Weekly Recap | Bitwise XRP ETF +11.33%, closing in on record highs
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Bitwise XRP ETF gained 11.33% this week to close at $17.59. The S&P 500 rose 1.21% over the same stretch, so the fund outperformed by about 10.12 percentage points. The week opened at $16.60, pushed to a high of $17.98 on Tuesday, then pulled back through Wednesday and spent Thursday and Friday chopping between $17.09 and $17.59. Daily volume averaged roughly 2.63m shares, about 2.6 times the median pace over the trailing window.
Sector News
Crypto traded firmly higher this week. Bitcoin briefly topped $87,000 and the broader market pushed past a $3 trillion total value. Two threads ran through XRP-specific headlines: the XRP Ledger batch upgrade entered a 14-day countdown, with Ripple confirming asset managers are prepared for the 5 October rollout, and XRP ETF inflows gathered momentum, drawing $38m over a three-day window. Spot XRP repeatedly tested the $1.50 to $1.60 area. Midweek, rising Treasury yields and firmer rate-hike odds weighed on risk assets, triggering one-day pullbacks in both bitcoin and XRP, though the weekly trend stayed up. Bitwise also refreshed the fund’s prospectus on Tuesday.
The Week Ahead
The macro calendar centres on housing and jobs data. On Tuesday 29 September, JOLTS job openings, FHFA home prices and consumer confidence are due; JOLTS printed 7.271m previously with a 7.24m consensus, while consumer confidence stood at 89.4 with a 90 forecast. Those prints will shape the market’s read on the Fed’s rate path and, through that, risk appetite in crypto. The XRP Ledger upgrade countdown also moves closer to its 5 October target, which could keep volatility elevated into the event.
In Short
This week’s gain sat between opposing forces. ETF inflows and the upcoming XRP Ledger upgrade gave the move an upward tilt, while rising bond yields and firmer rate expectations acted as a drag. The latest daily capital snapshot shows large-lot money as a net buyer and smaller lots as net sellers, a mixed picture rather than a clean signal. There is no usable PE or PB for this fund. The question ahead is whether asset-manager demand holds once the 5 October upgrade lands, and whether next week’s US jobs and housing data shifts the rate narrative.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.