Altcoins Update: XRP ETFs Hit $1B in Revenues Whales download Ethereum
XRP-linked ETFs surpassed $1B in net income, defying broader market gains. Ethereum sees significant downward pressure amid whale withdrawals. Broad markets are collapsing due to lack of liquidity.
Cryptocurrencies extended their weakness on Tuesday, with Bitcoin sliding towards $85k.
The value of all digital assets fell 3% last day to $2.96 trillion.
Even fundamentally sound projects are languishing on a daily basis due to feelings of not being able to sustain long-term volatility.
In the dramatic view, investors are becoming more defensive, reducing their exposure as institutional players spin the narratives that dominate the landscape.
This difference can be seen in leading altcoins, XRP and Ethereum.
Let's explore further.
XRP spot ETF revenues have reached the $1B mark
The Ripple token is scoring a rare enterprise victory amid broader market failures.
According to SoSoValue, XRP-linked exchange-traded funds have a combined revenue of $1 billion.
This is a milestone for the product which launched on November 13th.
Notably, XRP ETFs have recorded consistent daily gains since inception.
The high volume of flows, in such a short period of time, shows that expert investors are narrowing their focus and not exiting crypto completely.
XRP's compliant ETF structure makes it attractive to institutions seeking cryptocurrency exposure without having to deal with operational risks and protections.
More importantly, the earnings suggest a long-term positioning strategy, rather than chasing short-term price fluctuations.
Why XRP stands out
XRP's institutional appeal lies in its improved regulatory transparency and clear use cases.
Narratives are very important in secret sessions.
In fact, traditional investors will validate a payment-oriented blockchain ecosystem faster than speculative or experimental narratives.
In addition, EFAs provide transparency, compliance and liquidity and are critical to enterprises seeking to manage risk.
These features are valuable during volatile markets and have helped XRP-linked products absorb pressure when competitors exit.
Meanwhile, XRP is trading at $1.92 after losing 7% last week.
ETH was hit by heavy selling
While the XRP community is cheering for the dramatic influx, Ethereum is experiencing strong selling pressure as large holders reduce their exposure.
According to Lookonchain, BlackRock has staked 47,463 ETH for Coinbase Prime, worth approximately $140 million.
Markets interpreted the transaction as an arrangement to sell.
At the same time, the wallet associated with Konstantin Lomashuk sold 14,585 tokens, worth an estimated $42.71 million. Today, ETH is exchanged for $2,928.
Also, Lookonchain showed two whales that sold Ethereum to $40.82 million, 14,000 tokens earlier today.
The size and timing of these transfers have added to the dovish sentiments around the big altcoin.
These transactions coincide with an already weak market, highlighting the downward momentum for the ETH price.
Ethereum is trading at $2,928 after losing 3% and 6% over the past day and week, respectively.
