Bitcoin whales come to play

March 25, 2025

Reading time: 5 minutes

Bitcoin’s realized price hits new high as whales make their move

Key points:

  • Key Bitcoin metric hinted at network-wide profitability, with key inflection points across the board.

  • Whales from all quarters are now actively trading the world’s largest cryptocurrency.

News - After weeks of sideways movement on the price charts, Bitcoin, the world’s largest cryptocurrency, is finally gaining some steam now. Following gains of over 3% in the last 24 hours, BTC’s realized price hit a high of $43.6K.

Here, this metric refers to the average acquisition cost of Bitcoin across all holders or specific user groups. It can also be used to assess market profitability of its holders, as well as market sentiment.

With the cryptocurrency trading at upwards of $84K at press time, the average investor now holds unrealized gains of close to 92%.

A key divergence - The realized price’s latest high has precipitated expectations that the cryptocurrency might finally climb to $150K. In fact, there is also a belief that this metric alone might hike to $70K.

This will only happen if a significant volume of transactions transpires above Bitcoin’s press time price levels.

As long as the realized price remains well below its market price, the odds of $150K in the future will remain high. Especially since this divergence is often indicative of steady capital inflows and market conviction.

This can be best evidenced by the activities of whales and institutions. Metaplanet, for instance, recently announced the purchase of 150 BTC, with its total holdings now amounting to 3,350 BTC - valued at approx $291M.

Similarly, Binance, the world’s biggest crypto exchange, purchased tokens worth over $250M and sent it to the market maker - Wintermute.

Whales make their play - Like the aforementioned institutions, several Bitcoin whales have been pretty active lately. According to Arkham Intelligence, one such whale added another $200M to its position over the last 24 hours. This, after some selling activity in February and early March.

Similarly, another Bitcoin whale, after being dormant for over eight years, moved over 3,000 BTC. According to the on-chain intelligence platform,

“His Bitcoin stack went from $3M in early 2017 to over $250M today — and he’s held Bitcoin on one address for over 8 years.”

Ethereum more ‘valuable’ than Disney, despite +50% fall from its ATH

Key points:

  • World’s largest altcoin is down over 58% from its ATH of $4,878.

  • Steady price action could be the key to Ethereum’s recovery in the short term.

News - On January 1, Ethereum [ETH] was valued at $3,400 on the charts. At the time of writing, however, it was trading at $2,040. In fact, it has fallen by over 58% since its ATH from November 2021.

Currently, the altcoin is trading within a price range that has seen over 3 million addresses accumulate 6.12M ETH. Holding this range will be key to the crypto’s recovery as a fall below it could precipitate a broad trend of selling across the market.

A breach of this zone may be unlikely though. Especially since over 1.20M ETH has been moved off exchanges over the last 48 days - indicative of a drop in near-term selling pressure.

Ready for a breakout? - Like in Bitcoin’s case, whales are stepping up to accumulate the world’s premier altcoin. According to Santiment, for instance, they have scooped up 470,000 ETH over the past week alone.

The latest hike in accumulation trends coincided with ETH hitting and breaching $2,000. What this means is that whales are positioning themselves ahead of a potential breakout on the charts.

It also means that institutional and high net-worth investors look at the altcoin’s press time levels as an accumulation zone, and not as a local top.

‘Ethereum is infrastructure’ - At the time of writing, Ethereum had a market cap of $246 billion. Its value was well above Disney’s ($228 billion) and just below Toyota’s ($252 billion). To put it simply, the altcoin is now way more valuable than most of the world’s biggest multinational companies.

Is there a reason behind Ethereum’s high valuation despite its latest bout of depreciation? According to Polkadot Ambassador Flavio Bianchi,

“Ethereum isn’t a business, it’s infrastructure. Its value doesn’t come solely from revenue or profit but from usage and belief in its future role.”

Trump Media to launch Crypto ETFs in partnership with Crypto.com

Key points:

  • Trump.fi will launch Crypto ETFs and ETPs in partnership with one of the world’s leading exchanges.

  • Subject to approvals, the platform might start offering products by end of the year. 

News - President Donald Trump and his family are making news in the cryptoverse once again. This time, after Trump Media signed a non-binding agreement with Crypto.com - one of the world’s biggest crypto exchanges.

Trump’s social media platform - Truth Social - is also part of the agreement. If the plan gets all the necessary regulatory approvals, it might start offering products by end of 2025.

All the details - As per the agreement in question, the exchange will lend the custody and infrastructure services to supply the cryptos for ETFs. These might include a basket of cryptos, including BTC, ETH, XRP, SOL, and CRO.

Once these offerings go live, they will be expected to be available internationally across the United States, Europe, and Asia. According to Crypto.com’s CEO Kris Marszalek,

“Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world.”

That’s not all either as Trump’s WLF also launched a stablecoin - USD1 - on Binance Chain and Ethereum.

As expected, the update was bullish for Trump Media, with DJT’s stock prices jumping by over 3% in 24 hours. At the time of writing, it was trading at $22.50, with a market cap of $4.63 billion.

Trump faces the heat - This isn’t the Trump family’s first rodeo within the cryptocurrency market. In fact, such has been the family’s participation, that Democrats have been very vocal about there being a possible conflict of interest.

Especially in light of World Liberty Financial’s endeavours over the past few months.

For example - lawmakers such as Democrat Maxine Waters have called the President’s memecoin the “worst of crypto,” while others have claimed that it is merely a money grab opportunity.

Circle’s USDC stablecoin gets regulatory approval in Japan

Key points:

  • The stablecoin is expected to go live on March 26.

  • Approval came on the back of extensive negotiations with regulators that went on for two years.

News - USDC, one of the market’s foremost stablecoins, made headlines today after news broke out that it will be available for trading in Japan from March 26. This, after one of Circle’s local partners got regulatory approval for the same a few weeks ago.

SBI VC Trade secured the said approvals under the Japan Financial Service Agency’s stablecoin regulatory framework.

A first for Japan - The popular stablecoin, the industry’s second-largest with a market cap of $59.7 billion, will be first listed on the crypto exchange SBI VC Trade. However, there are also ongoing plans to list it on Binance Japan, Bitbank, and BitFlyer.

As expected, Circle’s CEO Jeremy Allaire welcomed this development. In a post on X, he commented,

“We have spent 2+ years engaging with Japan's regulators, major industry players, strategic partners, banking partners and others to enable USDC for the Japanese market, which unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross border finance and commerce, FX and more.

Here, it’s worth pointing out that the aforementioned development came on the heels of USDC and Circle’s Euro-backed EURC being recognized as stablecoins under the regime of Dubai’s Financial Services Authority.

Interesting facts

  • Back in 2021, a hamster named Mt. Goxx emerged as one of the market’s most popular investment advisors after his “picks” earned a 20% return in the first few months. The hamster used an “intention wheel” to select cryptos, while going through an obstacle course for buying and selling these assets. 

  • A significant number of Ethereum’s testnets have been named after metro stations around the world. For example - Rinkeby and Ropsten are both stations on the Stockholm metro line, while Goerli is named after a train station in Berlin. 

  • Pharmaceutical companies are now exploring blockchain's potential to track and verify the authenticity of medication throughout the supply chain.

Top 3 coins of the day

Cronos (CRO)

Key points:

  • CRO breached the price range it was trading within thanks to its latest gains.

  • At the time of writing, the altcoin was valued at $0.10.

What you should know:

Cronos [CRO] has been among the market’s biggest gainers over the past few days, with the altcoin profiting from the news that Trump Media and Crypto.com will be launching Crypto ETFs together. In fact, the crypto registered gains of over 37% in just over 72 hours. The scale of the altcoin’s gains was evidenced by the findings of its technical indicators. The upper and lower bands of the BB opened up on the charts, indicative of the altcoin’s near-term volatility. Similarly, the RSI spiked up and climbed to 70. Worth pointing out, however, that the indicator was close to breaching the overbought zone. Hence, a reversal may be coming up soon.

Dogecoin (DOGE)

Key points:

  • World’s largest memecoin has fallen significantly since its local highs in 2024.

  • Recent gains were unable to push DOGE past its trading range.

What you should know:

The memecoin sector has been terribly affected by the larger market’s performance over the last few months. Dogecoin is no exception, with the crypto well off its highs in 2024, let alone its ATH from a few years ago. Despite a recent uptick in holders and addresses, it’s difficult to ascertain what’s next for DOGE. Gains of over 9% did little to help with any projections. The aforementioned indecisiveness was hinted at by its technical indicators too. While the Parabolic SAR’s dotted markers were well below the price candles and highlighted some bullishness, the Chaikin Money Flow crept below zero to suggest negative capital inflows.

Kaspa (KAS)

Key points:

  • Kaspa fell to 61st on the rankings charts thanks to its latest losses.

  • At the time of writing, there weren’t any signs of a reversal.

What you should know:

Like the rest of the market, Kaspa’s price fortunes haven’t been the same since November 2024. While there was some bullishness over the past week or so, at press time, losses had turned the altcoin’s prevailing market sentiment. In fact, the crypto registered losses of almost 6% in just over 24 hours. The lack of progress as far as Kaspa’s listing on Binance is concerned may have played a part in the altcoin’s latest losses. At press time, the crypto’s Moving Average was positioned above the price candles and hinted at market bearishness. Similarly, the MACD line was well above the Signal line. The indicator’s histogram flashed red too, highlighting the scale of the market’s sell sentiment.

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