Wintermute Says Capital Is Rotating Into XRP as Altcoins Outperform Bitcoin
Key Takeaways
- •Bitcoin held onto its breakout gains despite weakness in the U.S. chip sector and hawkish comments from Fed Chair Kevin Warsh.
- •Altcoins outperformed majors, with Wintermute saying market breadth was stronger than Ethereum’s daily decline suggested.
- •XRP led large-cap gains, climbing from $1 to $1.70, while some Wall Street firms, including Goldman Sachs, reportedly timed the move well.
- •Both XRP and Bitcoin have recorded more than ten consecutive days of positive ETF inflows, including $110 million into XRP products last week and $925 million into BTC ETFs.
- •Wintermute said the September 15-16 FOMC meeting is likely to be a key catalyst for near-term crypto direction.
Wintermute, one of the industry’s largest market makers, said its latest market recap points to a notable shift in crypto capital flows. In its view, the sector has outperformed expectations, showing resilience after Fed Chair Kevin Warsh’s hawkish remarks during his speech and amid a squeeze in the U.S. IT sector.
Market Resilience Holds as Altcoins Lead
Wintermute said Bitcoin (BTC) did not surrender its breakout gains during a month marked by a chip sell-off, defying the expectations of many experienced market analysts. That resilience has also extended into the broader altcoin market, where relative strength can matter for traders tracking whether capital is concentrating in a few majors or spreading across the broader sector.
“Under the surface, breadth held up better than ETH’s -0.86% suggests, with altcoins at +0.61% beating both majors,” the market review said.
— Wintermute (@wintermute_t) September 1, 2026
XRP led the large-cap group. The OG altcoin rose from $1 to $1.70, while some Wall Street firms, including Goldman Sachs, reportedly timed the move well.
On the other hand, Wintermute cautioned that a one-week trend should not be treated as a broader conclusion. The firm said geopolitical disputes continue to influence prices, despite the recent macro resilience.
Wintermute said the FOMC meeting on September 15-16 is likely to shape the market’s near-term direction, making it a key event for a market that has been balancing macro pressure against continued spot demand. Institutional flows will also matter, as both XRP and Bitcoin (BTC) have recorded more than ten straight days of positive ETF inflows. XRP products brought in $110 million last week, while BTC ETFs took in $925 million.
SPOT CRYPTO ETF FLOWS — SEPT. 1 🥇 $XRP : +$14.38M 🟢 🥈 $ETH : +$10.95M 🟢 🥉 $SOL : +$10.19M 🟢 4️⃣ $BTC : -$236.46M 🔴 XRP LEADS THE INFLOWS. 💰📈 pic.twitter.com/Q0wHL0TAxg — XRP Update (@XrpUdate) September 2, 2026
SPOT CRYPTO ETF FLOWS — SEPT. 1 🥇 $XRP : +$14.38M 🟢 🥈 $ETH : +$10.95M 🟢 🥉 $SOL : +$10.19M 🟢 4️⃣ $BTC : -$236.46M 🔴 XRP LEADS THE INFLOWS. 💰📈 pic.twitter.com/Q0wHL0TAxg
Wintermute added that if XRP continues outperforming BTC, the setup has historically been positive. It pointed to a similar pattern that helped Ripple’s native token reach its $3.65 all-time high in 2025, alongside the SEC victory, which traders priced in immediately after the favorable ruling in the landmark case.
