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XRP spot ETF outflows and falling futures open interest signal cooling demand
US spot XRP ETFs saw about $7.2 million in net outflows for the week ended July 10, and XRP futures open interest dropped from nearly $3.0 billion in June to about $2.3 billion by mid-July.
Demand for XRP is showing signs of cooling across both regulated and leveraged crypto markets, testing whether XRPL’s institutional buildout can translate into sustained activity. CryptoSlate reports that US spot XRP exchange-traded funds logged about $7.2 million in net outflows in the week ended July 10, ending a nine-week inflow streak that had brought nearly $200 million into the products.
The fund reversal came alongside a retreat in derivatives exposure. Global open interest in XRP futures fell from nearly $3 billion in June to about $2.3 billion by mid-July, with the decline most evident on Binance, where open interest dropped from over $500 million in mid-June to $399 million by July 10, according to CoinGlass and CryptoQuant data cited by CryptoSlate.
Leveraged positioning also shifted. Long liquidations rose 94% from the previous week and were 172% above the three-month average, while short liquidations fell by more than half, the outlet said. At the same time, Binance’s XRP funding rate increased 266% over the week despite shrinking open positions and higher long liquidations, suggesting remaining bullish traders faced higher costs to maintain exposure as the derivatives market contracted.
CryptoSlate also pointed to weaker on-chain engagement on the XRP Ledger. Santiment data cited by the outlet showed XRPL had its second-quietest day of the year, with 25,350 active wallets, and new wallet creation fell to 2,130, the lowest level since November 2024. The slowdown followed a brief increase in dip buying in late June, after which the momentum faded, according to the report.
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