Core Insights - XRP is experiencing significant selling pressure, trading 7% down since the start of 2025, with a 6-month downtrend despite positive inflows into spot XRP ETFs [1] - The current market cycle risks ending a two-year bull run for XRP, which saw gains of 81% in 2023 and 238% in 2024, but is now showing negative returns [2] - High selling activity in Q4 led to a drop in investor confidence, with many XRP holders exiting positions at a loss, indicating a shift in investor behavior [3][4] Market Activity - The trading activity on the XRP Ledger has declined, with active transacting addresses falling to a monthly low of 34,005, suggesting reduced participation from both retail and institutional investors [5] - Despite the selling pressure, US-based spot XRP ETFs have recorded strong inflows, totaling $1.13 billion since their launch, with assets under management reaching approximately $1.25 billion [6] - Canary Capital's spot XRP ETF (XRPC) leads in net inflows, followed by offerings from Bitwise and Grayscale, indicating a rotation of institutional capital into XRP ETFs from Bitcoin and Ethereum [7]

Group 1 - Leading whales on Hyperliquid have shifted from very bearish to slightly bearish, with cumulative long positions reaching $2.14 billion and short positions at $2.43 billion [1][2] - Smaller wallets, totaling over 300,000 addresses, are strongly bullish, indicating a potential increase in market volatility due to whale influence on token prices [2] - A notable Bitcoin whale increased their Ethereum long position to 67,103 ETH, valued at approximately $210 million, reflecting a significant bullish sentiment [2][3] Group 2 - The crypto market has been in bearish conditions since the October 10 selloff, with Bitcoin trading 29% below its all-time high, although a recent break above $92,000 is viewed positively by analysts [4] - Strategy, a leading Bitcoin treasury company, purchased 10,624 BTC on December 8, contributing to a cooling of bearish sentiment in the market, while total crypto liquidations decreased by 57% to $208 million [5] - Lower liquidations suggest reduced speculation, with traders awaiting macro catalysts such as the upcoming US CPI report scheduled for December 10 [6]