Bitwise Unloads $3.58M Worth of XRP Amid Prolonged Volatility

Bitwise, an influential crypto investment firm and one of XRP's largest ETF issuers, has made an unexpected move in the market. According to onchain data, as of Thursday, August 6, Bitwise sold off a portion of its XRP holdings worth approximately $3.58 million.

The sale comes amidst XRP's prolonged volatility, which has seen it continue to plummet, retesting levels not seen in weeks. Commentators believe that the consistent slowdown in XRP's price is sparking fear among both small and large holders, causing institutional investors to trade with caution.

Market participants view Bitwise's move as unusual given its consistent XRP purchases since the launch of XRP ETFs last year. However, they also believe that this could be a temporary shift in sentiment due to growing market uncertainty.