Bitwise unloaded roughly $3.58 million worth of XRP on Thursday as the token continued its slide. The move marks a sharp turn for the major crypto asset manager, which has been a consistent buyer since launching its XRP ETF late last year.
On-chain data flagged the sale during a weak trading session that saw funds flowing out of Bitwise's holdings. The timing caught traders off guard. An investment firm known for patient accumulation doesn't typically hit the sell button without reason, and XRP watchers immediately began parsing what it might mean. Some saw it as a signal that even institutional confidence was cracking.
XRP has been grinding lower for weeks now. August has historically been rough for the token year after year, and 2026 looks no different. The asset is currently hovering around $1.04, retesting levels it hadn't touched in weeks before the selloff. Market participants and commentators suggest the prolonged weakness has begun to spook both retail and larger holders alike, pushing institutional traders to move more cautiously.
That said, analysts believe Bitwise's move may be temporary rather than a philosophical shift. Broader sentiment has soured across markets, and a single sale doesn't necessarily reflect how the firm views XRP's long-term prospects amid the current uncertainty. The crypto world moves fast, and what looks like capitulation one day can reverse just as quickly.
This article is for informational purposes only and should not be construed as financial advice. Always conduct your own research before making investment decisions.
