XRP whales offloaded $400 million in 48 hours as retail selling and weak sentiment pressured the market.
Institutions countered the downturn: Metaplanet raised $135 million for BTC, Ark Invest bought $38.7 million in crypto stocks, and Bitmine accumulated 17,242 ETH.
Bitcoin ETFs recorded $903 million in outflows, the second-largest in history, signalling strong risk-off sentiment.
The crypto market experienced a high-intensity day filled with whale activity, major institutional accumulation, regulatory developments, and significant ETF outflows. Here is a detailed breakdown of everything that unfolded across the digital asset landscape.
XRP witnessed heavy distribution after large wallets offloaded around 200 million XRP or $400 million, within two days.
Data from Santiment shows that wallets holding between one and ten million XRP were responsible for the majority of the selling.
Order books on Binance and Coinbase revealed that fresh supply entered the market faster than demand could absorb it.
This activity is occurring against a backdrop of broader market weakness. Over the past several weeks, small wallets and short-term traders have been reducing their exposure, a move that usually signals late-stage surrender.
Tokyo-listed Metaplanet approved a ¥21.25 billion (around $135 million) preferred share issuance to expand its Bitcoin holdings.
The company's Class B “MERCURY” preferred shares carry a 4.9% annual dividend and can convert into common stock for ¥1,000, which is well above the company’s current market price. This structure allows Metaplanet to raise capital with minimal dilution.
The payment date for this issuance is set for December 29, pending shareholder approval.
Representative Director Simon Gerovich described the initiative as a strategic move to grow their Bitcoin treasury without issuing new common shares excessively.
Cathie Wood’s Ark Invest accumulated $38.7 million worth of crypto-related equities on Thursday.
The firm increased its holdings in Coinbase, Bitmine Immersion Technologies, Bullish, and Circle Internet Group, despite the crypto market’s strong downward trend.
The CoinDesk 20 Index fell 4.7% that day, yet Ark continued its accumulation strategy, mirroring similar purchases made the day before.
According to OnchainLens, Bitmine purchased 17,242 ETH for approximately $49.07 million from liquidity partners FalconX and BitGo.
Blockchain analysis indicates that the transactions were performed directly to Bitmine’s designated address, confirming a large-scale acquisition.
This acquisition highlights Bitmine's continued commitment to the Ethereum ecosystem over the long term, especially with upcoming significant protocol upgrades, such as the Prague-Electra hard fork.
Bitmine’s average entry price is estimated to be approximately $2,846, which traders will probably use as a future reference point.
Republican Congressman Warren Davidson introduced the Bitcoin for America Act, a bill that would allow US citizens and businesses to pay their taxes using Bitcoin.
These BTC payments would be exempt from capital gains tax and would be directed entirely into a strategic national Bitcoin reserve.
Davidson explained that the bill is designed to give taxpayers more autonomy by allowing them to choose where their tax money goes.
Conner Brown of the Bitcoin Policy Institute called the initiative the first market-driven model for national Bitcoin accumulation.
Bitcoin Spot ETFs saw $903.11 million in net outflows on November 20, marking the second-largest daily outflow in history.
At $355.50 million, BlackRock's IBIT experienced the largest outflow, while Grayscale's GBTC faced $199.35 million in outflows.
Following the selloff, the overall net asset value of all Bitcoin ETFs decreased to $113.02 billion, or 6.55% of Bitcoin's market capitalization.
Also Read: Bitcoin Price Falls to $85,350 as Market Hits Seven-Month Low
Why did XRP whales dump $400M?
Large wallets offloaded 200 million XRP as retail selling accelerated across an already fragile market.
What will Metaplanet do with the $135M?
The funds will be used to expand its Bitcoin treasury through preferred shares that reduce dilution risk.
Why is Ark Invest buying during a downturn?
Ark is sticking to long-term accumulation, adding Coinbase, Bitmine, Circle, and Bullish despite market declines.
Why is Bitmine’s ETH purchase significant?
It’s $49 million ETH buy signals institutional confidence ahead of Ethereum’s major upgrades.
Why did Bitcoin ETFs see $903M in outflows?
A strong risk-off shift led to withdrawals from IBIT and GBTC, causing the second-largest ETF outflow ever.