Bitcoin Bottom Confirmed, Plus XRP Boost...Is the Virtual Asset Market Reviving Now?

▲ Bitcoin (BTC), US Dollar (USD), Wall Street / AI-generated image

As Bitcoin (BTC) defends its key support level, positive signals surrounding XRP continue, showing signs of a turnaround in the overall virtual asset market.

Crypto analyst Lark Davis stated in a video uploaded to his YouTube channel on April 29 (local time) that major assets, including Bitcoin and XRP, have formed historical bottom zones and entered a new uptrend. He emphasized that strong rebound signals are appearing in the market due to the combination of on-chain data and corporate accumulation trends. In particular, he noted that institutional investors have expanded their accumulation for long-term holding purposes, reducing the supply on exchanges to its lowest level in years.

Bitcoin appears to be solidifying its upward foundation by stably holding the $77,000 mark. Market expectations are growing as analysis suggests that the Market Value to Realized Value (MVRV) indicator has entered a historical bottom zone. Large-scale fund outflows from Coinbase indicate that major investors are moving assets to personal wallets, which is considered a factor supporting potential price increases due to future supply-demand imbalances.

XRP is garnering strong attention as messages from global exchange OKX and Ripple align. OKX released a symbolic message related to XRP via its official account, and Ripple CEO Brad Garlinghouse also responded, drawing significant market interest. Large-scale marketing efforts across Las Vegas and anticipation for the launch of the stablecoin RLUSD are also contributing to strengthening the upward momentum.

The competitive dynamic between Ethereum (ETH) and Solana (SOL) also continues. Solana has surpassed Ethereum in daily active addresses, demonstrating its ecosystem expansion. Meanwhile, Strategy maintained its Bitcoin buying strategy despite a net loss of $53.1 million in Q1, purchasing an additional 122 BTC in April alone, increasing its total holdings to 214,400 BTC.

Some uncertainties in the overall market also appear to be resolving. Legal risks have been clarified with the 4-month prison sentence for former Binance CEO Changpeng Zhao, and the slowdown in BlackRock spot ETF inflows is interpreted as a cooling-off period from short-term overheating. Investors are closely monitoring the Federal Reserve's monetary policy direction, seeking new buying opportunities based on liquidity changes.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*