- Bitcoin, Ethereum, and XRP face capital outflows amid net withdrawals from exchange-traded funds. Interest in digital asset investment products has remained volatile amid the ongoing war between the United States, Israel, and Iran, now in its second month. U.S. President Donald Trump announced a military victory on Wednesday, despite the war continuing. Meanwhile, Iran is escalating its attacks, with Gulf countries reporting new missile and drone strikes on Thursday. High-risk assets, including cryptocurrencies and stocks, are declining amid risk-averse conditions, while oil prices are rising. The West Texas Intermediate (WTI) crude oil price has risen back above $100 after hitting a daily low below $93. An escalation in the conflict could push oil prices higher, increasing macroeconomic uncertainty. WTI Crude Oil Price Chart Interest in Bitcoin ETFs fluctuated on Wednesday, with total outflows reaching nearly $174 million, ending a two-day inflow streak that saw approximately $69 million on Monday and nearly $118 million on Tuesday. Total inflows amounted to $55.95 billion, with net assets under management at $87.71 billion. Continued outflows would indicate declining sentiment, limiting Bitcoin’s recovery prospects. Bitcoin ETF Flows | Source: SoSoValue Ethereum ETFs show a similar pattern to Bitcoin, with spot ETF outflows of about $7 million on Wednesday. Data from SoSoValue indicates that U.S.-listed ETFs have seen a rebound, with approximately $5 million in inflows on Monday and $31 million on Tuesday. Total inflows stand at $11.55 billion, with net assets under management at $12.21 billion. Ethereum ETF Flows | Source: SoSoValue Interest in XRP ETFs has declined further, as evidenced by modest outflows of $1.32 million on Wednesday, following weak activity on Tuesday. XRP ETF outflows also reached around $2.3 million on Monday, leading to decreased risk appetite. XRP ETF Flows | Source: SoSoValue

I noticed an interesting pattern with XRP — it seems that open interest in futures is not just a number but a real indicator of trader sentiment. Currently, XRP is trading around $1.30, down approximately 39% over the year. Meanwhile, open interest has fallen to $2.29 billion. I remembered how in early 2021, XRP jumped from $0.50 to $2, and open interest increased fourfold — from $500 million to $2 billion. When the market reversed later, both indicators declined together. An even more striking example was after the US elections at the end of 2024. XRP soared from $0.50 to $3.40 by January, and open interest hit a record of $7.76 billion. Macro factors like the ипц 2024 and political decisions clearly influence crypto market sentiment. Then, in June-July 2025, I saw another rise — XRP climbed to $3.60, and open interest surged to $10.94 billion. But as soon as the momentum weakened, everything started to decline. The point is that when traders see a price increase, they often open leveraged positions, which boosts open interest. This can amplify the trend, but also increases risk. Rapid expansion of interest during short-term rallies may indicate over-leverage and the likelihood of a sharp correction. Right now, the situation suggests more of a lack of speculative interest than accumulation. Analysts say that for a recovery, we need not only price stabilization but also a sustained increase in open interest. Until then, open interest is just an additional tool for analysis, not a magic crystal ball. Of course, it’s important to look at this alongside other indicators and not rely solely on one metric.