The price of Bitcoin is holding just above the $83,000 mark amidst a wave of liquidations totaling around $2 billion. This was followed by significant outflows from spot ETFs: $903.1 million was withdrawn from Bitcoin products, and $261.6 million from Ethereum-related products. Situational Overview Realized losses for Bitcoin showed a sharp spike comparable to the FTX collapse. High sales volumes are affecting Ethereum, Solana, and XRP. Institutional interest remains stable, confirmed by the recent launch of an XRP-based ETF trading on the NYSE. According to Glassnode data, there has been a sharp increase in realized Bitcoin losses, comparable to what was observed during the FTX collapse, as short-term traders book sales. Ethereum is fluctuating around the $2,700 level, facing resistance at $3,200. XRP and Solana indicators have dipped below key support levels due to increased selling pressure. Nevertheless, the interest of large players in cryptocurrency products remains high, despite general market weakness. This week saw the launch of an XRP-focused exchange-traded fund, which showed solid trading volume on its first day. The Bitwise XRP ETF began trading on the New York Stock Exchange on November 20, offering U.S. investors exposure to XRP without directly acquiring the token itself. On its first day, the ETF attracted trades for 1.14 million shares, with a total turnover of about $25 million, which was below the previously announced expectation of $90 million due to market pressure. This ETF is physically backed by XRP, with assets custodied at Coinbase. It aims to minimize manipulation risks by tracking the CME CF XRP-Dollar Reference Rate. To incentivize early investors, Bitwise has temporarily waived its 0.34% management fee for the first month on assets up to $500 million. This launch expands Bitwise’s line of crypto products, which already includes a similar European XRP product introduced in 2022. Crypto Snapshot Analysts monitoring on-chain data note that large holders (whales) are reducing their positions, which could serve as a warning signal amid market volatility. Market participants are awaiting clearer technical benchmarks to determine the future direction of major digital assets, which have experienced a challenging week.
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