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Market overview: major cryptocurrencies drop amid heavy liquidations
Bitcoin has slipped to just above $83,000 as a fresh wave of liquidations swept the market, totaling roughly $2 billion. The sell-off triggered significant outflows from crypto exchange-traded products: about $903.1 million exited Bitcoin spot ETFs while Ethereum-focused funds lost roughly $261.6 million. On-chain analytics show realized losses for Bitcoin have spiked to levels last seen around the FTX collapse, reflecting short-term holders unwinding positions.
Realized losses and on-chain signals
Data from blockchain analytics provider Glassnode indicates a sharp rise in realized losses, often a sign of capitulation by short-term holders. Large wallets have been trimming positions, and trading activity shows elevated selling pressure across several top-cap tokens. These metrics are critical for institutional and retail traders watching on-chain indicators to time entries and exits.
Altcoin performance: ETH, SOL and XRP under pressure
Ethereum is trading near $2,700, facing resistance around $3,200. Solana and Ripple's XRP both fell below key support levels amid heavy volume, signaling increased volatility for high-beta assets. Market participants are watching technical levels and liquidity to gauge whether the sell-off will deepen or stabilize.
Institutional demand persists despite market weakness
Institutional interest hasn’t evaporated. The week saw the launch of an XRP-focused exchange-traded fund on the New York Stock Exchange, providing U.S. investors a regulated way to gain exposure to XRP without holding the token directly. The Bitwise XRP ETF recorded about 1.14 million shares traded on day one — roughly $25 million in volume, below initial estimates due to broader market headwinds.
Bitwise XRP ETF details
The ETF is physically backed by XRP held in custody with Coinbase and references the CME CF XRP-Dollar Reference Rate to mitigate price manipulation risks. Bitwise is waiving its 0.34% management fee for the first month on the first $500 million of assets to attract early flows, building on the firm's prior launches in the space.
Short-term outlook and trader takeaways
Crypto investors should watch on-chain metrics, ETF flows, and technical support zones. While short-term sentiment is negative — with top assets showing weekly declines — robust institutional vehicle launches suggest continued structural demand for crypto exposure. Traders should manage risk, monitor realized losses and large-holder activity, and be prepared for volatility in Bitcoin, Ethereum, Solana, XRP and other leading tokens.
Source: crypto
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