Bitcoin's price is currently hovering just above $83,000, amid a wave of liquidations totaling nearly $2 billion. This has been followed by significant outflows from spot exchange-traded funds (ETFs), with Bitcoin funds seeing $903.1 million leave and Ethereum products experiencing $261.6 million outflows.

Glassnode data shows that Bitcoin's realized losses have risen significantly, similar to the levels seen during the FTX crash, as short-term holders liquidate their positions.

Ethereum is struggling around the $2,700 level, with resistance at $3,200. Both Solana and Ripple (XRP) have fallen below critical support levels amid heavy selling.

However, institutional interest in cryptocurrency products remains strong despite the overall weakness. This week saw the launch of an exchange-traded fund (ETF) focused on Ripple (XRP), achieving significant trading volume on its first day.

The Bitwise XRP ETF began trading on the New York Stock Exchange on November 20, giving US investors the opportunity to invest in XRP without directly owning the cryptocurrency. On its first day, the fund saw 1.14 million shares traded, with a total trading volume of approximately $25 million, falling short of initial expectations of $90 million due to market pressures.

The ETF is backed by XRP, held by Coinbase, and aims to mitigate manipulation risks by tracking the CME CF XRP-Dollar reference price.

To attract early investors, Bitwise is waiving its 0.34% management fee for the first month on the first $500 million in assets. This launch builds on Bitwise's expansion of its cryptocurrency product line, following the launch of a similar XRP product on a European exchange in 2022.