During the second week of October, Bitcoin (BTC), Ethereum (ETH), and XRP experienced steep price drops, even as major investors grew their holdings. Analyst Ali Martinez highlighted renewed accumulation across all three digital assets as four-hour charts began displaying potential reversal indications.
At the same time, XRP hovered around USD 1.39 on October 11, weighed down by sluggish trading volume and nearby resistance barriers that hindered its rebound.
Bitcoin Whales Add Over USD 1.2 Billion During Sell-Off
Bitcoin slid from USD 86,976 on October 5 to USD 82,150 on October 8, marking a 5.55% loss, before dipping beneath USD 81,000 and subsequently bouncing back. Martinez reported that substantial Bitcoin addresses picked up nearly 15,000 BTC—valued at roughly USD 1.2 billion—across a 72-hour window.
This market drop coincided with capital outflows from US spot Bitcoin exchange-traded funds. Farside Investors documented USD 484.9 million in net exits on October 7, followed by another USD 244.1 million on October 8, though the funds later took in USD 21.1 million on October 9. These ETF outflows do not point specifically to the whale buyers identified by Martinez.
Additionally, Martinez noted a TD Sequential buy signal on Bitcoin’s four-hour timeframe. This technical indicator monitors price trajectories to spot possible shifts in momentum, though it cannot guarantee the exact timing of a turnaround, particularly while prices stay under earlier weekly peaks.
Ethereum Whales Increase Holdings by 166,000 ETH
Ethereum encountered strong selling pressure, sliding from above USD 2,700 down to roughly USD 2,400 during the broader market pullback. It later climbed back toward USD 2,500, staying below its previous weekly thresholds.
According to Martinez, addresses containing large quantities of Ethereum raised their combined stake by 0.64%, which amounts to about 166,000 ETH. These acquisitions took place while Ethereum’s market valuation was dropping rather than during a continuous upward trend. This metric tracks specific wallets and does not imply that every large Ethereum holder participated.
Ethereum’s four-hour chart also triggered a TD Sequential buy signal after slipping past USD 2,550. Martinez pointed to USD 2,620 and USD 2,650 as prospective recovery targets, though the indicator provides no certainty that those levels will be reached.
XRP Whales Buy 45 Million Tokens as Price Stays Weak
XRP dropped from approximately USD 1.53 at the start of October to a trough near USD 1.32 on October 8. It traded close to USD 1.39 on October 11, lingering beneath its short-term moving averages around USD 1.45 following a recent breakdown in support.
Martinez shared that major XRP holders scooped up in excess of 45 million tokens throughout the downturn, worth an estimated USD 63 million. He also spotted a four-hour TD Sequential buy signal emerging on the heels of an earlier sell signal close to XRP’s local peak.
“Now, the question is whether this buy signal marks a local low,” Martinez stated. Meanwhile, the USD 1.37 to USD 1.40 band remains a closely watched support zone. A sustained push past USD 1.45 would lift XRP back over its short-term averages, whereas a further retreat could direct attention toward USD 1.28.
XRP Ledger Security Update and Nasdaq Listing
In separate developments, XRP Ledger maintainers revealed a software vulnerability on October 9 that could have permitted the generation of unauthorized XRP. Developers patched the flaw in version 3.4.1—issued on September 25—and stated they found no indications of malicious exploitation across public networks.
Furthermore, Evernorth Holdings confirmed the finalization of its business combination with Armada Acquisition Corp. II on October 9. The firm disclosed holdings totaling approximately 473 million XRP and anticipates that its shares will commence trading on Nasdaq under the ticker XRPN on October 12, following the completed transaction.
While these milestones coincide with the observed whale accumulation, neither the reported token purchases nor the chart patterns confirm that the wider market correction has concluded.
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