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US spot XRP exchange-traded funds recorded net inflows of $11.28 million on Tuesday, marking their second consecutive positive day. The move comes as on-chain data points to a sharp shift in who is moving XRP off centralized exchanges.
Large holders now account for 91.4% of all XRP leaving Binance, according to on-chain data compiled by CryptoQuant analyst Amr Taha. Retail traders account for just 8.4% of outflow activity on the platform.
The pattern extends beyond Binance. Across all centralized exchanges combined, whale-driven outflows have risen to 90.5%, the highest reading recorded since 2024. Retail participation across those platforms has slipped to roughly 9%, its lowest point in the same period.
Market watcher Xaif Crypto flagged that XRP reserves on Binance are declining at a pace not seen since March. Over the past 30 days, deposit and withdrawal flows have flipped, with withdrawals outpacing deposits by a growing margin.
When tokens leave exchanges at this speed, it typically means fewer coins are available for immediate sale. That can tighten supply and affect pricing if demand stays steady or increases.
The ETF inflow data adds weight to the supply-tightening narrative. Reports indicate institutional interest in XRP has been climbing, and two straight days of positive ETF flows suggest appetite has not cooled.
Outflows do not provide a complete picture. Whale withdrawals can reflect multiple actions, including long-term storage, transfers between wallets, or repositioning across platforms. None of these automatically implies buying.
Taha’s analysis emphasized that exchange outflows alone cannot be treated as confirmation of accumulation.
The current structure differs from mid-2025, when retail participation rose to around 2% dominance as XRP approached its record high near $3.66. That period was followed by a price drop of more than 60%.
Today’s market appears structurally different, with large holders driving nearly all movement. Whether that translates into price support remains unclear based on the available data.
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