Bitcoin remains relatively stable above $61,100, while ether experiences a 4% drop to $2,390 amid geopolitical tensions following Iranian airstrikes on Israel, influencing a broader market sell-off.

Despite the downturn, there’s significant whale accumulation of Bitcoin, suggesting anticipation of a future bull run. Meanwhile, Bitcoin ETFs see outflows, whereas ether ETFs attract inflows.

XRP drops over 10% after the SEC’s decision to appeal a ruling on its regulatory powers over crypto markets.

Market Overview

BTC is flat, trading above $61,100, while ETH is down 4% and trading at $2,390. Crypto markets took a hit from Tuesday night after Iranian airstrikes on Israel, which has vowed to retaliate, negatively affecting a rally in risk assets, including Bitcoin.

However, whales continue to accumulate Bitcoin at unprecedented rates despite the macro environment and market dullness, with new Bitcoin whales making sizeable purchases in anticipation of a bull run.

The CoinDesk 20 (CD20), a measure of the performance of the largest digital assets, was down over 3% as investors continue to sell most major cryptocurrencies.

Outflows from Bitcoin exchange-traded funds (ETFs) continued with $91.76 million in outflow during the Wednesday U.S. trading day. Ether ETFs experienced the opposite, with inflows of $14.45 million, breaking a two-day streak of outflow.

XRP plunged more than 10% in the past 24 hours after the U.S. SEC said on Wednesday that it is appealing a court ruling restricting its ability to regulate cryptocurrency markets, asking the 2nd U.S. Circuit Court of Appeals to review a July 2023 decision regarding the legal status of XRP as a security.

Elsewhere in the market, tokens related to artificial intelligence are not moving, despite OpenAI announcing a $6.6 billion fundraise at a valuation of $157 billion.