Major cryptocurrencies experienced significant declines over the past week, prompting large investors to increase their holdings across multiple assets.
Bitcoin fell from $87,000 to below $81,000, marking its lowest price in over two weeks. The decline was attributed to substantial exchange-traded fund outflows, large government transfers, macroeconomic news, and profit-taking. During this period, whale investors added over $1.2 billion worth of bitcoin to their holdings within 72 hours.
The TD Sequential indicator flashed a buy signal on bitcoin's four-hour chart following the 7% drop, suggesting the pullback may be nearing completion.
Ethereum fell from above $2,700 to $2,400 before rebounding to $2,500 by Friday, though it remains down on a weekly basis. Whale investors increased their ethereum holdings by 0.64%, purchasing approximately 166,000 tokens during the correction. The TD Sequential similarly generated a buy signal on ethereum's four-hour chart below the $2,550 level.
Ripple's XRP token declined to a local low of $1.34 but has remained down double digits on a weekly scale. Whale investors purchased over 45 million XRP tokens, worth approximately $63 million, during the decline. XRP's four-hour chart also produced a new buy signal via the TD Sequential indicator.
