Morning Crypto Report: 0.98% of XRP Supply Gone, Shiba Inu (SHIB) Rockets 3,000% in Liquidation Imbalance, JP Morgan Launches Money Market on Ethereum

The ew week on the crypto market opens with hard numbers and price drama. $1.18 billion worth of XRP is now locked inside ETFs, removing 0.98% of the total supply, SHIB futures print a 3,000% liquidation imbalance with longs wiped out and JP Morgan launches a tokenized money market product on Ethereum’s Base network.

TL;DR

• XRP ETFs now control $1.18 billion, equal to 0.98% of total XRP supply, but price stalls near $2.
• SHIB futures print a 3,000% liquidation imbalance, with longs taking the hit.
• JP Morgan launches My OnChain Net Yield (MONY) on Ethereum’s Base network.

$1.18 billion of XRP absorbed by ETFs

Even though the price is not doing much, the story around XRP’s ETF is growing. According to the latest data, the total net assets across U.S. XRP spot ETFs have reached $1.18 billion, representing 0.98% of XRP’s total market capitalization.

Thus, almost 1% of all XRP in circulation is currently locked up in regulated investment vehicles. This is supply that has been taken off the market, and it is not just sitting around on the exchange order books or playing the volatility game during the day. It is being stored in a warehouse.

What makes this all the more interesting is the timeline. The price of XRP has been stuck around $2, which is a level that has become a bit of a psychological stress test. Traders are seeing stagnation. ETFs see opportunity. The difference between the flat price and the continued asset accumulation is pretty telling.

ETFs are buying XRP even as the market struggles to decide on a direction. That mismatch usually resolves later, not right away. The price may look frozen, but the distribution underneath is changing.

The $2 level has become a bit of a pressure chamber. Bulls see it as a base. Bears see it as proof of exhaustion. Neither side is winning decisively. With almost 1% of the supply already taken in, any future increase in demand will not need to be huge to make a difference.

Shiba Inu (SHIB) prints 3,000% liquidation imbalance

While XRP stays tense and controlled, Shiba Inu derivatives markets descend into chaos.

The latest futures data by CoinGlass shows a liquidation split of around $122,000 in long liquidations versus just $4,000 in shorts, creating a liquidation imbalance near 3,000% — a one-sided wipeout.

What happened is that SHIB traders kept leaning into upside bets inside a market that offered no follow-through. Each minor dip flushed leveraged longs. Bears, on the other hand, barely showed up, so short exposure remains thin.

The result is a loop: bulls enter longs expecting a breakout, the price chops sideways, leverage gets flushed and bulls reload.

The price itself confirms the diagnosis. SHIB is locked in a textbook chop market, a sideways grind where direction is absent and patience is punished. There is no trend to ride, only traps.

Ironically, this imbalance also creates latent risk in the opposite direction. With shorts largely absent, any unexpected upside move can trigger forced buying quickly. That does not mean a rally is guaranteed. 

SHIB is not trending. It is rotating through traders.

JP Morgan picks Ethereum for first tokenized money market move

JP Morgan has launched its first tokenized money market fund on Ethereum as per WSJ, marking a direct step into on-chain asset management rather than payments or settlement testing.

The product is called My OnChain Net Yield, or MONY for short. When it first launched, JP Morgan put in $100 million of its own money, and then made it available to investors who met certain criteria. The minimum investment is $1 million, so it is definitely an institutional product.

MONY operates fully on-chain and is designed to deliver returns comparable to a classic money market fund, but with blockchain-based issuance and settlement. Investors can put money into the fund with fiat currency or USDC, which lets traditional cash management and crypto-native rails work together.

It is not a deposit token or a stablecoin. MONY is a real investment fund that uses Ethereum infrastructure and is all about generating yield. JP Morgan is not just experimenting with token wrappers; it is actually running the product itself on public blockchain rails.

Ethereum was chosen as the execution layer, which is another way of saying that it is the preferred network for institutional-grade tokenization. This move comes after years of private blockchain testing and shows a clear upgrade: balance sheet capital being used directly on the blockchain.

Following the announcement, Ethereum rose about 3%.

Crypto market outlook

The next sessions are about follow-through, not surprise. XRP traders watch ETF absorption versus the $2 ceiling, SHIB remains driven by liquidation mechanics and Ethereum trades reaction to JP Morgan’s move.

• XRP: The price sits near $2, with immediate support at $1.88-$1.92. Holding that zone keeps the structure intact. A break and hold above $2.12 opens $2.28-$2.35. Failure below $1.88 exposes $1.72-$1.75, where the next real demand sits.
• Ethereum (ETH): Reacted directly to the JP Morgan launch with a 3% move. As long as ETH holds above $3,200, the market looks for continuation toward $3,550. Losing $3,100 cools the move and brings $2,950 back into focus.
• Shiba Inu (SHIB): Remains a range market dominated by derivatives. Support holds near $0.0000086-0.0000088. Resistance sits at $0.00001.