Bitcoin Reclaims Short-Term Holder Cost Basis—What It Means
Bitcoin's price rises above short-term holder cost basis, signaling gains.
NewsBTC1 min read
Bitwise Breaks XRP ETF Silence as Price Battles Critical 200-Week Average vs Bitcoin
TL;DR
Bitwise Asset Management's XRP fund recorded inflows of $2.42 million despite the XRP ETF sector showing no activity for two days. This comes as XRP's price struggles against its critical 200-week average compared to Bitcoin.
Key points
- Bitwise XRP fund recorded $2.42 million inflows
- XRP ETF sector has shown zero activity for two days
- XRP price is battling its 200-week average
- Spot Bitcoin ETFs have seen significant inflows
- Bitwise's fund is the only active XRP investment
Mentioned in this story
Bitwise Asset Management
On the crypto derivatives market, a rare anomaly has been recorded. While the XRP ETF sector has shown "zero" activity for the second consecutive day, a fund from Bitwise Asset Management alone delivered inflows of $2.42 million according to SoSoValue. This isolated spike in interest is occurring at a moment when the XRP/BTC chart has touched its fundamental boundary.
While giants like BlackRock and Fidelity Investments continue to vacuum up the Bitcoin market, spot BTC ETFs have closed their seventh consecutive day in the green, with yesterday's inflows exceeding $85 million for select funds alone. In contrast, the Ripple ecosystem is experiencing a lull.
Lone bet on XRP's survival
The only exception is Bitwise. Against a backdrop of absolute zeros among competitors, its XRP fund continues to methodically accumulate assets, ignoring the overall passivity of issuers. This may indicate a targeted entry by a large strategic investor that prefers XRP specifically through the Bitwise structure.
Total XRP Spot ETF Net Inflow, Source: SoSoValue
The intrigue is reinforced by XRP's position on the chart against Bitcoin. Right now, the pair is trading around the 200-week moving average, a key indicator of the long-term trend. A move below this line could signal XRP's capitulation against Bitcoin and a transition into a prolonged depression phase.
Q&A
What caused the $2.42 million inflow in Bitwise's XRP fund?
The inflow is attributed to a potential targeted investment by a large strategic investor, as the XRP ETF sector remains inactive.
How does XRP's price compare to Bitcoin currently?
XRP's price is battling its critical 200-week average while the XRP/BTC chart has reached a fundamental boundary.
What is the current state of the XRP ETF market?
The XRP ETF market has shown zero activity for two consecutive days, contrasting with significant inflows in Bitcoin ETFs.
