Crypto goes red: BTC, ETH, XRP, SOL keep spiraling, but institutional interest stays resilient

The crypto market continues to bleed, with Bitcoin trading just above $83,000 while roughly $2 billion in leveraged positions were wiped out. The sell-off triggered major outflows from spot ETFs, including $903.1 million from Bitcoin products and another $261.6 million from Ethereum-based funds.

On-chain metrics from Glassnode indicate that BTC’s realized losses have surged to levels last seen during the FTX collapse, as short-term holders unwind positions aggressively.

Ethereum, Solana, XRP struggle to hold key levels

Ethereum is stuck near $2,700, facing firm resistance around $3,200. Solana and XRP also slipped below their critical support zones, with rising selling pressure adding to the downside momentum.

Despite the red screens across majors, institutional interest remains surprisingly strong.

Bitwise launches XRP ETF on the NYSE

A new XRP-focused ETF debuted this week, signaling continued appetite for crypto exposure even in a weakening market.

The Bitwise XRP ETF made its first appearance on the New York Stock Exchange on Nov. 20, logging 1.14 million shares traded – about $25 million in volume. Although below the projected $90 million due to market turbulence, the launch remains notable.

Backed physically by XRP held in Coinbase custody, the ETF tracks the CME CF XRP-Dollar Reference Rate to reduce manipulation risks. Bitwise is also waiving its 0.34% management fee for the first month on the first $500 million in assets to attract early investors.

Large holders reduce exposure as volatility rises

Analysts say whales have been trimming positions, a cautious stance amid elevated volatility. Many traders are waiting for clearer technical signals before positioning for the next major move.

Crypto snapshot

Below are the weekly performance metrics for key digital assets — all of which saw significant declines over the past seven days: