The recent S-1 filing by the Trump Media & Technology Group to launch a Bitcoin and Ethereum ETF has sparked renewed optimism in the crypto markets. The filing, which allocates 75% of the fund to Bitcoin and 25% to Ethereum, demonstrates a strong belief in Bitcoin’s store-of-value narrative and growing institutional interest in programmable blockchains.
Despite broader market concerns ahead of the Federal Reserve’s policy decision, Bitcoin surged past $106,000 today, briefly reaching $105,934 before settling around $105,244. This volatility highlights the impact of ETF speculation on the market, with many analysts seeing the filing as a potential catalyst for sustained upward momentum in June and beyond.
In addition, six large whale wallets have withdrawn a total of 1,110 BTC from Binance, indicating a potential move towards long-term holding or private OTC transfers. Furthermore, over 166,000 BTC (worth approximately $3.12 billion) has been moved from exchange addresses to unknown wallets, suggesting a trend towards holding rather than trading.
Meanwhile, Ethereum has been trading near $2,419, consolidating after a volatile week that saw prices fluctuate between $2,202 and $2,427. The ETF’s 25% allocation to ETH highlights its evolving role as a backbone for DeFi and a mainstream asset caught between its transition to proof-of-stake and the growth of Layer-2 scalability solutions. Despite short-term volatility, Ethereum’s strong developer ecosystem and expanding use cases in NFTs and decentralized applications make it an attractive asset for institutional investors.
Data from Glassnode shows that whale wallets have added 871,000 ETH (worth approximately $2.25 billion) in a single day, the highest inflow since 2017. In the past 96 hours, whales have accumulated 340,000 ETH (worth approximately $1 billion), indicating continued confidence among major holders.
In the altcoin market, Ripple’s XRP has been trading in a tight range between $1.95 and $2.40 over the past month. However, technical indicators suggest a potential breakout soon, with XRP recently breaking the key resistance level of $2. With regulatory clarity improving and cross-border payment use cases gaining traction, XRP remains a top contender among fast-settlement altcoins.
On-chain analysis also reveals a record high in large XRP holders, with 2,708 wallets holding at least 1 million XRP. Additionally, daily active addresses on the XRP Ledger have increased sevenfold, indicating growing interest in the cryptocurrency.
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