ETF altseason? Solana, XRP funds buck crypto’s market sell-off

XRP has faced a significant sell-off, with major whale wallets offloading nearly 200 million XRP, valued at approximately $400 million, within 48 hours. This sell pressure has contributed to a 10.32% decline in XRP's price, dropping below the crucial $2 psychological level. The market sentiment remains bearish, exacerbated by the influx of sell-side liquidity from wallets holding between one million and ten million tokens.

Glassnode co-founders Jan Happel and Yann Allemann assert that the current cryptocurrency crash is driven by a singular source of sell pressure, primarily affecting Bitcoin. They argue that this situation reflects a mechanical unwind rather than a narrative shift in the market. Their analysis indicates that the sell-off is not a natural market response but rather a forced exit by a participant, as evidenced by unusual momentum indicators.

Market expert Vincent Van Code has warned that investors may soon lose the ability to purchase XRP directly through traditional retail channels. He predicts a shift towards institutional products as the primary means of accessing the cryptocurrency, indicating significant changes in the market landscape.

ETH price has fallen to a four-month low, reaching levels not seen since July. Despite this decline, futures data suggests a potential bounce back to $3,200 for Ether, indicating possible market resilience.

Analysts have observed a 15% surge in XRP's price, attributed to the reappearance of a key metric that has historically indicated short-term rebounds. Crypto expert Dom noted that this pattern has consistently led to price recoveries of at least 10%. Despite recent volatility in the broader cryptocurrency market, XRP has shown resilience, maintaining trading levels above $2.

Coinbase has acquired Vector, a decentralized trading platform built on the Solana blockchain, for an undisclosed amount. This acquisition marks Coinbase's continued investment in Solana, following previous purchases of Deribit and Echo. The move is part of Coinbase's strategy to enhance its offerings in the cryptocurrency market.

Analysts have stated that recent outflows from Bitcoin exchange-traded funds (ETFs) are a result of tactical rebalancing rather than a sign of institutional flight. They emphasize that these outflows reflect short-term price movements and do not indicate a decrease in institutional demand or structural issues within the Bitcoin market.

A rare death cross has been confirmed on Bitcoin’s price chart, indicating that the bear market may have officially begun. This technical pattern occurs when a short-term moving average crosses below a long-term moving average, suggesting a potential decline in price. The market sentiment remains negative as traders speculate on the future of Bitcoin amidst this bearish trend.