Bitcoin’s bounce just ran out of gas, and you can see it across the whole crypto market. Take XRP, for example. A lot of people think of it as an institutional favorite, but it dropped to about $1.86 even though ETF-related assets tied to XRP have climbed to $1.25 billion. That split is making traders wonder: does ETF demand really have any muscle in this market, or is it just window dressing?

At first, Bitcoin’s rally got people excited. But buyers didn’t really stick around. Most traders played it safe, grabbed some quick profits, and stepped back. That left altcoins pretty exposed. XRP’s drop isn’t about anything wrong with XRP itself it’s just a sign that the whole market’s running out of energy.

Here’s where it gets interesting: on paper, XRP looks great. More money is piling into its ETFs, so you’d think the price would follow. Not this time. Analysts are picking up on a shift sure, ETF inflows are soaking up some selling, but they’re not enough to push prices higher unless people start feeling braver about risk again.

Big picture, the mood’s still heavy. Higher interest rates, lack of cash sloshing around, and everyone getting their books in order for the end of the year it’s all making traders nervous. Even coins with decent fundamentals can’t get any real momentum going.

So, right now, XRP’s dip doesn’t look like a disaster. It’s more like it’s treading water, waiting for Bitcoin (and the rest of the market) to wake up. The next big move won’t come from another ETF headline. It’ll come when people feel confident enough to jump back in and when there’s actually some money to do it.