CoinShares ETF Withdrawal Adds Pressure to XRP Market

Source: CoinEdition Original Title: CoinShares ETF Withdrawal Adds Pressure to XRP Market Original Link: https://coinedition.com/coinshares-etf-withdrawal-adds-pressure-to-xrp-market/

Overview

• CoinShares’ ETF withdrawals reduce near-term momentum for U.S. XRP-based products.
• XRP holds a tight range near $2.18 as volatility rises and catalysts remain limited.
• Open interest stays elevated, signaling active leveraged positioning despite retracement.

CoinShares’ decision to withdraw multiple U.S. crypto ETF filings, including its planned XRP ETF, has altered expectations around upcoming altcoin products and has added a new variable to near-term XRP market behavior. The withdrawal covers the firm’s XRP ETF, Solana staking ETF, and Litecoin ETF.

The step comes as XRP trades through a period of narrowing momentum and higher intraday volatility, while derivatives traders adjust open interest around a compressed price range. The firm is also discontinuing its Bitcoin futures leveraged ETF, signaling a broader strategic shift.

Firm Steps Back From XRP, SOL, and LTC ETFs

CoinShares stated that consolidation among major U.S. issuers has limited differentiation opportunities for single-asset crypto ETPs, prompting the company to reassess its resource allocation. CEO Jean-Marie Mognetti noted that the environment requires a “different playbook” for product design.

The company had amended its Solana staking ETF filing as recently as September 26, but ultimately did not move forward with any of its proposed products. No shares of the withdrawn ETFs were sold, and each structure has been fully removed from the filing pipeline.

The firm plans to introduce alternative U.S. products over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets, and actively managed strategies that may blend digital assets with traditional markets. CoinShares is also preparing for a Nasdaq listing through a previously announced $1.2 billion SPAC agreement with Vine Hill Capital Investment Corp.

Impact on XRP Price Behavior

As of press time, XRP traded at $2.18 after declining by 1.31% over the past 24 hours. The trading volume was recorded at $3.9 billion, indicating active positioning despite a restrained price trend. The market structure remains intact above $2.16, although the shortage of factors following the ETF withdrawal has limited directional strength.

Open Interest Shows Elevated Futures Participation

XRP’s derivatives market has experienced a change. Data shows open interest rising from near-flat levels in early 2023, accelerating most from late October into November. The surge mirrored price movements earlier in the year, when XRP advanced from near $1.00 to peaks above $3.00 during mid-July and August.

During the July rally, open interest exceeded $10 billion, reflecting heightened speculative positioning. The following retracement in both open interest and price pushed exposure into the $4–5 billion region as XRP returned to the $1.50–$2.00 range. Despite that slowdown, current open interest remains above first-half levels, indicating that traders have not fully discharged leveraged positions.