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Former BlackRock vice president John Gillen discussed systemic stress, investor psychology, and XRP ETF flows.

Many market participants have become impatient after months of waiting for a clear rally, despite strong ETF performance. Although the price action hasn’t yet reflected it institutional sentiment might be shifting. Gillen highlighted the fatigue visible throughout the market in the video.

He remarked, “It exhausts a lot of people.” He also mentioned the ongoing demand for products traded on cryptocurrency exchanges. “There’s an XRP ETF that I think has done over a billion dollars of volume,” he said, noting “strong inflows into the Solana ETFs.”

At that level, volume indicates participation rather than desertion. Gillen provided a clear assessment to support that view. He stated, “There is still a market for these things.”

He disagreed with the idea that major digital assets are no longer relevant, emphasizing the difference between low pricing and high ETF activity.

The $1 billion trading volume shows that institutions remain interested in XRP, supporting Gillen’s comments. He didn’t criticize XRP directly but used it as an example of sustained participation despite low enthusiasm. Gillen also connected macro conditions to his outlook. His thesis, he said, has “always been that eventually something is gonna break in the system.”

He mentioned the unpredictability of the housing and private credit markets. He stressed that pressure is still building, but did not predict the exact timing. Although XRP hasn’t seen a major pump, volume and interest continue, and the journey is far from over.