Crypto Exchanges
By Pankaj K
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Selling Pressure Hits Spot Markets Hard. The derivatives side is only part of the story. Spot markets took a bigger hit, and the cumulative…
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ETF Inflows and Ripple's Legal Position. Not everything is bearish. Institutional money kept moving into XRP products even as retail and…
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What the Numbers Actually Mean. Step back and the picture is pretty murky. You've got institutional inflows holding up on one side.
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XRP traders are bailing fast. Open interest on Binance collapsed 32% between August 22 and September 17, wiping out hundreds of millions in derivatives exposure as sellers took…
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The raw numbers are hard to ignore. Open interest slid from roughly $323 million down to $219 million over that roughly four-week stretch.
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The derivatives side is only part of the story. Spot markets took a bigger hit, and the cumulative volume delta data makes that pretty clear.
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CVD — that's the difference between aggressive market buys and sells — cratered from negative $111 million all the way down to negative $2.
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Binance's perpetual futures CVD also fell, dropping from around negative $361 million to negative $1 billion. That's a big number on its own.
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And that's what makes this deleveraging cycle feel different from a typical futures-driven flush. It's broad.
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Not everything is bearish. Institutional money kept moving into XRP products even as retail and leveraged traders were heading for the exits.
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Cumulative net inflows into U.S. spot XRP ETFs crossed $1.70 billion by September 9. That's a meaningful number.
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See also: Binance Cuts 20-Plus Trading Pairs Days Before September 22 Wallet Shutdown
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Ripple's position on the regulatory front is worth noting too. The U.S. Senate recently voted against advancing a federal digital asset market framework.
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Ripple also pushed back on the bearish read of the deleveraging itself. The company's view is that similar phases in the past have historically set the stage for price recovery.
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Whether that plays out this time is unclear. Markets don't always follow historical patterns, and the scale of spot selling — that $2.
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