Bitwise Sells $3.58M XRP, Breaking Continuous Buying Streak Since ETF Launch

Bitwise divested $3.58M in XRP amid market downturn, shifting from consistent accumulation. Analysts attribute sale to shareholder redemptions rather than strategic change.

Woofun AI data shows that investment firm Bitwise sold approximately $3.58 million worth of XRP on Thursday, marking a departure from its continuous purchasing pattern since the launch of its exchange-traded funds late last year. On-chain records confirm this reduction occurred during a session characterized by widespread downward pressure on the asset.

Institutional analysts indicate that such liquidations typically result from direct redemption requests by fund shareholders rather than discretionary strategic shifts. While XRP trades near $1.04, a technical support level not seen recently, Bitwise remains a major holder in the Ripple ecosystem. Market observers note that August historically shows weak performance for the token, and investors are monitoring upcoming SEC filings for further clarity on reserve adjustments.