$XRP U.S. spot ETF flows have been zero for three consecutive trading days, and the price has already pushed the bulls down to 1.18.
Spot is down about 9%, after dipping as low as 1.178. Binance perpetuals saw about 1.18 billion U in trading volume over the same period. The account-level long ratio is still around 75%, with a long/short ratio of about 3.0. The number of tokens held fell from about 342 million last night to about 330 million, a modest decline; most of the drop in notional positions came from the price falling. Funding rates are still positive, so longs are paying shorts.
Buyers look even less interested: SoSoValue data shows that U.S. spot XRP ETFs had zero net inflows on 11/3, 11/4, and 11/5. On 11/4, about 419 million XRP were also withdrawn from Binance. The tokens were moved off the exchange, but the price didn't rise.
I'm bearish here. Long positions are crowded, and spot ETFs aren't providing support. If the price falls further, liquidations could add to the downward pressure.
If ETFs return to consecutive days of net inflows, or Binance's account long/short ratio drops below 2, this bearish view is invalidated.
#XRP $XRP
Spot is down about 9%, after dipping as low as 1.178. Binance perpetuals saw about 1.18 billion U in trading volume over the same period. The account-level long ratio is still around 75%, with a long/short ratio of about 3.0. The number of tokens held fell from about 342 million last night to about 330 million, a modest decline; most of the drop in notional positions came from the price falling. Funding rates are still positive, so longs are paying shorts.
Buyers look even less interested: SoSoValue data shows that U.S. spot XRP ETFs had zero net inflows on 11/3, 11/4, and 11/5. On 11/4, about 419 million XRP were also withdrawn from Binance. The tokens were moved off the exchange, but the price didn't rise.
I'm bearish here. Long positions are crowded, and spot ETFs aren't providing support. If the price falls further, liquidations could add to the downward pressure.
If ETFs return to consecutive days of net inflows, or Binance's account long/short ratio drops below 2, this bearish view is invalidated.
#XRP $XRP
