The market is turning red, but that doesn’t mean there are really funds rushing in to accumulate.
Behind the single-day rise of 3.2% for $XRP is that the contract open interest is not increasing—it’s actually declining instead. Proactive selling exceeds buying by as much as 22 million units. Prices move upward, yet the funds are withdrawing—this isn’t a new wave of long positions entering. It’s the illusion pushed out by shorts covering and getting forced out.
A rebound propped up by shorts being liquidated can’t withstand the real, heavy pressure from spot markets. Every month, the official net injection into the market is 200–300 million units of spot. In just two months, it can fully offset the entire reduction in reserves of 500 million units that Binance has for the whole year.
There’s no sustained spot buying with real money, but there is a steady stream of large unlocks. If you only look at a single bullish candle and rush to chase longs, I don’t buy it.
#XRP
Behind the single-day rise of 3.2% for $XRP is that the contract open interest is not increasing—it’s actually declining instead. Proactive selling exceeds buying by as much as 22 million units. Prices move upward, yet the funds are withdrawing—this isn’t a new wave of long positions entering. It’s the illusion pushed out by shorts covering and getting forced out.
A rebound propped up by shorts being liquidated can’t withstand the real, heavy pressure from spot markets. Every month, the official net injection into the market is 200–300 million units of spot. In just two months, it can fully offset the entire reduction in reserves of 500 million units that Binance has for the whole year.
There’s no sustained spot buying with real money, but there is a steady stream of large unlocks. If you only look at a single bullish candle and rush to chase longs, I don’t buy it.
#XRP