Former BlackRock Vice President Discusses XRP ETF

A new video shared on X by crypto enthusiast Xaif carried a message that cut against the prevailing fatigue in digital asset markets. The clip featured comments from John Gillen, a former BlackRock vice president, speaking about ETF flows, investor psychology, and systemic stress.

Many market participants have grown impatient after months without a decisive rally despite strong ETF performance. Xaif presented the video as evidence that sentiment at the institutional level may be changing, even if price action has not yet reflected it.

Xaif drew attention to the fact that an XRP ETF had already crossed $1 billion in volume. He emphasized that these assets are active and described the current sentiment as capitulation rather than extinction.

🚨 XRP ETF SIGNAL 🚨

Now it feels like they finally understand the flippening is happening.

An $XRP ETF has already crossed $1B+ in volume.
These assets aren’t dead.
This is capitulation, not extinction.

— Xaif Crypto🇮🇳|🇺🇸 (@Xaif_Crypto) December 20, 2025

ETF Volume Counters the Capitulation Narrative

In the video, Gillen addressed the exhaustion visible across the market. “It exhausts a lot of people,” he said. He then pointed to the continued demand for crypto exchange-traded products. He noted “strong inflows into the Solana ETFs” and said, “There’s an XRP ETF that I think has done over a billion dollars of volume.”

Volume at that scale signals engagement, not abandonment. Gillen reinforced that view with a clear assessment. “There is still a market for these things,” he said. He rejected the idea that major digital assets have lost relevance.

The contrast between strong ETF activity and weak price momentum shaped the core argument. Gillen characterized the current mood as emotional rather than structural. He described it as “a capitulation from frustration” tied to the absence of a major price pump.

XRP in Focus as Patience Replaces Hype

XRP emerged as a focal point because of its ETF activity. The $1 billion trading volume suggests that XRP attracts attention from institutions. Gillen’s remarks supported that interpretation. He did not single out XRP for criticism. He cited it as an example of continued engagement during a period of low enthusiasm.

XRP ETFs have made significant progress, and that distinction matters. Capitulation implies selling driven by fatigue, not by a collapse in the underlying thesis. ETF volume provides a measurable signal that interest persists even as optimism fades.

Where Does XRP Go From Here?

Gillen also tied his outlook to macro conditions. He said his thesis has “always been that eventually something is gonna break in the system.” He pointed to uncertainty around the private credit market or the housing market.

He did not predict timing, but emphasized that pressure continues to build. For XRP, volume and interest have persisted, and while the asset has not experienced a massive pump, the journey isn’t over yet.