Stellar jumps 21% as Bitcoin holds flat despite record stock markets

The headline story today isn't a big move — it's the absence of one. Bitcoin ended the day up just 0.3% even as US stock indices hit record highs, oil prices fell, and war-related tensions eased. Under normal conditions, that macro backdrop would be a tailwind for risk assets including crypto. The disconnect is explained, at least in part, by a CryptoQuant analysis published Friday: Bitcoin's supply is increasingly concentrated among long-term holders who aren't selling, but new buyers aren't stepping in to replace them. Record holder supply sounds bullish on the surface, but without fresh demand, it creates a ceiling rather than a floor. The Fear & Greed index sits at 23 — deep in Fear territory — which is consistent with a market where existing holders are patient but new capital is staying on the sidelines. Amid that flat backdrop, altcoins found more movement. Stellar surged 21.4% with no clearly identified catalyst — the move appears to be momentum-driven. Hyperliquid climbed 9.2%, continuing a run that has made it one of the stronger performers in the top 15 this week. XRP recovered above $1.30 after a volume surge, though the weekly chart still shows sellers in control according to the CoinDesk report on the move. TRON was the notable decliner among the top 15, falling 3%.

• –XRP climbed 2.4% after a volume surge pushed it back above $1.30, though the broader weekly trend still shows selling pressure outweighing buying.
• –OKX Ventures acquired a $53 million stake in South Korea's Coinone exchange, the latest sign of consolidation activity among major crypto trading platforms.
• –Prediction market platform Kalshi sued the state of Minnesota after the state passed a law criminalizing prediction markets — a case that could affect how crypto-adjacent prediction platforms operate in the US.