Bitcoin whales have moved just $3.27 billion of BTC to Binance over the past 30 days. This figure marks the lowest whale inflow since November 2024, according to CryptoQuant.
Consequently, this drop signals declining sell-pressure from major holders. Fewer coins entering exchange order books often underpin stronger price support.
Bitcoin Whales Continue Holding
CryptoQuant analyst JA Maartunn explains that during March and November 2024 rallies, whale inflows surged above $6.17 billion and $8.44 billion. Those peaks coincided with sharp pullbacks, as whales locked in gains at higher prices.
Furthermore, subdued whale deposits suggest holders now prefer to retain or relocate coins off-exchange. Many may move BTC into cold storage or over-the-counter venues, reducing visible supply.
Binance Whale Flow Chart. Source: CryptoQuant
As a result, the market faces tighter liquidity. Lower sell-walls on Binance create room for price advances. Traders often view this as a bullish backdrop.
On the price front, Bitcoin recently climbed to about $104,000. That rally found support partly because large-scale sell orders failed to materialize. Last week, CryptoQuant data showed that ‘new Bitcoin whales’ hold most of the capital.
These whales bought at an average price of $91,922, so they likely aim for a much higher selling price.
However, macro factors still influence market direction. Fed policy decisions, regulatory shifts and geopolitical events can trigger sudden supply surges.
In addition, on-chain metrics show long-term holders increasing their positions. Such accumulation often precedes sustained up-moves, as coins effectively vanish from the circulating supply.
Nonetheless, subdued whale activity does not guarantee uninterrupted gains. Retail sentiment, derivatives positioning, and institutional flows can reignite volatility.
Diverging BTC inflows on Binance: Whales vs Retail
“Overall, total inflows across all investor categories remain much lower than what we’ve seen in peak market phases.” – By @Darkfost_Coc
Ultimately, the six-month low in Binance whale inflows reflects tentative confidence among large holders.
If whales maintain this restraint, Bitcoin may find firmer footing above $100,000. Yet market watchers will track any shift in whale behavior for early warning of changing sentiment.
Since peaking at an intraday price high of $0.0000176 on May 12, the leading meme coin, Shiba Inu (SHIB), has witnessed a 33% decline.
Due to the coin’s lackluster performance, on-chain data reveals that a significant portion of SHIB holders are currently at a net unrealized loss, signaling a state of capitulation in the market. What does this mean for investors?
SHIB Bleeds as 87% of Addresses Now ‘Out of the Money’
According to Glassnode, SHIB’s Net Unrealized Profit/Loss (NUPL) metric shows that the meme coin is firmly in the capitulation zone.
SHIB Net Unrealized Profit/Loss. Source: Glassnode
The NUPL metric measures the difference between all holders’ total unrealized profits and unrealized losses relative to an asset’s market cap. It offers insight into whether the market, on average, is in a state of profit or loss.
Per Glassnode, market participants are in capitulation when an asset’s NUPL is negative. This occurs when the total unrealized losses in the market exceed unrealized gains, suggesting that most holders are underwater. It reflects a period of loss where investors either panic sell or hold in distress.
IntoTheBlock’s Global In/Out of the Money confirms this bearish sentiment. At press time, the metric shows that over 87.34% of all SHIB holders are currently “out of the money.”
SHIB Global In/Out of the Money. Source: IntoTheBlock
An address is considered “out of the money” when the current market price of the asset it holds is lower than the average acquisition cost of the tokens in that address. This means the holder would incur losses if they sold their assets at the market price.
SHIB Capitulates—But Is a Price Bottom Closer Than It Looks?
Historically, negative NUPL readings mark the late stages of a bearish cycle. It usually precedes a price bottom and eventual rebound in an asset’s price. This happens for two reasons.
First, when many holders are sitting on losses, they are often unmotivated to sell. Instead, they choose to wait for a recovery to break even. This behavior reduces selling pressure, which can help stabilize the asset’s price over time. As volatility declines and the price begins to consolidate, it creates conditions that encourage fresh SHIB buying and potentially drive the price upward.
Also, periods of capitulation tend to flush out “weak hands” while paving the way for “diamond hands” (more confident, long-term investors) to enter the market. These more resilient buyers accumulate during market distress, bringing in capital that could support a bullish price reversal.
Will SHIB Reclaim Higher Ground Above $0.000012?
At press time, SHIB trades at $0.00001180. If selling pressure wanes and fresh buying resumes, it could propel the meme coin past the immediate resistance at $0.0000198. A breach of this price barrier could propel SHIB toward $0.00001362.
However, if bearish pressure strengthens and the decline continues, SHIB’s price could fall to $0.00001105.
Adding to the short-term bearish outlook is SHIB’s declining burn rate. Over the past day, this has dropped by 92%. As fewer tokens are being taken out of circulation, it makes it harder for SHIB’s price to rally in the absence of new demand.
“This was due to an entity(s) on the Binance perpetuals market. That’s what triggered the entire cascade. The initial drop below $5 was triggered by a ~1 million USD short position being market-sold. This caused over 5% of slippage in literal microseconds. That was the trigger. This seems intentional to me. They knew what they were doing,” the analyst stated.
Pi Network: From Chainlink Buzz to Transparency Fears
Pi Network recorded strong optimism this week as its native Pi Coin surged by double digits. BeInCrypto attributed the surge to the announcement of a key integration with Chainlink.
They pitched this strategic collaboration as a gateway to real-world utility. Specifically, it positioned Pi closer to the broader DeFi and smart contract ecosystem. However, the euphoria proved short-lived.
Allegations suggest that, like the OM token, Pi coin lacks full clarity around circulating supply, wallet distribution, and centralized control. To some, these are potential red flags in an increasingly regulation-sensitive industry.
“The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulations are urgently needed. It also serves as a huge lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet,” wrote Dr Altcoin.
Pi coin reversed gains within days, falling 18% from its weekly high. At the time of writing, PI was trading at $0.6112, up by a modest 0.7% in the past 24 hours, per CoinGecko.
Grayscale’s Altcoin Shake-Up: 40 Tokens Under Review
This week in crypto also showed that institutional investor interest in altcoins is heating up again, with Grayscale leading the charge.
The digital asset manager unveiled its updated list of assets under consideration for the second quarter (Q2) 2025. BeInCrypto reported that the list featured zero altcoins across sectors such as DePIN, AI, modular blockchains, and restaking. Among the notable tokens being eyed are SUI, STRK, TIA, JUP, and MANTA.
The update reflects Grayscale’s growing thesis around emerging crypto trends, particularly as the firm seeks to expand beyond its core Bitcoin and Ethereum products.
This announcement follows a broader strategic overhaul from three weeks ago when Grayscale reshuffled its top 20 list of altcoins by market exposure. Several older names were dropped at the time, while newer narratives like Solana-based DePIN and Ethereum restaking plays were pushed to the forefront.
The expansion into 40 coins signals Grayscale’s recognition of renewed retail and institutional appetite for differentiated assets. However, inclusion in the list does not guarantee a fund launch. It only indicates Grayscale’s active research.
XRP and SWIFT Partnership: Breaking Down the Rumors
There was speculation this week about a possible partnership between Ripple’s XRP and banking giant SWIFT in crypto.
This narrative was based on a misinterpreted document. A series of cryptic social posts exacerbated the speculation, which some took as confirmation of collaboration between the global payments network and the XRP ledger.
However, BeInCrypto’s in-depth reporting sank the rumors. While Ripple has long pursued banking institutions and SWIFT has shown openness to blockchain innovations, there is no verified partnership between the two.
SWIFT’s public-facing projects around tokenization and digital asset settlement do not include XRP.
Despite the debunking, the rumors sparked an important conversation about XRP’s long-term positioning. The token remains a top-10 asset and a favorite among retail investors banking on utility-driven price appreciation.
With Ripple’s legal battles with the SEC nearing resolution and international CBDC partnerships in the works, the project is far from irrelevant.
US Dollar Dives: What the DXY Crash Means for Bitcoin
The US Dollar Index (DXY) hit a three-year low this week, sending ripples through the crypto markets. Historically, a falling DXY has been bullish for Bitcoin, and this week was no different, with BTC reclaiming above the $84,000 range.
The greenback’s weakness reflects growing fears of fiscal deterioration in the US, as rate cuts loom and Treasury debt soars.
Japan’s 10-year bond yields hit multi-decade highs, forcing the Bank of Japan (BoJ) into increasingly precarious interventions. As Japanese liquidity spills outward, crypto and risk assets have become inadvertent beneficiaries.
This macroenvironment is ideal for Bitcoin. Weakening fiat, rising global liquidity, and crumbling bond market confidence create a perfect storm.
According to a recent report from the State Democracy Defenders Fund (SDDF), crypto could represent up to 37% of Donald Trump’s wealth.
It’s difficult to determine an exact figure from publicly available information, as the study could only make educated guesses on several possible income streams. This includes trading fees on TRUMP and World Liberty Financial’s two tokens.
How Much Crypto Does Trump Really Hold?
Since President Trump launched his eponymous meme coin shortly before Inauguration Day, it opened an unprecedented new era for cryptocurrency.
Former US regulators and crypto luminarieshave warned about the danger of political corruption. The SDDF’s report attempts to thoroughly analyze Trump’s substantial crypto holdings.
“In just a few short months, President Trump has substantially increased his wealth due to his business’s foray into a series of crypto asset offerings. Reporting suggests these crypto ventures may account for nearly 40% of his wealth,” the SDDF claimed, noting that this number may soon increase.
However, determining his exact wealth is difficult for a few reasons. For one thing, the TRUMP meme coin’s price is constantly fluctuating, and it’s unclear how many tokens he actually holds.
The US president’s affiliated insiders hold 80% of the meme coin’s supply. How much of that is directly linked to the Trump Family portfolio?
Moreover, it pointed out that the public has no idea what percentage of TRUMP trading fees go to the Trump family. The SDDF cites a study claiming that total transaction fees could’ve reached $100 million in January, but the trail has since gone cold.
How high is this number in late April? What are the exact terms of Trump’s “special arrangement” with Meteora? These important questions remain unanswered.
Similar issues arise when trying to assess World Liberty Financial. Trump’s family unequivocally receives income from the DeFi project, but it’s proved difficult to get direct access to any contracts or for anyone to publicly disclose the specific agreements.
World Liberty Financial review
Let’s take an in-depth and unbiased look at the $WLFI project, which has been making headlines frequently lately.
What is $WLFI? World Liberty Financial (WLFI) is a DeFi project backed by Donald Trump and his family. It aims to promote USD-pegged… pic.twitter.com/htiTqvxRLg
Trump is explicitly using his authority to champion crypto reform. Yet, it’s almost undeniable that his family is substantially invested in this sector. His focus on stablecoin regulation has attracted scrutiny over USD1 involvement, for one thing. His comprehensive war on federal crypto enforcement could also give massive opportunities.
In short, it doesn’t necessarily matter what Trump’s exact crypto holdings are. The POTUS has involved himself in several economic entanglements that are usually completely off-limits to sitting Presidents. Proving his exact commitments is extremely difficult, which only highlights the unusual situation.
https://t.co/os8Hvv9cMZ pic.twitter.com/h56IEZaXxR
