Bitwise, a renowned crypto investment firm and one of XRP’s biggest ETF issuers, has made an unexpected move that has sparked concerns across the XRP community.
As of Thursday, August 6, latest onchain data has shown Bitwise selling off a portion of its XRP holdings worth about $3.58 million as XRP continues trading low.
Is Bitwise bearish?
The XRP sale by Bitwise has sparked reactions across the crypto community as the move comes as unusual activity from the company, considering its consistent XRP purchases since the XRP ETFs launched late last year.
Nonetheless, the move arrived amid XRP’s prolonged volatility, which has seen it continue to plunge deeper, retesting levels not seen in weeks.
As such, commentators believe that the consistent slowdown in XRP’s price is beginning to spark fear among both small and large holders, causing institutional investors to begin trading with caution.
While such a move is rarely seen from Bitwise, market participants believe that the move could be temporary due to a broader shift in sentiment, and hence it does not define how the company views XRP amid the growing market uncertainty.
XRP in August
Although XRP started August on a stronger footing, its price over the past few days has continued to weaken significantly, causing it to test levels not seen in weeks.
While historic data shows that August has consistently been one of XRP’s worst-performing months year over year, it appears that the asset is about to repeat the same negative trend this August as the asset is back to trading around $1.04.
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