XRP Spikes 80% in Volume Amid Crypto Bloodbath, 461 Billion SHIB Moved to Robinhood Address, 17,000 BTC Exit Coinbase in Week’s Second Largest Outflow: Crypto News Digest by U.Today

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Written By Maya Cantina

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U.Today has prepared the top three news stories over the past day.

XRP skyrockets 80% in volume amid $400 million crypto bloodbath

Yesterday, XRP trading volume was spotted spiking by 80%, with its value surpassing $4 billion. As reported by CoinGlass, derivatives alone accounted for $2.16 billion, while spot markets added $1.9 billion. However, this upswing in XRP trading activity emerged amid the crypto bloodbath, during which positions worth over $400 million were forcibly closed; 85.5% of them were long positions or purchases. The XRP market was affected even more, with 94% of liquidated futures positions representing long positions, totaling $5.47 million. This massive growth of trading volume coincided with a sudden drop in XRP prices, causing stop losses and margin calls that drove buyers to quickly liquidate their holdings. As a result, the token’s trading volume saw a sharp increase, indicating heightened market activity in the midst of huge liquidations and sell-offs.

461 billion SHIB moved to Robinhood address, what’s happening?

According to data provided by Whale Alert, on April 1, Wintermute, a leading algorithmic trading firm, transferred 461 billion SHIB tokens to an unknown wallet. Per additional information from Etherscan, the recipient wallet is identified as “Robinhood 2.” The transfer’s timing aligns with a general market downturn, leading to a drop in the value of many major cryptocurrencies and consequent speculation. The move could possibly be an indicator of more trading activity ahead, or that Robinhood is strategically accumulating in anticipation of future demand. However, the exact cause remains unknown. Shiba Inu has been slowly declining since March 28 after reaching highs of $0.00003285 and recently dropped even more alongside the general crypto market. At the moment of writing, SHIB is changing hands at $0.00002671.

Bitcoin price alert: 17,000 BTC exit Coinbase in week’s second largest outflow

Data provided by CryptoQuant on-chain analytics firm demonstrated an immense outflow of 17,000 BTC from Coinbase. This is the second-largest outflow this week, with the first one comprising 16,800 BTC. Per the firm’s suggestion, the cause for this could lie in institutional purchases or spot ETFs. Institutional interest in Bitcoin has increased since the spot ETF was introduced. These investors generally buy large amounts of Bitcoin on exchanges and move them to wallets. The massive outflows coincided with a major decline in Bitcoin’s price, which sent the cryptocurrency down to nearly $65,000. Such price movement indicates a cooling off from recent highs as traders and investors reevaluate their positions on the cryptocurrency market. With the market processing this significant outflow, everyone’s attention will be drawn to the price of Bitcoin and Coinbase’s next moves. What will happen after the massive outflows from Coinbase remains uncertain.

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