Crypto goes red: BTC, ETH, XRP, SOL keep spiraling, but interest is still high

Bitcoin is currently hovering just above $83,000, amidst a wave of liquidations worth about $2 billion. Heavy outflows from spot ETFs followed, with $903.1 million leaving Bitcoin funds and $261.6 million exiting Ethereum products.

Glassnode data shows Bitcoin’s realized losses have surged, similar to levels seen during the FTX collapse, as short-term holders unwind positions.

Ethereum is struggling around $2,700, with resistance at $3,200. Solana and Ripple’s XRP both declined below critical support levels with elevated selling volume.

Still, institutional interest in crypto products is strong despite broader weakness. An XRP-focused exchange-traded fund debuted this week, recording notable volume on its first day.

The Bitwise XRP ETF began trading on the New York Stock Exchange on Nov. 20, offering U.S. investors a way to invest in XRP without directly holding the token. On its first day, the ETF saw 1.14 million shares traded, totaling around $25 million in volume, below initial projections of $90 million due to market pressure.

The ETF is physically backed by XRP, held in custody by Coinbase, and aims to reduce manipulation risks by tracking the CME CF XRP-Dollar Reference Rate.

To attract early investors, Bitwise is waiving its 0.34% management fee for the first month on the first $500 million in assets. This launch builds on Bitwise’s expansion of its crypto product line, following a similar European XRP exchange-traded product introduced in 2022.

Crypto Snapshot

Large holders have been reducing positions, signaling caution during market volatility, according to analysts monitoring on-chain data.

Market participants are awaiting clearer technical signals to determine the next directional move for the following digital assets — each had a rough week.