Bitcoin Reclaims $91K as XRP ETFs Rewrite the Institutional Playbook

Bitcoin’s (BTC) rebound toward $91,000 marks a decisive recovery from its recent dip to the $82,000 zone, with macro tailwinds — chiefly expectations of an imminent Federal Reserve rate cut — re-energizing market sentiment.

But in an unusual turn for a market normally dominated by Bitcoin-driven narratives, XRP ETFs have stolen the spotlight, accelerating past expectations and reshaping institutional allocation trends heading into the final month of 2025.

XRP investment products have seen $676 million in assets under management, buoyed by weekly inflows topping $230 million and daily volumes above $38 million.

Major players such as Bitwise, Canary Capital, and Franklin Templeton have contributed to the surge — not chasing momentum, but executing what analysts describe as a “durability-first strategy.” This means that institutions are now less concerned with short-term volatility and more focused on building exposure to regulated, long-horizon products calibrated for depth rather than speed.

In contrast, the Bitcoin ETFs are getting less tailwind despite its price strength. Analysts suggest that this could be due to how the Bitcoin's ETF market tends to be more mature and deeply priced in, whereas XRP — newly legitimized by ETF availability — is experiencing its “initial institutional discovery phase.” That asymmetry helps explain why XRP ETFs are attracting heavy inflows at the same moment Bitcoin ETFs show tepid behavior.

Bitcoin, meanwhile, has stabilized above the psychological $90,000 threshold, rekindling mid-to-long-term bullish scenarios even as U.S. holiday conditions suppress spot market volumes. Ethereum, Binance Coin, and Solana have also tracked upward, while ADA lags behind after a period of underperformance.

Whale Movements, Derivatives Signals, and the Return of Risk Appetite

Beneath the surface of the price recovery lies a complex redistribution of liquidity. On-chain data shows that 700,000 BTC moved between long-term holders within 48 hours, while 9,000 BTC flowed onto exchanges in a single day. Rising average deposits on Binance — climbing from 12 BTC to 37 BTC per address — suggest a phase of strategic profit-taking and portfolio lightening, not capitulation. The market is repositioning rather than exiting.

In derivatives markets, sentiment is beginning to flip. Traders have largely abandoned protective put concentrations around $80,000–$85,000, shifting instead toward call targets at $100,000. Funding rates have turned positive again, signaling a renewed appetite for leveraged long exposure — a subtle but meaningful change after weeks of caution. Options desks describe it as “a breath returning to the market.”

ETF flows reinforce this reawakening. While Bitcoin products continue to see rotation rather than strong net inflows, multi-asset crypto ETFs and altcoin-specific products — including the newly approved Bitwise Dogecoin ETF — demonstrate that institutional allocators are widening their scope rather than retreating. This raises the question: is this a measured return to risk, or an early sign of broader speculative engagement?

Key markers of the current landscape include Bitcoin trading near $91,458, XRP ETFs holding $676.49M, a spike in whale-level repositioning, and a record 3.8 long/short ratio among Binance’s largest accounts. Together, these signals point toward a year-end environment defined not by euphoria, but by strategic reinvestment driven by institutional structures, regulatory clarity, and shifting macro expectations.

As 2025 nears its close, the crypto market appears to be transitioning from defensive posturing to cautious optimism — with XRP ETFs unexpectedly leading the charge and Bitcoin regaining altitude as the ecosystem prepares for its next macro-driven chapter.