Despite smaller investors profiting from macro tailwinds, Bitcoin may aim for the $110,000 level as major holders increase their holdings.
According to a May 13 post on X by Santiment, wallets that contain between 10 and 10,000 Bitcoin (BTC), often known as whales and sharks, have accumulated more than 83,000 BTC in the past 30 days. On the other hand, 387 BTC were removed from wallets with less than 0.1 BTC at that time.
đłđŠ Bitcoin’s key whale & shark tier (holding 10-10K BTC) have now accumulated 83,105 more BTC in the past 30 days. Meanwhile, the smallest retail holders (holding <0.1 BTC) have dumped 387 BTC in the same time period.
For both tiers, these are significant movements relative to⊠pic.twitter.com/Xg5FmF57GQ
â Santiment (@santimentfeed) May 13, 2025
When compared to the overall amount of Bitcoin held by each segment, these movementsâwhile appearing little for retailâare noteworthy. Santiment observed that profit-taking is evident among tiny investors, particularly those in tiers marginally greater than 0.1 BTC, who are probably waiting for a local peak.
Large holders’ continuous accumulation, on the other hand, indicates optimism for more growth. Bitcoin may reach a new all-time high of $110,000 as a result of this.
The change in attitude follows a dramatic spike driven by macro news. Overall market mood improved after the U.S. and China agreed to reduce tariffs for 90 days. Bitcoin rose as a result, momentarily hitting a weekly high of $104,710 before dropping to about $102,500 as of this writing.
The story is further supported by Glassnode’s on-chain statistics, which was posted on X on May 12. The business reported increased profit-taking and decreased momentum purchasing. A persistently high relative strength index indicates that demand from first-time purchasers is still substantial, but if fresh inflows decline, momentum traders’ lack of follow-through may indicate a brief consolidation phase.
$BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week. But Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation: https://t.co/vHqbU4hrPt pic.twitter.com/Ghqynb296Y
â glassnode (@glassnode) May 12, 2025
Institutional demand, meanwhile, is still strong. On May 12, Strategy added $1.34 billion worth of Bitcoin, bringing its total holdings to 568,840 BTC, or around 2.86% of the amount currently in circulation. With a 1,241 BTC purchase, Japan’s Metaplanet increased its holdings as well, currently possessing 6,796 BTC. In the last month, Bitcoin spot ETFs have had net inflows of $2.03 billion, according to SoSoValue statistics.
Bitcoin is presently trading above all significant moving averages, including the 50-day SMA and the 10-day EMA, both of which are displaying “Buy” signs, according to the technical picture. Bullish bias is also seen in momentum indicators like the moving average convergence divergence.
With an RSI of 68, the market is slightly below overbought territory. This implies that the upper Bollinger Band, which is located between $105,000 and $106,300, may act as barrier for the rise. Bitcoin may get closer to the psychological $110,000 mark if there is a clear break above this range.
On the other hand, a severe retreat into $89,800, Bitcoin’s lower Bollinger Band and a crucial demand zone, would be possible if the price breaks below support at $97,600 or $94,000.
Dubai partners with crypto.com to enable crypto payments for government services
The collaboration, which was officially announced on May 12 at the Dubai Fintech Summit, supports the emirate’s larger efforts to transition to a completely digital and cashless economy.
By entering into a deal with international cryptocurrency exchange Crypto.com to allow cryptocurrency payments for government services, Dubai has taken yet another step toward adopting digital money.
The collaboration, which was officially announced on May 12 at the Dubai Fintech Summit, supports the emirate’s larger efforts to transition to a completely digital and cashless economy.
The new service will enable people and companies to pay government service fees using cryptocurrency through the digital wallets offered by Crypto.com, according to the Dubai Department of Finance (DOF).
These funds will be deposited straight to the DOF’s accounts after being converted into UAE dirhams.
Dubai aims for 90% Cashless transactions by 2026 under new Strategy
By 2026, 90% of financial transactions in the public and private sectors should be cashless, according to Dubai’s Cashless Strategy.
âWe are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,â said Amna Mohammed Lootah, director of digital payment systems regulation.
The DOF stated that customers would be able to transact using “stable cryptocurrencies,” implying that stablecoins may play a significant role, even though it has not verified which cryptocurrencies will be accepted.
This comes after three significant Abu Dhabi organizations, including the Emirate’s sovereign wealth fund, said on April 28 that they intended to introduce a stablecoin that was tied to the dirham.
With 97% of government payments made online in 2023, Dubai’s cashless approach, which was originally unveiled in October 2024, expands on the city-state’s robust digital base.
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with https://t.co/HZnta4pnXb, a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrenciesâan initiative that marks a significant step in advancing⊠pic.twitter.com/iOh7kOz50p
â Dubai Media Office (@DXBMediaOffice) May 12, 2025
According to the DOF, the local economy might benefit from the shift to digital payments by at least 8 billion dirhams, or around $2.1 billion, mostly from the expansion of fintech businesses.
The government is still working on a regulatory framework that promotes innovation while upholding strict requirements for security and efficiency in digital transactions, stressed Ahmad Ali Meftah, executive director of the central accounts sector at DOF.
Being a crypto-forward state has always been the emirate’s positioning. It started a pilot project in March to tokenize real estate assets on the blockchain, and it recently hosted Token2049 in April.
Dubai has joined an increasing number of nations investigating the use of cryptocurrency for public services, including New York’s legislative measures to permit the acceptance of digital currencies by state agencies.
HashKey secures VASP license from Dubai’s VARA
The Dubai Virtual Assets Regulatory Authority (VARA) granted a Virtual Asset Service Provider (VASP) license to HashKey Group, a well-known digital asset financial services company in the Asia-Pacific area, on May 12.
With the license, HashKey is able to provide Broker-Dealer and Virtual Asset Exchange Services both inside Dubai and to customers who are from the emirate.
The action is taken as the UAE keeps establishing itself as a regional center for blockchain technology and cryptocurrency financing, drawing big international firms with its clear regulations.
According to reports, an Abu Dhabi-based state-backed investment firm plans to invest $2 billion in the cryptocurrency exchange Binance using USD1, a stablecoin created by World Liberty Financial, a business intimately associated with the Trump family.
Shiba Inu price sheds 10% but bull flag, soaring burn rate signal rebound
The price of Shiba Inu has dropped more than 10% in a single day, but a bull flag pattern and a strong SHIB burn rate indicate that a 48% rally to $0.000024 is imminent.
Today, May 13, Shiba Inu (SHIB) is declining as the whole cryptocurrency market loses its recent gains as a result of a sharp rise in long liquidations. A bull flag pattern and a rise in the SHIB burn rate, however, indicate that the meme currency may be about to recover, thus this drop in Shiba Inu prices might just be a short-term setback.
The price of SHIB is now trading at $0.0000152, down more than 10% over the past 20 hours from its intraday peak of $0.0000175.
Bull flag signals upcoming Shiba Inu price rebound
According to the one-day Shiba Inu price chart, this popular meme currency may make a significant upward bounce following the formation of a bull flag pattern. SHIB must, however, break through the downward-sloping barrier in order to confirm a bullish reversal; if it does, this may lead to a 48% surge to $0.000024.
Since breaking above the zero line, the bars on the AO histogram have been increasing, indicating that the bullish momentum is getting stronger. Accordingly, SHIB may be able to make more gains and get to the 261.8% Fibonacci level of $0.000029 in spite of the volatility.
The RSI indicator, which is now moving south and making a lower high as it hints to a crossover below the signal line, is something traders should keep an eye on. The price of Shiba Inu may drop below $0.0000126 if this crossing occurs and the RSI drops below 50, which might quicken the negative motion.
SHIB burn rate explodes 6,500%
The SHIB burn rate has skyrocketed, according to Shibburn data, which lends credence to the bull thesis that the price of Shiba Inus may rise again. Over 28 million SHIB tokens were taken out of circulation in the past day, which is a 6,500% increase over the day before.
Increased network traffic on Shibarium and the ShibaSwap DEX is followed by a surge in the SHIB burn rate. DeFiLlama reports that throughout the past month, ShibaSwap’s DEX volumes have grown by 26%. Simultaneously, the Shibarium TVL has surpassed $3.38 million, which might be positive for the future price of Shiba Inus.
Looming short liquidations may support uptrend
A substantial amount of shorts will be liquidated if the price spikes to $0.0000163, according to the liquidation map, which is another piece of data from Coinglass that lends credence to the prospect of a Shiba Inu price recovery. More than $1.53M will be lost in short liquidations if SHIB recovers as the bull flag indicates and hits this level.
Shiba Inu may be able to outperform more recent meme coins, which frequently suffer with low utility, because to the increased network activity and the surge in short liquidations. Thus, the price of Shiba Inu has the capacity to rise and reach the $0.000024 level in the near future as long as network activity is strong.
