
With whale activity declining and market sentiment appearing cautious, Ethereum is now at a technical crossroads.
On the flip side, the BBTrend indicator has shown a strong bullish reversal, suggesting buying pressure may be building. If Ethereum regains momentum and successfully retests and breaks the $2,900 resistance, it could open the door for a rally toward $3,000—a level not seen since February 1.
Such a move would likely reinforce bullish sentiment and attract renewed interest from sidelined traders.
However, for that scenario to play out, bulls must first reclaim lost ground and flip $2,900 into a solid support zone.
BeInCrypto sat down with members of the LBank team to analyze the possible resurgence of the meme coin market as a leading crypto narrative and what their fusion with artificial intelligence (AI) can have on their reach.
LBank also discussed the impact of the four-month-old Markets in Crypto-Assets (MiCA) regulation on its operations across Europe. They described a fundamental change in investor confidence in light of greater regulatory clarity and simplified accessibility.
Have Meme Coin Highs Given Way to Devastating Lows?
In recent years, the meme coin market has largely been characterized by overwhelming highs and devastating lows. The first few months of 2025 have further confirmed the volatile nature of these tokens, to the point that a vocal part of the crypto community believes that their recent lows have marked the end of the meme coin lifecycle.
These claims are not unfounded, especially now that the US President has become a meme coin player. When Trump launched his meme coin in mid-January, TRUMP reached a market capitalization of nearly $8.8 billion, a number never before seen by a meme coin launch.
When insider traders capitalized on the surge to sell off their holdings and retain millions of dollars in gains, retail investors bore the brunt of the massive sell-off, suffering hundreds of thousands of dollars in losses.
“The decline in meme coin market cap since January can be attributed to a combination of market dynamics and sentiment shifts. A key driver was the rapid rise and subsequent crash of the TRUMP token, which drew significant market capital due to its viral appeal but collapsed sharply, eroding investor confidence and triggering a broader risk-off sentiment,” Eric He, Community Angel Officer and Risk Control Adviser at LBank told BeInCrypto.
After similar experiences with the MELANIA token and the LIBRA launch, some of these retail investors realized that meme coins —as unregulated and unpredictable as they are— may not be the best investments.
Is the Meme Coin Frenzy Coming to a Halt?
Given the devastating effects that these episodes have had on the meme coin market, trading has reduced significantly. The crypto community seems to have become saturated with news of pump-and-dump schemes and rug pulls, likely contributing to a halt in the meme coin frenzy.
The total meme coin market capitalization has been free-falling since January’s peak following the presidential token launches. Now, its levels resemble those of September 2024. The greater economic downturn that traditional and crypto markets experienced over the past several weeks has only worsened prospects.
Yet, despite this downward pressure, the market still experiences a high level of activity. It has a $14.5 billion trading volume and a $57 billion market capitalization.
Total meme coin market capitalization. Source: CoinGecko.
According to the LBank team, the meme coin industry is due for a revival.
LBank’s Belief in the Revival of the Meme Coin Market
Though the decline in meme coin performance has been significant, the LBank team expressed that these circumstances are far from unexpected. Meme coins are inherently tied to community support and social momentum.
The sustained trading volumes and large market capitalization serve as tangible indicators that, even in a downturn, the market is seeing active community engagement and liquidity. Investors still see value in the tokens’ cultural and speculative appeal.
“We see it as a healthy market correction rather than a fundamental shift. Meme coins have always been volatile, but the fact that trading volumes remain high shows continued interest. What’s happening now is not the end of the trend—it’s just a recalibration before the next wave,” Mario Iemma, Head of Spanish Markets at LBank, told BeInCrypto.
In fact, Iemma believes that meme coins will not be dying out anytime soon.
AI agents represented the first significant shift in the evolution of the cryptocurrency industry. These autonomous systems proved that they could make decisions and perform tasks independently. This technology enhances intelligence, adaptability, and fairness in financial mechanisms.
Now, developers have unlocked artificial intelligence’s potential on tokens. Systems like Grok have already made news by using AI to automatically and independently design and launch tokens.
However, with a nascent technology like AI, the LBank team emphasized the need for responsible and thorough deployment for the long-lasting success of AI-generated tokens. This success hinges on two particular factors: accessibility and security.
Security and Accessibility Challenges for AI-Generated Tokens
The concept of security is frequently associated with any emerging technology. Artificial intelligence is no exception, especially in a particularly unregulated industry like crypto.
According to He, AI-generated token projects’ degree of security and transparency will determine their success.
Iemma agreed, adding that if AI-generative tokens become widely accessible, this development will also require additional layers of oversight.
“That same accessibility demands better filters, vetting, and AI-based security audits—areas where exchanges like LBank are already investing resources,” he said.
While reflecting on the security risks associated with artificial intelligence and the breaches in consumer trust that meme coins have had on the crypto community, the LBank team also emphasized the need for greater regulation in the industry.
The development of cryptocurrency regulations varies significantly across the globe. Notably, the European Union implemented comprehensive rules almost five months ago, while key markets such as the United States are still establishing adequate frameworks.
MiCA’s Effect on the European Crypto Market
Last December, with the implementation of the Markets in Crypto-Assets (MiCA) regulation, the European Union became the first jurisdiction to establish a comprehensive and unified regulatory framework for crypto-assets across all its member states, marking a significant milestone.
According to the LBank team, MiCA gives users and institutions a trustworthy framework. This development has proven critical for industry growth across the region.
“MiCA has forced firms to become more transparent and compliant, which is a good thing for long-term trust. We’ve seen exchanges accelerate their legal and operational upgrades. For users, it creates a safer, more predictable environment,” Iemma said, adding, “With clearer rules, banks and investment firms are more willing to explore crypto partnerships, custody solutions, and even tokenized assets. Regulation reduces reputational risk, and MiCA is helping bridge that gap.”
However, this experience can be largely attributed to established firms in the industry and investors with access to substantial resources. Other players, however, have struggled to gather the requirements to apply for a MiCA license.
Future Accommodation for Smaller Crypto Businesses
In discussing the impact of MiCA since its enactment last December, He highlighted how different industry players have responded to the landmark regulation. He noted that startups struggle the most to obtain an operational license.
When evaluating the cost-effectiveness of an operational license, He’s conclusions make sense.
MiCA is an expensive regulation. It mandates minimum capital requirements based on the crypto services offered. These requirements range from €50,000 for advisory and order-related services to €125,000 for exchange and trading platforms and up to €150,000 for custody services. Businesses must maintain this capital as a financial safeguard.
Beyond minimum capital requirements, companies must factor in government and legal fees, local presence costs, bank setups, and ongoing operational costs. But for prominent exchanges like LBank, the benefits outweigh the costs.
Future MiCA updates could address the high compliance costs for smaller businesses. Meanwhile, other regions developing their crypto regulations should consider this aspect to avoid creating similar barriers.
