Ethereum continues to trade below the critical $3,000 level as selling pressure intensifies and fear dominates sentiment across the crypto market. The broader downturn has pushed ETH nearly 40% below its August all-time high, raising concerns that the asset may be entering a prolonged bearish phase. Analysts who were once confident in a continued rally are now shifting their tone, warning that market structure, volatility, and liquidity conditions are beginning to resemble early-stage bear market behavior.

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At the same time, investor confidence is being further tested by fresh on-chain activity showing large holders reducing exposure. According to data from Lookonchain, an Ethereum ICO participant has sold another 20,000 ETH, valued at approximately $58.14 million, through FalconX just a few hours ago.

With selling pressure accelerating, derivatives sentiment weakening, and long-term holders beginning to reduce positions, Ethereum now sits at a pivotal moment. Bulls must reclaim the $3,000 region to stabilize momentum, while bears argue that a deeper correction could unfold if support continues to erode.

ICO Whale Selling Raises Pressure as Ethereum Awaits Direction

According to Lookonchain, the wallet behind the latest sale — identified as address 0x2eb0 — is no ordinary holder. This Ethereum OG received 254,908 ETH during the ICO, paying just $79,000 at the time. At today’s prices, that allocation is worth roughly $757 million, highlighting the scale of unrealized gains still held by early participants. The recent sale of 20,000 ETH suggests that even long-standing holders with substantial profit cushions are beginning to offload coins, adding to the already fragile market environment.

This selling activity is particularly impactful given the current sentiment. Ethereum has already fallen sharply from its highs, leverage has unwound across derivatives markets, and retail confidence has thinned. When an early participant with a cost basis near zero begins distributing, it sends a psychological signal that further downside is possible. Yet, some analysts argue that these sales may simply represent portfolio rotation rather than a long-term bearish stance.

The coming days will be decisive, as investors watch whether Ethereum can stabilize and rebound or if selling pressure accelerates. A recovery above $3,000 could revive optimism and reset momentum, while continued weakness risks confirming a deeper downtrend for both ETH and the broader market.

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• Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
• The ETF recorded $58 million in trading volume on day one.
• The listing was approved under Section 8(a) of the Securities Act without objections.

While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.

The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.

Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.

By 9:30 am EST, $26 million in volume had already been clocked.

Trading accelerated rapidly, with over $36 million executed by mid-morning.

Robinhood alone facilitated $500,000 in trades within the first five minutes.

Canary takes the lead in the 2025 ETF competition

XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.

Both products now sit well ahead of the remaining 900-plus ETFs launched this year.

Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.

The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.

Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.

XRPC offers direct access to XRP price action

Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.

The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.

Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.

The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.

Payment-focused crypto tokens see renewed demand

The launch of XRPC also highlights a broader trend in digital asset markets.

Utility tokens such as XRP and HBAR are attracting increasing institutional attention.

Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.

Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.

However, XRP’s performance is not immune to broader crypto cycles.

With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.

This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.

The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.

• The Launchpad bought PUMP worth $10.6M last week.
• fun has spent more than $58M to repurchase the native token.
• The program has reduced the PUMP circulating supply by 4.26%.

The Solana-based meme trading and creation platform is once again in the spotlight, this time with its significant buyback program.

Pump.fun has announced that it used $10,657,503 to buy PUMP between August 20 and 26.

over the past week, pump fun purchased $10,657,503 in $PUMP tokens, which equates to 99.32% of total revenue for that period (Aug 20-Aug 26)

to date, pump fun has purchased a total of $58,134,191 of $PUMP tokens, offsetting 4.261% of the circulating supply pic.twitter.com/YIsGH4Jr95

— pump.fun (@pumpdotfun) August 27, 2025

The number made headlines as it represents 99.32% of the total revenue the network yielded in that timeframe.

The move reflects Pump.fun’s dedication to strengthening PUMP’s tokenomics through steady investment.

That’s vital, especially since the platform lost its key investors after massive exits.

Last week’s over $10 million buyback reinforces investor confidence in the team’s long-term vision while injecting new demand into the altcoin.

Pump.fun buybacks top $58 million

The meme generator launched its buyback program in mid-July with plans to reinvest all platform revenue into native PUMP.

Pump.fun has accumulated tokens worth over $58 million since introducing the initiative.

The team said:

To date, Pump.fun has purchased a total of $58,134,191 million PUMP tokens, offsetting 4.261% of the circulating supply.

That’s a substantial milestone that places the project among the top networks known for direct asset purchases.

Meanwhile, the impact of the Pump.fun’s buyback is notable.

The project has trimmed the PUMP circulating supply by 4.261%.

Sustained supply reduction could have bullish effects as it translates to scarcity and increased demand.

What does it mean for holders?

Buybacks often indicate confidence and trust from the project’s team.

For Pump.fun, the strategy has two key impacts.

Firstly, weekly purchases will bolster demand for the native coin.

Also, removing a massive supply will trim supply, which could ensure price stability and growth in the coming times.

Such mechanisms attract experienced investors since they position the alt as an asset with stable demand, not hype.

Sentiment and market response

Cryptocurrency enthusiasts are always quick to discover massive buybacks, and it was the same for Pump.fun.

While the latest $58 million milestone confirms the launchpad’s strength, the comment sector appeared dissatisfied.

Most people focused on the upcoming airdrop, which the PUMP team confirmed will not happen soon.

Also, skeptics caution that the platform might not sustain such buybacks as they rely on consistent revenue generation.

Pump.fun should ensure continued growth for steady fund flows for the repurchase strategy.

Meanwhile, one X user remained optimistic, stating:

Consistent offsets like this tighten supply and make every new demand spike more impactful.

PUMP price outlook

The native token has failed to recover from its initial sell-off.

PUMP changes hands at $0.01557 after losing 28% and 40% in the past month and week.

Technical indicators demonstrate PUMP’s near-term weakness, exacerbated by the ongoing broader market bloodbath.

The meme cryptocurrency hovers well below the 50 and 100-EMAs on the 3H timeframe.

Also, the MACD signals dominant selling pressure with a bold crossover and red histograms.

The RSI at 10 confirmed faded momentum, but the oversold signals hint at possible reversals.

The team should elevate the project’s appeal among investors and traders to enhance sentiment.

While buybacks are bullish, steady demand from the community is essential for a full impact.