Robert Mitchnick Interview Ignites Bitcoin ETF Surge & XRP Whale Moves – What’s Brewing?
Market dynamics shift as Robert Mitchnick’s comments send shockwaves through crypto. Bitcoin ETF flows swing bullish while XRP whales make suspiciously timed maneuvers.
Here’s the breakdown:
ETF Gold Rush: Institutional money floods into Bitcoin ETFs post-interview, suggesting Wall Street’s finally reading the memo about digital scarcity.
Whale Watching: XRP’s so-called 'decentralized' ledger shows billionaire-sized transactions – coincidentally timed with the interview buzz. How… organic.
Cynical take: When whales and suits move in unison, retail traders get to play the world’s most expensive game of musical chairs.
Bitcoin and XRP investors reduce selling
Following Mitchnick’s statement that the flows reversed significantly for Bitcoin spot ETFs, there was a noticeable shift in investment behavior. He emphasised at the Token2049 Dubai conference that initial inflows had come heavily from high-net-worth individuals and retail investors.
However, the share held by institutional and wealth advisory clients has been increasing recently.
Shortly after, reports surfaced of large-scale “in-kind” conversions. According to Mitchnick, more than $3 billion worth of Bitcoin had been moved into BlackRock’s platform via in-kind ETF transactions, allowing holders to convert coins into ETF shares without triggering a sale event.
On the other hand, although XRP was not directly commented on by Mitchnick, linking a specific interview to sudden flows, there were signs of unanticipated investment activity in the wake of his remarks. It was mainly linked to institutional crypto adoption being “still early” and that ETFs for XRP were “unconfirmed.” His background working with Ripple has the XRP army high on wishful thinking.
XRP whales have now reduced selling, easing $650 million in outflows. Also, new XRP ETF entries were seen on the Depository Trust & Clearing Corporation (DTCC).
This initiated the 20-day SEC review clock and increased confidence in speculating in the cryptocurrency market. Franklin Templeton, Bitwise, Canary Capital, 21Shares, and CoinShares were all listed on the DTCC.
To that end, more investors are adopting a “buy the rumor, sell the news” approach, driven by fears that a significant drop could follow any price rise.
Meanwhile, Bitcoin is up 1.1% in the past 24 hours, trading at $105,095. This is a welcome bounce after last week, when the asset dipped below $100,000 multiple times and Bitcoin ETFs saw $1.22 billion in outflows. XRP is also up 9.6% in the last 24 hours, now trading at $2.53.
Mitchnick asks new investors to refrain from leveraging
According to Mitchnick, new investors should be careful and patient in the crypto markets. He asserts that long-term investors gain more and are more secure than short-term traders who focus on leverage bets.
This has been seen mostly in the so-called Uptober that underperformed this year. For instance, one anonymous large trader on Binance, whose BTC-USDT long position was forcibly closed during the rout, reported realized losses of approximately $ 450 million.
This was one of the biggest individual liquidations. Another trader is said to have lost over $30 million in about 10 minutes due to cross-margin exposure and rapid price changes.
Earlier, as reported by Cryptopolitan, high-leverage crypto trader Wynn took a very large long position of approximately $1.25 billion on Bitcoin with 40× leverage. That position was liquidated when Bitcoin briefly dipped, resulting in a loss of approximately 949 BTC, worth $100 million.
Additionally, Wynn placed another leveraged long of approximately $100 million and lost $25 million in a liquidation event. He admitted publicly that his trading had basically become gambling.
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