Connect with us
DAPA Banner

Crypto World

$5 Billion XRP Selling Pipeline Detected on Upbit: Price Impact

Published

on

XRP/KRW Selling on Upbit

XRP (XRP) price extended its slide on Wednesday, adding to a downtrend that has erased 44% of its value over the past year.

Amid this, a market analyst has highlighted unusual trading activity emerging from South Korea’s largest crypto exchange, raising questions about its potential impact on XRP’s price dynamics.

Sponsored

Sponsored

Advertisement

Study of 82 Million Trades Flags Structural Selling in XRP/KRW Market on Upbit

Crypto analyst Dom claims to have uncovered what he describes as a nearly year-long, multi-billion-dollar XRP selling pipeline. In a thread published on X (formerly Twitter), Dom said his findings are based on 82 million tick-level XRP/KRW trades on Upbit, alongside 444 million trades from Binance for comparison.

According to his analysis, Upbit’s XRP pair has recorded a net negative cumulative volume delta every month for the past 10 months. 

“It started with yesterday’s price action. -57M XRP in CVD over 17 hours. It looked insane. So I ran forensic queries – bot fingerprinting, iceberg detection, wash trade checks. The selling was real. Algorithmic. 61% of trades fired within 10ms. Single bot running 17 hours straight with one 33-second pause,” he wrote.

XRP/KRW Selling on Upbit
XRP/KRW Selling on Upbit. Source: X/Dom

Dom highlighted several months with particularly heavy negative cumulative volume delta (CVD), including April (-165 million XRP), July (-197 million XRP), October (-382 million XRP), and January (-370 million XRP). In total, he reports that only 1 of 46 weeks in the sample period showed net positive buying pressure.

“And it’s not ‘the market’ – Binance XRP/USDT carries 2-5x less sell pressure on the same coin (shocker). In June, Binance was net positive while Upbit bled -218M. The hourly correlation between the two venues is only 0.37. Upbit’s flow is largely its own thing,” the post added.

Dom argues the selling appears algorithmic. Between 57% and 60% of trades were executed within 10 milliseconds, a pattern typically associated with automated systems. He also observed that sell orders frequently appeared in round-number sizes such as 10, 100, or 1,000 XRP.

Sponsored

Advertisement

Sponsored

Meanwhile, buy orders were often fractional amounts like 2.537 XRP, consistent with KRW-denominated retail purchases.

“Ten million fractional buy orders over 10 months. Compared to the sell side running mechanical round number clips. Two completely different profiles trading against each other on the same venue,” the analyst added.

Furthermore, the analyst noted that from April to September, XRP on Upbit reportedly traded at a 3% to 6% discount to Binance, a “reverse Kimchi Discount.”

“The sellers were accepting 6% worse fills than available on global markets, for many months. They don’t care about the price. They need KRW, are mandated to use Upbit, and/or are Korean holders taking profit,” he stated. “Then October 10 happened. The premium has only briefly gone negative since and the sellers? They doubled their daily rate. From -6.3M/day to -11.2M/day.”

He estimates that the overall activity accounts for 3.3 billion XRP, worth $5 billion, in “net selling.” This represents about 5.4% of the token’s circulating supply. While Dom does not identify a specific entity behind the activity, he describes the flow as consistent, 24/7, and infrastructure-like rather than discretionary trading.

Advertisement

Sponsored

Sponsored

“So who has enough XRP to sell 300-400M per month for a year straight, doesn’t care about 6% discounts, runs identical algo infrastructure 24/7 and needs KRW specifically or is in some walled garden and can only use Upbit? AND who are they selling to? Who’s been on the other side of that trade? It could be 1 entity, 50 entities or 10k people I’ll let you speculate,” Dom remarked.

Why Does This Matter?

This matters because sustained, large-scale selling may influence price dynamics over time. A consistent flow of sell orders may limit upward momentum, intensify declines during periods of market stress, and absorb buying demand before it translates into meaningful price appreciation. 

The impact is particularly relevant given that XRP was the most traded asset on Upbit in 2025. If this pattern is accurate, it would suggest that a significant source of supply has been active within one of the world’s most active XRP markets, with retail participants frequently on the opposite side of those trades. 

Advertisement

Should that selling pressure decrease or stop, overall market behavior could shift as the balance between supply and demand adjusts.

Sponsored

Sponsored

The findings come as XRP balances on Upbit have reached a one-year high, exceeding 6.4 billion XRP, accounting for nearly 10% of the circulating supply.

Advertisement
XRP Reserves on Upbit
XRP Reserves on Upbit. Source: CryptoQuant

In contrast, exchange reserves continued to decline on Binance, reflecting a divergence between Korean XRP investors and participants in other markets.

Taken together, the reported structural selling on Upbit and the rise in XRP balances on the exchange point to a sustained flow of tokens circulating within that venue. At the same time, contrasting reserve trends and accumulation patterns observed on other exchanges highlight a divergence in regional market behavior. 

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Bitcoin ETFs to surpass gold ETFs in size

Published

on

Crypto Breaking News

Bitcoin spot ETFs may soon surpass gold ETFs in assets under management, fracturing the long-standing narrative that “digital gold” is a perfect stand-in for investors seeking a safe haven. Bloomberg ETF analyst James Seyffart shared the view in an interview linked to the Coin Stories podcast, arguing that Bitcoin’s multiple use cases — from store of value to growth asset and liquidity driver — create a broader appeal than gold, which the market typically frames in a single light.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the podcast. He emphasized Bitcoin’s roles as a store of value, a portfolio diversifier, a form of digital capital, and even a growth-risk asset, suggesting that the crypto may attract a wider spectrum of investors than gold over time. While gold has historically served as a hedge against monetary debasement, Bitcoin’s evolving narrative as both a digital asset and a potential macro hedge underpins the case for larger ETF demand in the years ahead.

Key takeaways

  • Bitcoin ETFs could grow to exceed gold ETFs in total assets under management as demand broadens beyond the traditional “digital gold” story, according to James Seyffart, a Bloomberg ETF analyst.
  • March ETF flows show divergent momentum: U.S. spot Bitcoin ETFs attracted about $1.32 billion in net inflows, while U.S. gold ETFs recorded net outflows of roughly $2.92 billion.
  • A single-day move underscored fragility in precious metals: GLD, the flagship gold ETF, posted a $3 billion withdrawal on March 4, the largest daily outflow in more than two years.
  • Longer-run macro signals remain mixed, with data suggesting a rotation dynamic between gold and Bitcoin rather than a single clear trend; Fidelity highlighted a historical pattern of leadership rotating between the two assets.

Flow dynamics in March: what they reveal about narrative shifts

The contrast in March ETF flows underscores shifting investor appetites for duration, liquidity, and narrative potential. Gold ETFs in the United States posted net outflows totaling about $2.92 billion in March, signaling renewed challenges for the traditional safe-haven metal in a period of evolving macro cues. In the same month, US spot Bitcoin ETFs drew approximately $1.32 billion in net inflows, illustrating a growing appetite for crypto exposure in diversified portfolios.

The divergence sits against a broader context in which Bitcoin and gold have moved more cohesively in recent weeks despite the divergent flows. The data points to a market that is re-evaluating the roles of these two hedges and growth assets in a landscape of persistent inflation concerns, evolving monetary policy expectations, and expanding acceptance of crypto-based investment products.

Gold’s pullback and retail versus institutional dynamics

Several pressures shaped gold’s March performance. The largest daily outflow in over two years hit GLD on March 4, reflecting sell-side and perhaps macro rotation pressures that have periodically punctured the gold regime. Meanwhile, more broad-based BIS data — cited by Cointelegraph — show retail gold purchases tripling over the past six months, while Wall Street selling has accelerated over the last four months. The juxtaposition implies a nuanced narrative: retail demand remains resilient even as institutional appetite shifts toward crypto exposure and related investment vehicles.

Advertisement

These dynamics sit alongside anecdotal expectations that a growing cadre of investors view Bitcoin as a “growth risk asset,” complementary to its role as a hedge-friendly reserve. The evolving taxonomy — Bitcoin as a stores of value, digital currency with intrinsic scarcity, and liquidity-rich growth asset — contributes to a broader array of reasons to own a Bitcoin ETF beyond simply “digital gold.”

Price action and broader market context

As of publication, Bitcoin traded around $66,918, down about 8% over the prior 30 days, according to CoinMarketCap data. Gold hovered near $4,676 per ounce, down about 8.25% over the same period, per GoldPrice metrics. The near-term move preserves the sense that both assets have faced headwinds in a mixed macro backdrop, yet the flow data suggests that investor interest in Bitcoin ETFs remains persistent and possibly expanding even as gold faces episodic outflows.

The longer-term rotation story received some color from Fidelity Digital Assets analyst Chris Kuiper. In December 2025, Kuiper noted that historically gold and Bitcoin have rotated leadership, with gold performing strongly at times and Bitcoin catching up in others. That framework remains relevant as market participants weigh regulatory clarity, ETF availability, and the evolving ecosystem around Bitcoin-based investment products.

Implications for investors and markets

The potential overtaking of gold ETFs by Bitcoin ETFs in AUM would mark a notable shift in how investors allocate capital in search of diversification, liquidity, and growth exposure. If Bitcoin ETFs continue to capture inflows beyond the “digital gold” narrative, the market could see a broader base of participants embracing crypto exposure through regulated vehicles. This would not only change the composition of ETF portfolios but could also influence liquidity, product development, and the pace at which financial institutions bring more crypto-enabled offerings to retail and high-net-worth investors alike.

Advertisement

From a portfolio-management perspective, the idea of Bitcoin acting as hot sauce in a diversified mix is persuasive for those seeking a growth-oriented, liquidity-rich sleeve within a broader asset allocation. Yet the data also underscores the need for caution and continued monitoring of regulatory developments, product approvals, and market structure changes that shape the appeal and risk profile of spot BTC ETFs.

In practical terms, readers should watch ETF inflow trends in the coming quarters, the rate of new product approvals, and the evolving evidence on how Bitcoin-based funds perform relative to gold during different macro regimes. The March data points demonstrate that the narrative around Bitcoin ETFs is gaining traction in investor discourse, even as gold maintains its own complex set of drivers and vulnerabilities.

Beyond price moves, the debate now centers on whether Bitcoin ETFs can sustain and broaden their appeal to a broader investor universe — from traditional equity and bond strategists to macro hedge funds and retail savers seeking diversified exposure. If inflows continue and more products arrive, the BTC ETF story may transition from a niche crypto offering to a core component of diversified portfolios.

What matters next is the trajectory of ETF approvals and listings, clear and consistent data on inflows across different regimes, and how macro factors like inflation momentum and monetary policy directions shape the risk-reward calculus for these funds. Investors should stay attentive to monthly flow prints, regulatory signals, and the evolving narrative around Bitcoin’s role in modern asset allocation.

Advertisement

As the market awaits further clarity, the ongoing dialogue around Bitcoin’s ETF potential points to a future where crypto exposure becomes an increasingly standard instrument within traditional investment frameworks. The next few quarters will be telling, as inflows, product breadth, and price action converge to reveal whether Bitcoin ETFs can definitively eclipse gold ETFs in practical assets under management.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

Source link

Advertisement
Continue Reading

Crypto World

Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

Published

on

Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

Spot Bitcoin exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management (AUM) as investor demand expands beyond the traditional “digital gold” narrative, according to ETF analyst James Seyffart.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the Coin Stories podcast published to YouTube on Friday. He pointed to Bitcoin’s (BTC) role as digital gold, a store of value, a portfolio diversifier, and a form of digital capital and property, adding that the market also views Bitcoin as a “growth risk asset.”

Seyffart explained that Bitcoin has “all these different ways” of being viewed, while gold only has “one of those things.”

“Our view is that Bitcoin ETFs will be larger than gold ETFs,” he added.

Advertisement

Bitcoin ETFs are a “hot sauce” in the portfolio

“There are so many people that could use it. They could be viewing it to put in their portfolio because they want to bet on like a growth and liquidity trade,” he said. “It can be hot sauce in a portfolio in that way,” he added.

Bloomberg ETF analyst James Seyffart spoke to Natalie Brunell on the Coin Stories podcast. Source: Coin Stories

Bitcoin is often compared to gold due to its limited supply and perceived role as a hedge against monetary debasement. 

US-based gold ETFs recorded net outflows of $2.92 billion in March, while US spot Bitcoin ETFs attracted $1.32 billion in net inflows over the same period.

Gold and BTC have declined over the past 30 days

The largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Mar. 4, the largest daily withdrawal in more than two years.

On Mar. 19, Cointelegraph cited data from the Bank for International Settlements (BIS) showing retail gold purchases have tripled over the last six months, while Wall Street selling has accelerated over the past four months.

Advertisement

Related: Bitcoin ‘done’ with 85% crashes, says Cathie Wood amid new $34K target

Despite the divergence in ETF flows, both assets have moved broadly in tandem in recent weeks.

Bitcoin is trading at $66,918 at the time of publication, down 8.07% over the past 30 days, according to CoinMarketCap. Meanwhile, gold is trading at $4,676, down 8.25% over the past 30 days, according to GoldPrice data.

In December 2025, Fidelity Digital Assets analyst Chris Kuiper said that, “historically, gold and Bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if Bitcoin takes the lead next.”

Advertisement

Magazine: Solana exec trolls crypto gamers, Pixel tackles play-to-earn issues: Web3 Gamer