$XRP spot order book bid-ask spread is only 0.99 bp. It looks pretty tight, but the limit orders on both sides are just 1.3M and 1.4M USDT. With that kind of depth supporting such a spread, it just feels a bit odd. Spot trades in the last 15m are only 185.3K USDT, while the futures side is 2.5M—about 1.90x the previous window. The volume difference between spot and futures is a bit too large. A higher trade value doesn’t necessarily mean fresh capital is coming in, since orders can be canceled. I just feel like these numbers put together don’t seem quite right. Can someone explain why the spread is so narrow but the depth is so thin?