XRP spot trading volume declined $1.943B across exchanges since August, though US-listed XRP ETFs attracted $1.8B in net inflows over 13 weeks.
DeFi & Yields ·
XRP's spot trading volume contracted sharply between late August and mid-October, with combined spot volume across centralized exchanges falling $1.943 billion. Binance's seven-day average spot volume declined from $597 million to $168 million, while other centralized exchanges saw a larger proportional drop, falling from $2 billion to $485.8 million. This pullback occurred even as futures trading gained relative dominance; Binance's spot-to-futures volume ratio fell to 12.7% by mid-October, meaning futures volume stood roughly 7.9 times spot volume.
The mechanics of the divergence remain debated. Traders may be awaiting lower entry prices before committing capital to spot positions, and a similar pattern preceded a sharp XRP price rebound in August. The US-listed XRP ETFs, however, posted $1.8 billion in cumulative net inflows over 13 consecutive weeks, signaling sustained institutional or retail inflow through those vehicles despite the weakness in direct exchange spot trading.
What remains unclear is whether the spot volume decline reflects genuine demand destruction or temporary positioning ahead of potential catalysts. Evernorth, which began Nasdaq trading in October, completed its business combination and holds significant capital earmarked for XRP ecosystem investments and yield strategies, though the impact on spot trading dynamics is not yet evident.