Whale panic hits XRP despite ETF boost

November 27, 2025

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XRP faces heavy whale selling even as ETF demand surges

Key points:

  • XRP whales sold more than 2.20 billion tokens in November, the highest monthly distribution since March 2023.

  • Despite record selling pressure, newly launched XRP ETFs absorbed strong inflows, driving exchange reserves on Binance to a one-year low.

News - XRP spent the week balancing two conflicting forces. On one hand, large-wallet holders offloaded 2.20 billion tokens in November, equal to more than $4 billion in value, marking the most intense monthly sell-off in over a year. This wave of distribution pulled XRP into a fragile position, supported only by renewed interest following the launch of spot XRP ETFs.

Whale addresses holding between 1 million and 10 million XRP reduced their combined supply to a 32-month low of 4.39 billion tokens. Analysts warn that high-value wallets remain unconvinced about a sustained recovery.

At the same time, ETF demand has accelerated. Exchange data shows XRP reserves on Binance fell to a 12-month low of 2.71 billion tokens after the ETFs went live. 

Four major products recorded nine straight days of positive inflows, resulting in more than $670 million in combined assets. Nearly 80 million XRP were absorbed on launch day alone, outpacing recent inflows seen in competing altcoin ETFs.

XRP’s price trades near $2.20, capped by resistance at $2.28 while holding support around $2.14. Analysts point out that ETF buying has helped prevent deeper declines during the recent selling cycle.

RLUSD gains institutional ground - Ripple’s stablecoin RLUSD reached a market cap of $1.26 billion in November, coinciding with its regulatory approval for institutional use within Abu Dhabi’s international financial center. 

Under the new designation, RLUSD can be used as collateral, in lending flows, and across prime brokerage platforms operating within the ADGM framework. Issuance has expanded on both Ethereum and the XRP Ledger, although recent growth has been more pronounced on Ethereum. 

Analysts note that continued institutional adoption could position RLUSD among the top stablecoins if the current trajectory persists.

Why whale behavior matters - XRP’s Net Unrealized Profit or Loss recently dipped into the Fear zone before showing a mild rebound. Historically, this area has produced either strong recoveries or deeper capitulation. Whether whales continue selling or pause distribution will influence the next directional move.

ETF momentum vs supply pressure - ETF inflows have become a structural counterforce to whale selling. If sustained, these products could help stabilize price above the $2 level. However, continued distribution from large wallets heightens the risk of XRP revisiting $2.14 or even the $2 psychological area.

Bitcoin reclaims $90K as ETF profits return and rate-cut bets surge

Key points:

  • Bitcoin’s climb back above $90,000 pushed BlackRock IBIT holders into a cumulative profit of $3.2 billion.

  • Markets now price an 85% chance of a December Fed rate cut, helping fuel Bitcoin’s recovery from the $80,000 lows.

News - Bitcoin recorded a strong pre-holiday rebound this week, rallying from recent lows of $80,000 to retake the $90,000 level for the first time in seven days. The recovery restored profitability for major ETF holders, with BlackRock’s spot Bitcoin ETF investors returning to a positive cumulative position after sitting near break-even earlier in the week. 

On-chain data from Arkham shows IBIT buyers are now up roughly $3.2 billion, easing pressure on the market after weeks of sustained selling.

Spot Bitcoin ETFs also posted two consecutive days of inflows, the first time in two weeks. The modest $21 million inflow follows sharp improvements from the heavy outflows recorded earlier in November. 

Analysts at Standard Chartered noted that ETF inflows were the primary force behind Bitcoin’s momentum throughout 2025, further strengthening sentiment as the asset climbs.

Macro forces are contributing to the turnaround. Markets now assign an 85% probability to a 25 basis point rate cut at the Federal Reserve’s December 10 meeting. This shift in expectations has supported risk assets broadly, with Bitcoin breaking above $90,000 in step with a fourth straight daily gain in the S&P 500.

Market structure remains fragile - Despite the bounce, analysts caution that Bitcoin must reclaim the $100,000 to $105,000 zone to avoid revisiting deeper support near $80,000. Glassnode highlighted that short-term holder loss ratios remain compressed, signaling weaker liquidity and fading demand that resemble the conditions seen in early 2022.

Resistance near $95K and ETF dynamics - Bitcoin now tests resistance at $91,000 to $93,000, with analysts watching whether it can build momentum toward $95,000. QCP Capital noted that more than $241 million in short liquidations helped power the move higher, although ETF-related distribution may still limit upside beyond the mid-$90,000 region.

Solana ETFs see first outflow as market shifts and security fears surface

Key points:

  • Solana ETFs recorded their first net outflow of $8.1 million, ending a 21-day inflow streak supported largely by Bitwise and Grayscale products.

  • The setback comes as Solana faces new security concerns, including a malicious browser extension and a $36 million Upbit hot-wallet breach.

News - Solana ETFs logged their first negative day since launch, posting $8.1 million in net outflows and breaking a 21-day streak of uninterrupted institutional buying. The reversal was driven almost entirely by a $34.37 million redemption from 21Shares’ TSOL fund, which has now accumulated $26 million in net outflows since debut. 

Other issuers offset part of the impact, with Bitwise’s BSOL taking in $13.33 million and Grayscale’s GSOL drawing $10.42 million. Combined ETF assets remain close to the $915 million level referenced in recent data, representing about 1.15% of Solana’s $79 billion market cap.

Despite the ETF setback, SOL held relatively steady near $141 to $143, in line with CoinGecko and market data showing a 3.6% daily gain. Analysts noted that Solana’s 30-day performance remains negative, with the asset still down more than 50% from its peak at $293.31. 

Market experts added that Solana is often viewed as a higher-beta altcoin, making it more vulnerable when investors rotate toward assets with stronger regulatory clarity.

Security threats hit Solana ecosystem - A new malicious Chrome extension called Crypto Copilot has raised fresh alarms. The tool allows users to execute Solana swaps directly from their X feed but secretly inserts a second instruction to skim exactly 0.0013 SOL, or 0.05% of each trade. 

Socket Security noted that the extension has been active since June 18, 2024, and submitted a takedown request to the Chrome Web Store.

Upbit breach adds pressure - Confidence was further tested after Upbit froze deposits and withdrawals following a $36 million Solana hot-wallet breach. The exchange confirmed the loss but assured users it would fully reimburse affected balances while security reviews continue. 

The incident surfaced just as Upbit’s parent company Dunamu finalized a $10.3 billion acquisition deal with Naver and announced plans for a US-based IPO.

Australia unveils landmark crypto bill to close regulatory gaps and protect investors

Key points:

  • Australia introduced a new digital assets bill that brings crypto platforms under full financial services oversight, requiring most providers to obtain an Australian Financial Services Licence.

  • The framework creates two new regulated product categories and exempts only small, low-risk operators handling under $5,000 per customer and less than $10 million in annual transactions.

News - Australia has introduced a sweeping new digital assets framework, unveiling legislation designed to remedy regulatory gaps that previously left billions in customer funds exposed. 

The Corporations Amendment (Digital Assets Framework) Bill 2025 aims to bring exchanges, custody platforms, and tokenisation providers under the country’s existing financial services laws.

The bill was introduced to Parliament by Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino, who emphasized its importance in safeguarding investors and modernizing Australia’s financial system. 

Under the proposal, crypto firms that hold customer assets or facilitate trading will be required to secure an Australian Financial Services Licence and meet standards for custody, settlement, client disclosures, and asset protection. The government says this structure is intended to prevent failures similar to FTX and Celsius, which left thousands of Australians with virtually no path to recovery.

The framework also introduces two new financial product categories under the Corporations Act: digital asset platforms and tokenised custody platforms. These encompass operators that hold clients’ crypto and services issuing tokenised versions of traditional assets like bonds or property. 

Licensed providers must follow ASIC’s custody and settlement requirements, which set expectations for safeguarding assets, executing trades, handling client instructions, and sourcing liquidity.

Exemptions and industry response - Platforms will be exempt from licensing if they hold less than $5,000 per customer and process under $10 million in annual transaction volume. Officials and industry contributors say these thresholds allow early-stage, lower-risk projects to operate without full licensing obligations.

Industry reaction has been supportive of the regulatory clarity, but experts note the bill still leaves open questions regarding compliance costs, definitional precision, and the scope of discretionary powers. Some analysts warn that Australia may still lag behind faster-moving jurisdictions unless future reforms tackle remaining gaps such as tax treatment.

Economic impact and policy direction - Government officials highlighted that Australia could unlock up to $24 billion a year in productivity and cost savings by modernizing its digital finance infrastructure. 

The legislation also aligns with the country’s broader digital assets roadmap and follows earlier ASIC guidance aimed at strengthening oversight of custody and yield products. Mulino emphasized that clearer standards could attract investment and create new jobs, positioning Australia to compete globally while reinforcing consumer protection.

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Interesting facts

  • Global regulators say tokenization is creating new risks, not just efficiencies - The International Organization of Securities Commissions warned in November 2025 that asset tokenization can confuse investors about what they actually own and create new counterparty risks, especially as more traditional assets are mirrored on crypto rails.

  • OCBC launched a $1 billion blockchain-based commercial paper program - OCBC set up a $1 billion digital US commercial paper program that uses blockchain for issuance and settlement, letting the bank tap the USCP market and receive dollar funding within minutes instead of days.

  • Dubai’s DAMAC is tokenizing $1 billion in real estate and data center assets - Dubai-based developer DAMAC signed a $1 billion deal with the MANTRA blockchain this year to tokenize its properties and data centers in the Middle East, as part of Dubai’s push to become a global hub for digital and crypto assets.

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Top 3 coins of the day

Flare (FLR)

Key points:

  • FLR moved up to around $0.0149 after extending its rebound above the 9-day SMA, marking a shift from its mid-November lows.

  • Stochastic RSI hovered in the overbought zone, while volume showed steady buying interest rather than a sharp accumulation spike.

What you should know:

Flare continued to recover after bouncing from the $0.0122 to $0.0125 region earlier this month. The price closed above the 9-day SMA at $0.0134 and held this level throughout the session, confirming short-term improvement in momentum. The Stochastic RSI climbed toward its upper bound, reflecting strong buying pressure even as overbought readings increased the chance of minor pullbacks. Volume remained consistent and supported the move without signaling excessive speculation. Beyond the chart, cautious optimism came from progress within the XRPFi ecosystem, which boosted sentiment around Flare’s utility. Traders now monitor the resistance zone near $0.0159 to $0.0160. A clear close above this area would strengthen the ongoing reversal, while failure to hold the 9-day SMA could shift attention back to the $0.0130 region.

Virtuals Protocol (VIRTUAL)

Key points:

  • VIRTUAL edged up to about $1.00 after extending its rebound from the lower Bollinger Band near $0.76, marking a steady recovery attempt.

  • The CMF stayed in negative territory at -0.20, while volume held relatively stable across the session.

What you should know:

VIRTUAL proceeded with its climb from recent lows after bouncing off the lower Bollinger Band around $0.76. The price remained below the middle band at $1.12, showing that upside momentum had not yet reclaimed the short-term mean. The Chaikin Money Flow stayed below zero, signaling that capital outflows persisted despite the latest price improvement. Daily volume hovered near 22.79M, reflecting participation without a decisive accumulation spike. Away from the chart, confidence improved after Virtuals Protocol fully compensated users affected by its recent security incident, easing concerns around platform stability. Traders now watch whether VIRTUAL can challenge the middle Bollinger Band. A close above $1.12 would strengthen the recovery, while a drop back toward $0.90 could keep the token in a consolidation phase.

Avalanche (AVAX)

Key points:

  • AVAX was last seen trading at $14.96 after a steady intraday climb, showing a mild improvement from recent lows.

  • The Awesome Oscillator continued to recover toward the zero line, while AVAX stayed above its 9-day SMA.

What you should know:

AVAX’s price ticked higher as buyers stepped back in after defending the $14 region. The candle closed slightly in the green, and the move kept the token positioned above the 9-day SMA at $13.98. This placed AVAX on firmer footing after a month-long decline. The Awesome Oscillator also showed improving momentum, with green bars building toward the zero level. A few external drivers supported sentiment as well. Securitize’s EU approval for its tokenized trading system on Avalanche added credibility to AVAX’s regulatory narrative, while Bitwise’s updated ETF filing drew attention to institutional demand. Additionally, treasury firms continued accumulating AVAX through November, reinforcing long-term confidence. Going forward, traders will watch for a push toward $16, with $14 remaining the key support zone.

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