XRP experienced a sharp 7.5% decline, dropping to an intraday low of $1.45, following a massive localized sell-off on South Korea's largest exchange, Upbit. According to analysis by trader Dom (@traderview2), a net sale of approximately 50 million XRP occurred within a 15-hour window, potentially driven by a single 'mega-whale' or collective panic among South Korean retail traders. The sell pressure exploded after XRP's recovery stalled near the $1.66 level over the weekend.
Meanwhile, Shiba Inu (SHIB) struggled to stabilize after an extended sell-off, briefly dropping below $0.000006 before attempting to reclaim the $0.00000666 region. Recent price action indicates bearish pressure remains predominant, with the token trading below downward-sloping moving averages and sellers in control.
In a separate macro development, on-chain analyst Willy Woo warned that Bitcoin has broken a 12-year valuation trend against gold, challenging its 'digital gold' narrative. Woo cited a looming 'Quantum Discount' that could suppress prices, linked to concerns that quantum technology might one day unlock roughly four million 'lost' or dormant Bitcoins, creating a potential liquidity shock.
Furthermore, market narratives are being shaped by bearish macro warnings and rumors of institutional '10 AM dumps'. Macro strategist Mike McGlone suggested Bitcoin's reversion to a mean near $66,000 highlights structural risks for risk assets. Concurrently, rumors persist that institutional desks, including Jane Street—a major buyer of BlackRock's iShares Bitcoin Trust (IBIT)—may be executing coordinated sell orders around 10 a.m. Eastern Time to trigger liquidations and accumulate at lower prices, though these claims remain unverified.
