In the past two months, Bitcoin investors have favored accumulation over distribution. BTC’s price movement this week did not change that.

Despite the asset hitting new highs this week, there is still a supply crunch, indicating that investors would rather accumulate than distribute their holdings. The market research firm Glassnode reported that these investor moves suggest they see current prices as offering relatively compelling value.

Bitcoin Investors Are Accumulating

Analyzing the raw Accumulation Trend Score, Glassnode discovered that this intense accumulation wave emerged when BTC first rallied past $100,000. After the breakout, investors gradually began to distribute more, and this gave way to stalled price action for a while.

Following the all-time high (ATH) of over $111,000 in May, BTC saw renewed accumulation pressures, which have remained elevated since then. The accumulation metric hovered above its historical average even as BTC sat through an extended consolidation phase. It is still above the average.

“This suggests that investors increasingly see the current range as a more favorable environment, despite price conditions being similar to those during the previous distribution phase in late-2024,” Glassnode said.

Long-term Holder Supply Grows

The persistent accumulation among investors is evident in the growing long-term holder (LTH) BTC supply. Evaluating the 30-day growth in LTH supply, Glassnode discovered that accumulation by this investor cohort is outpacing the monthly coin issuance. Miners are producing about 13,400 BTC monthly, but LTHs are increasing their balances at a pace of 19,300 BTC per month.

Bitcoin investors holding less than 100 BTC are also in accumulation mode. The cohorts, categorized into Shrimps (<1 BTC), Crabs (1–10 BTC), and Fishes (10–100 BTC), represent investors ranging from retail participants to high-net-worth individuals.

This accumulation trend suggests that supply-side conditions are tightening, with LTHs absorbing newly issued supply at a fast pace. Glassnode noted that these investors have become price-insensitive as they accumulate and are unwilling to distribute their assets at current market prices. Analysts believe they are waiting for more meaningful market action before they start distributing.

Meanwhile, on-chain and derivatives market indicators are flashing signals of elevated volatility in the coming weeks. The supply-side tightening has made the market susceptible to demand shocks, and moderate fluctuations can trigger significant price volatility. Glassnode said the coiling and compression of prices across multiple timeframes support this observation.

TL;DR

• XLM leads the top 20 crypto assets with a 26% daily surge and a 70% weekly gain amid strong volume.
• Protocol 23 upgrade vote set for August 14, expected to improve network speed and efficiency.
• Franklin Templeton tokenizes $446M on Stellar; DeFi TVL jumps 21%, boosting investor confidence.

XLM Price Leads Market with 25% Daily Gain

Stellar (XLM) surged 25% in the last 24 hours, reaching a price of over $0.4. The move brought it to the critical resistance level once again after the initial quarter of 2025. XLM now stands at a 70% increase over the past seven days, making it the top-performing asset among the 20 largest cryptocurrencies.

Consequently, the 24-hour trading volume crossed $2.2 billion, showing strong interest from market participants. The surge coincides with a broader market rally led by Bitcoin, alongside key developments within the Stellar ecosystem.

Protocol 23 Upgrade Drives Investor Interest

Purchasing interest towards XLM has spiked as users wait in anticipation of the next Protocol 23 update. The proposal will be voted on on the Stellar mainnet on August 14, 2025. It proposes modifications to the execution of transactions and state management upon the Soroban, which is a smart contract platform of Stellar.

The upgrade is designed to improve network speed and performance. It comes after steady growth across the Stellar ecosystem and growing use in real-world applications.

In addition, technical analysis shows XLM has broken above a long-standing downtrend line that had been in place since 2021. This triggered an impulsive rally and signaled accumulation by buyers. According to analyst Javon Marks, XLM is targeting $0.681 as the next resistance level. If it is breached, the price could advance toward $1.2918.

The altcoin is currently trading above the upper Bollinger Band, indicating strong upward momentum. The 20-day simple moving average at $0.2599 was surpassed during the breakout.

The Money Flow Index sits at 90.12, reflecting overbought conditions and increased volatility. A short-term pause or pullback remains possible if buying pressure slows.

Institutional Activity and On-Chain Growth

Meanwhile, institutional participation keeps growing with Franklin Templeton lately tokenizing 446 million U.S. Treasuries on the Stellar blockchain. This step highlights the increasing trust in Stellar by asset tokenization.

DeFiLlama reports that Stellar’s Total Value Locked (TVL) in decentralized finance rose 22% in the past 24 hours, reaching $120.25 million. The increase adds to the bullish sentiment and supports the current market momentum.

TL:DR

• Ripple controls 42% of XRP supply, raising talk of a corporate pivot toward treasury-like operations.
• Bitwise CEO suggests Ripple may become an XRP treasury firm as holdings grow rapidly.
• RLUSD stablecoin custody by BNY Mellon boosts Ripple’s push into institutional digital asset services.

Ripple’s Growing XRP Holdings Raise New Questions

Ripple may be transitioning from a payments-focused company to one with deeper ties to XRP as a reserve asset. According to Bitwise CEO Hunter Horsley, the company could be referred to as an “XRP treasury company” within the next year. This suggestion follows increasing corporate interest in holding XRP and the firm’s growing influence over the token.

I wonder if in 12 months, people will call Ripple an XRP treasury company.

— Hunter Horsley (@HHorsley) July 10, 2025

Ripple’s Q1 2025 XRP Markets Report stated that the company currently holds 4.56 billion XRP. Additionally, a large portion of XRP’s total supply—roughly 42%—remains under its control through monthly escrow releases.

While the escrowed XRP is managed by on-chain contracts, its long-term release structure continues to tie Ripple closely to the asset.

XRP Holdings Fuel Talk of a Corporate Pivot

Ripple CEO Brad Garlinghouse has publicly questioned the company’s $11 billion valuation, suggesting it doesn’t account for Ripple’s massive XRP holdings.

“That $11 billion number is very outdated,” Garlinghouse said in a previous statement, pointing to the company’s roughly $100 billion XRP-linked balance.

Meanwhile, this shift comes at a time when several public companies are exploring XRP treasury strategies. Trident Digital Tech Holdings is aiming to raise $500 million worth of XRP. Webus International has outlined a $300 million goal, while VivoPower and Wellgistics Health have secured $121 million and $50 million, respectively, in XRP for corporate reserves.

Stablecoin Efforts Continue with New Custody Deal

Ripple’s growing interest in digital assets extends beyond XRP. Its stablecoin, RLUSD, has reached a market cap of over $500 million. The company has tapped Bank of New York Mellon (BNY Mellon) to serve as custodian for it.

The oldest bank in the United States, is known for supporting digital asset custody services. Ripple’s choice adds traditional financial credibility to its stablecoin operations across XRPL and Ethereum.