Whales Take Record Profits as BlackRock Drives Crypto Demand

Bitcoin and XRP have seen significant price movements in recent days, with whales taking over $614 million in profits. This has been accompanied by record demand from BlackRock's U.S. spot funds, which have posted seven consecutive days of net inflows totaling $314.37 million.

The surge in demand is being driven by institutional investors, who are using private in-kind exchanges to transfer Bitcoin from personal wallets directly onto an ETF's balance sheet without paying capital gains tax. BlackRock's head of digital assets has stated that this migration is not only due to taxes but also harsh security realities, including hacking attacks and ransom demands.

The removal of coins from the market by investors is affecting the balance of power on trading platforms, with major digital assets holding specific price levels. For example, Bitcoin (BTC) is currently trading at $78,456 after testing a local peak of $81,304.