Daily Crypto Signals: Bitcoin Retreats Toward $100K, XRP Wallet Growth Surges Amid Market Uncertainty
Bitcoin faces mounting pressure as $2 billion in ETF outflows and macroeconomic concerns push prices toward the critical $100,000 support
Quick overview
- Bitcoin faces pressure with $2 billion in ETF outflows and macroeconomic concerns pushing prices toward the critical $100,000 support level.
- XRP shows signs of stabilization with over 21,000 new wallets created in 48 hours, despite recent price weakness.
- Google is integrating prediction market data into its finance platform, while conflicting lobbying efforts over stablecoin regulations continue.
- Robinhood reports a 300% increase in crypto revenue, reflecting strong investor confidence in its market strategies.
Bitcoin BTC/USD faces mounting pressure as $2 billion in ETF outflows and macroeconomic concerns push prices toward the critical $100,000 support level, while XRP XRP/USD shows signs of potential stabilization with over 21,000 new wallets created in 48 hours despite recent price weakness. Major crypto industry developments include Google’s integration of prediction market data, conflicting lobbying efforts over stablecoin yield regulations, and Robinhood’s 300% surge in crypto revenue.
Crypto Market Developments
This week, there were big changes in the cryptocurrency market on the institutional and regulatory sides as big tech and financial companies changed the way digital assets work. As part of an AI-powered overhaul to Google Finance, Google said it would add prediction market data from Kalshi and Polymarket to its search results. This would let users see real-time probability for future market events right on the site. The functionality, which should be available in a few weeks, will let users see how predictions change over time by typing questions straight into Google’s search box. This is another step toward the widespread use of blockchain-based services.
At the same time, the US Treasury is under contradictory pressure to carry out the GENIUS Act, which controls stablecoin payments in the US. Coinbase asked regulators to only let issuers of stablecoins pay interest, while letting non-issuers like crypto exchanges offer yields. The Bank Policy Institute and numerous banking associations, on the other hand, wanted a blanket ban that would apply to all digital asset service providers. They warned that stablecoin interest payments may cause $6.6 trillion in deposits to leave traditional banks. The argument shows that there is still a lot of conflict between new cryptocurrencies and old banks as stablecoin rules are being made.
Robinhood Markets, a trading platform, said that its cryptocurrency business did very well, with third-quarter crypto revenue rising 300% year-over-year to $268 million. The company’s overall transaction-based revenues rose 129% to $730 million, which helped quarterly earnings above Wall Street’s estimates. After the news, Robinhood shares increased 4.15% to $142.48. This shows that investors trust the platform’s aggressive drive into both retail and institutional crypto markets through moves like buying Bitstamp and introducing tokenized stocks and prediction markets.
Bitcoin Drops to $101,000 on Macroeconomic Concerns
Bitcoin saw a big drop on Thursday, going down to the $101,500 support level and causing more than $135 million in liquidations from bullish futures positions that were using leverage. The dip was 2.5% since Wednesday, which is similar to how financial markets have been feeling lately. The Nasdaq index plummeted 1.6%, wiping out two weeks of gains. The monthly futures premium for Bitcoin compared to the spot market fell below 5%, which means that demand for bullish exposure is receding. This is because derivatives data shows that bullish momentum has basically disappeared.
The drop seems to be mostly due to general macroeconomic worries, not specific to cryptocurrencies. Analysts say that high valuations and possible energy shortages related to the development of artificial intelligence chips are to blame for big drops in major tech stocks even while earnings are growing. Since October 29, there have been huge $2 billion in outflows from Bitcoin exchange-traded funds, which has added to the pressure on the market and taken away any hope of institutional demand.
The delta skew indicator rose to 14%, considerably above the 6% neutral mark, as demand for put options rose. This shows that many people are afraid of further correction. Bitcoin futures open interest, on the other hand, stayed the same even though the price dropped to $100,300. This suggests that bullish traders extended margin to avoid liquidation, which shows that they are somewhat confident that the $100,000 support level will hold.
XRP Market Stabilizes Amid 21,000 New Wallet Addition
XRP (XRP) showed hints of possible market stabilization even if its price fell recently. It closed Tuesday at $2.20, its lowest level since July 4, but then rose 16% to $2.40 from monthly lows of $2.06. The altcoin has been going down steadily since it hit $3.66 on July 18, although on-chain statistics showed that the network was still active. In under 48 hours, the analytics platform Santiment claimed that more than 21,000 new XRP wallets were created. This was the fastest growth rate in eight months. CryptoQuant also reported that the XRP Ledger’s native decentralized exchange saw 954,000 transactions, making it the busiest day in recent months.
However, experts noticed an interesting difference: the rise in network activity happened at the same time as a big drop in prices. This raised doubts about whether the volume came from whale distribution, arbitrage, or automated trading instead than real buying. The whale flow data is more positive because it implies that the selling pressure may be easing. After seeing negative whale flows of more than $650 million over the course of 90 days, total whale flows for the period have been neutral.
This could be an early sign of a market bottom. Crazzyblockk, a crypto analyst, saw that XRP futures positioning on Binance stayed relatively strong compared to Bitcoin and Ether, whose open interest dropped a lot to $59.87 million and $148.69 million, respectively. The expert said that traders seem to be moving into XRP, using little dips to build up their positions. This is very different from the general risk-off mood in the crypto markets, but confirmation from sustained price action is still very important.
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