XRP 'Alone in Buying Spree' Amidst $1.4 Billion ETF Outflows... Bitcoin and Ethereum on Bearish Alert

▲ XRP (XRP, ETF/ChatGPT generated image)

The cryptocurrency market lost $150 billion in market capitalization in just one week due to a simultaneous exodus of funds from Bitcoin (BTC) spot ETFs, Ethereum entering a bearish phase, and a surge in XRP buy orders.

According to crypto media outlet Coingape on May 30 (local time), cryptocurrency market prices lost $150 billion in market capitalization over six days leading up to May 30. Bitcoin fell to $72,500 as $1.4 billion in funds exited Bitcoin spot ETFs, and Ethereum (ETH) dropped to $2,000, entering a bearish zone.

According to SoSoValue data, Bitcoin spot ETFs recorded net outflows of $1.42 billion since May 25. Bitcoin spot ETFs showed fund outflows for 10 consecutive trading days for the first time since 2024, and the Morgan Stanley Bitcoin ETF also saw its first negative flow with a net outflow of $5.26 million on May 29.

Glassnode explained that institutions are not buying ETFs due to a lack of spot exchange buying demand. Bloomberg analyst Eric Balchunas said, “Large funds, institutions, and advisors do not want technology stock-like returns from Bitcoin. Such returns can be obtained from QQQ, etc. They want returns similar to gold.”

Ethereum fell below $2,000 on May 28, and Ali Martinez stated that if the weekly closing price forms below $1,850, Ethereum could fall to $1,560. CryptoQuant analyzed that Ethereum's estimated leverage ratio rose to 0.74 and assessed that price movements are more significantly swayed by derivative positions than actual market demand. CryptoQuant added that a Relative Strength Index (RSI) of 31 indicates Ethereum's entry into an oversold zone.

In the XRP market, spot buy orders outnumbered sell orders by 7 times, but Coingape reported that this was driven by expectations following Stellar (XLM)'s rise rather than a strong market structure. XLM rose by 33% amid news of collaboration with DTCC on stock tokenization, creating expectations in the market that XRP could follow XLM's upward trend. However, the XRP long-short ratio remained in negative territory since May 3, and bearish positions continued to dominate in the futures market.

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