Ethereum (ETH) is up 2.5% on Monday as the top altcoin attempts to recover from the selling pressure of exchange-traded fund (ETF) investors and top whales.
Ripple (XRP) reserve on one of the largest crypto exchanges, Binance, declined by 167 million in a time frame of five weeks. This is a key development for XRP holders since a decline in the asset’s reserves on exchanges implies there are fewer XRP tokens to sell. Thus lower selling pressure on the altcoin should ensue.
CoinShares’ digital assets weekly report on Monday revealed that crypto ETFs saw their highest outflows since March, totaling $725.7 million. This is suggested to have resulted from last week’s lower-than-expected Nonfarm Payroll (NFP) report.
