Bitcoin reacted well to the dump below $94,000 earlier this week and jumped past $97,000 earlier today for the first time since Monday.

Many altcoins have produced even more impressive gains over the past 24 hours, with XRP surging to $2.7 and SUI going to $3.3.

BTC Taps $97K

After the massive volatility experienced at the start of the previous business week, the primary cryptocurrency calmed in the following days and stood mostly in a range between $95,000 and $97,000. Each breakout attempt, such as the surge to $99,000 on Friday, was met with an immediate rejection, and the asset spent the weekend around the upper boundary of the range.

Monday began with a price dip that drove it south to the lower boundary, but the bulls managed to defend that level. After another 24 hours of trading there, the bears took control on Tuesday evening and pushed BTC to a two-week low of under $93,500.

However, the bulls stepped up at this point and didn’t allow a further breakdown. Just the opposite, bitcoin started to regain traction and jumped past $96,000 yesterday and up to $97,000 earlier today.

This means that its market cap has neared $1.930 trillion on CG. Its dominance over the alts has also climbed to 58%.

XRP Goes Up

Most altcoins endured similar pressure on Tuesday but managed to recover most losses in the following 36 hours. Ripple’s cross-border token is among the top performers on a daily scale, having surged by nearly 5% to a multi-day peak at $2.7. SUI has added a similar percentage and is up to $3.3, while XLM has gained 3.5% and trades close to $0.35.

ADA, AVAX, SOL, and HBAR are also slightly in the green, while HYPE and TAO have soared by 8% and 15%, respectively.

In contrast, the recent high-flyer LTC has retraced by 6% and is below $130 now. ETH, DOGE, BNB, TRX, and LINK are also slightly in the red.

The total crypto market cap has jumped to $3.330 trillion on CG.

[PRESS RELEASE – Hong Kong, Hong Kong, February 20th, 2025]

Hong Kong-based investment group Avenir Group has emerged as a major institutional player in the digital asset market, with its recent disclosure revealing a significant $599 million investment in Bitcoin ETFs. This strategic move not only underscores Avenir’s confidence in the future of digital assets but also marks a pivotal moment in its brand evolution and business strategy.

*Avenir Group holds 11.3 million shares of IBIT, valued at approximately $599 million

Leading Institutional Investment in Bitcoin ETFs

Avenir Group’s latest 13F filing revealed a significant increase in Bitcoin ETF exposure, positioning it as Asia’s largest institutional holder of Bitcoin ETFs. As of December 31, Avenir owns 11.3 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at approximately $599 million. This strategic investment makes Avenir the largest holder of Bitcoin ETFs in Asia, highlighting its commitment to digital assets and financial innovation.

Institutional Surge in Bitcoin ETFs Accelerates Mainstream Adoption

The latest SEC 13F filings reveal a growing institutional appetite for Bitcoin ETFs. According to K33 Research, institutional investors held 25.4% of spot Bitcoin ETF assets by Q4 2024, totaling $26.8 billion. Throughout the quarter, major institutions—including investment firms, hedge funds, banks, and pension funds—significantly increased their holdings.

Originally established as Li Lin’s family office, Avenir Group has evolved into a leading investment group specializing in financial innovation and emerging technologies. The firm’s multi-asset, multi-strategy approach spans quantitative trading, public markets, private equity, and digital asset investments. Under its umbrella, DeepTrading operates independently as a high-frequency trading team, while the Avenir Foundation focuses on technology education and innovation.

Avenir Group firmly believes that the convergence of digital assets with traditional finance, alongside the fusion of financial innovation and emerging technologies, will redefine global markets. Committed to compliance and globalization, Avenir is strategically positioning itself to drive long-term, sustainable growth in the industry. With deep industry insights, exceptional investment performance, proprietary data models, and robust risk management systems, Avenir Group continues to pioneer new frontiers in Web3 and digital asset investments.

Demonstrating a Commitment to the Crypto Ecosystem

Avenir’s increased investment in Bitcoin ETFs aligns with its strategic initiatives to drive innovation in the digital asset market. In September 2024, the firm launched the $500 million Crypto Partnership Program to collaborate with top-tier quantitative trading teams worldwide. This program empowers high-performing teams with advanced technology to tackle key challenges in crypto trading. By fostering a technology-driven, highly efficient trading ecosystem, Avenir reinforces its commitment to the long-term growth and evolution of the global digital asset market.

About Avenir Group

Avenir Group, founded by Li Lin and named after the French word for “a better future,” is a pioneering investment group specializing in investments in financial innovation and emerging technologies. With a global presence spanning the U.S., U.K., Japan, Singapore, and Hong Kong, the firm leverages deep industry insights, outstanding performance, and self-developed data models and risk management systems, and maintains a leading position in the Web3 and digital asset sectors.

The group also operates its sub-brand DeepTrading, which focuses on high-frequency trading in the cryptocurrency market and runs the Avenir Foundation, a philanthropic initiative dedicated to supporting technology education and innovation, fostering global technological development, and talent cultivation.

For more information, users can visit https://avenir.hk/.

TL;DR

• Ripple (XRP) outshined other major cryptocurrencies with a 6% daily increase, fueled by Brazil’s approval of the world’s first spot XRP ETF and other potential factors.
• Such a product may also see the light of day in America, with the US SEC acknowledging the applications of Grayscale, 21Shares, and Bitwise.

XRP Outperforms Its Rivals

The cryptocurrency market has experienced a slight revival in the past 24 hours, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other leading digital assets witnessing minor gains.

However, Ripple’s XRP is the best performer in the top 20 club, recording a 6% daily price increase. It briefly climbed to a local top of $2.74 before settling at the current $2.71 (per CoinGecko’s data).

One major development coming from Brazil is perhaps the most likely reason fueling the rally. The country’s securities regulator – the Comissão de Valores Mobiliários – approved the world’s first spot XRP exchange-traded fund (ETF).

The investment vehicle allows investors to gain exposure to the asset without purchasing it from exchanges or worrying about self-custody. 

It is worth mentioning that many well-known companies, such as Grayscale, Bitwise, and 21Shares, have displayed their intentions to launch such a product in America. The US Securities and Exchange Commission (SEC) acknowledged their applications, meaning it has to approve or reject the filings officially in the following months. 

Another factor positively impacting XRP’s latest resurgence could be the whales’ activity. Earlier this week, large investors accumulated 150 million tokens (worth almost $400 million) in the span of 48 hours. 

Continuous efforts in this field will decrease the coin’s circulating supply, potentially boosting its value (provided demand remains steady). Additionally, the whales’ moves often inspire smaller players to enter the ecosystem, bringing in fresh capital.

The crypto analytics platform Santiment recently estimated that the number of XRP whales and sharks (those holding more than 100K XRP) has increased by 261 in the past 10 weeks. This suggests that large investors remain confident in the asset’s future potential despite its price fluctuations. 

Bonus: The Trump Effect

It is worth mentioning that XRP’s rally could also be linked to some of the US president’s latest actions. As CryptoPotato reported, Trump recently published two articles about Ripple’s expansion on American soil since his presidential victory. 

His interaction sparked huge speculation across the XRP community, with some members viewing this as a catalyst for a price explosion for the token in question.