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Bitcoin (BTC), Ethereum (ETH), and XRP fell sharply during the second week of October, even as large holders increased their positions. Analyst Ali Martinez reported fresh buying across all three cryptocurrencies as four-hour price charts showed possible reversal signals.
However, XRP remained near USD 1.39 on October 11, with weak trading activity and nearby resistance levels limiting its recovery.
Bitcoin dropped from USD 86,976 on October 5 to USD 82,150 on October 8, a 5.55% decline. It later slipped below USD 81,000 before recovering ground. Martinez reported that large Bitcoin wallets acquired nearly 15,000 BTC, worth approximately USD 1.2 billion, over 72 hours.
The downturn also came as investors withdrew money from US spot Bitcoin exchange-traded funds. Farside Investors recorded USD 484.9 million in net outflows on October 7 and another USD 244.1 million on October 8. In contrast, the funds received USD 21.1 million on October 9. ETF outflows do not identify Martinez's reported whale buyers.
Martinez also identified a TD Sequential buy signal on Bitcoin's four-hour chart. The indicator tracks price patterns that may point to a change in direction. The reading does not confirm when a recovery will occur, especially while prices remain below the levels reached earlier in the week.
Ethereum faced selling pressure, falling from above USD 2,700 to around USD 2,400 during the market decline. The cryptocurrency later recovered toward USD 2,500 but remained below its earlier weekly levels.
According to Martinez, wallets holding large amounts of Ethereum increased their combined holdings by 0.64%, equivalent to approximately 166,000 ETH. The purchases occurred while Ethereum's market price was falling, rather than during a sustained advance. The change reflects tracked wallets and does not establish purchases by every large Ethereum investor.
Ethereum's four-hour chart also produced a TD Sequential buy signal after the price moved below USD 2,550. Martinez identified USD 2,620 and USD 2,650 as potential recovery levels, although the indicator does not guarantee either target.
XRP fell from about USD 1.53 earlier in October to a low near USD 1.32 on October 8. It traded around USD 1.39 on October 11 and stood below its short-term moving averages near USD 1.45, amid XRP's recent support break.
Martinez reported that large XRP holders bought more than 45 million tokens during the decline. Their estimated value was USD 63 million. He also observed a four-hour TD Sequential buy signal following an earlier sell signal near XRP's local high.
“Now, the question is whether this buy signal marks a local low,” Martinez said. Meanwhile, the USD 1.37 to USD 1.40 area remains a closely watched support range. A sustained move above USD 1.45 would place XRP back over its short-term averages, while a decline could bring USD 1.28 into focus.
Separately, XRP Ledger developers disclosed a software flaw on October 9 that could have allowed the creation of unauthorized XRP. Developers fixed the issue in version 3.4.1, released September 25, and said they found no evidence of exploitation on public networks.
Evernorth Holdings also announced completion of its business combination with Armada Acquisition Corp. II on October 9. The company reported holdings of approximately 473 million XRP and expects its shares to begin Nasdaq trading under XRPN on October 12. The Evernorth Nasdaq debut follows the completed transaction.
These developments coincide with whale accumulation, but neither the reported purchases nor chart signals establish that the market decline has ended.
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