Bitwise Makes Biggest XRP Purchase in October

Bitwise has expanded its XRP exposure again as institutional investors appear to have shown renewed interest during the last ETF trading session.

After a few days of staying silent, recent market data shows that Bitwise has bought more XRP than it has done so far this month, even though the market is currently volatile.

Bitwise attracts more capital 

Although XRP has failed to sustain the uptrend seen during the weekend, institutional investors remain convinced about its future price potential.

As such, they have continued to expand their XRP exposure through Bitwise, as data shows that Bitwise has bought over $10.55 million worth of XRP.

The purchase came after Bitwise attracted fresh capital into the XRP ETF market, representing the sole capital contributor among all XRP ETFs, as major funds like Franklin Templeton and Canary Capital only recorded withdrawals for the day.

Notably, the move represents the largest XRP purchase Bitwise has made since October began, as it had only recorded little to no inflows in the past few days.

XRP turns bearish 

While the size of the recent XRP purchase from Bitwise is not entirely significant, the timing of the transaction has made it most noticeable, as it suggests that investors may be buying XRP’s dip.

Despite trading above $1.50 earlier this week, XRP has suddenly reversed to a deeper price level in the last day, dropping to around $1.43 earlier today.

The subtle XRP ETF demand through Bitwise marks a major divergence from its current price movement, sparking curiosity about XRP’s price potential for the rest of the month.