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XRP XRP's large-amount withdrawals hit a seven-month high, and the whale holding strategy shows a shift.
According to online data analysis platform CryptoQuant, the number of large-amount XRP withdrawn from Binance has climbed to the highest 30-day total in seven months. This data, tracked by CryptoQuant contributor Arab Chain, points to significant changes in the way major holders manage their positions relative to the world's largest crypto exchanges.
1.38 billion XRPs flowed out of Binance
CryptoQuant data shows that the total amount of XRPs flowed out of Binance in the past 30 days has reached 1.38 billion, which is the highest reading of outflow from whale accounts in seven months. The rebound came after a previous period of sluggish activity, when XRP was trading at around $1.50.
Arab Chain pointed out that these outflow data indicate that the behavioral patterns of whale holders are changing: More and more addresses are choosing to store tokens outside of Binance rather than keep them in a state that can be sold at any time. If this trend continues, it may gradually reduce the amount of liquid supply available for trading on exchanges.
Another set of CryptoQuant data shows that whale accounts account for approximately 77% of the overall XRP outflow from centralized exchanges. This concentration is even more obvious on the coin platform, with whale activity accounting for nearly 81% of the total outflow, compared with only 18.7% for retail investors.
Background analysis: Outflows are not equal to reserve losses
Headline data requires certain qualifications. The difference between the exchange's "outflow" and "net flow" determines the actual meaning of this data. The former calculates the withdrawal amount; the latter is the result of the withdrawal amount minus the deposit amount during the same period. Therefore, the total reported outflow cannot be equivalent to a decrease in Binance Reserve by 1.38 billion XRP.
Tokens that leave Binance may have been transferred to other exchanges or private wallets rather than entering long-term cold storage. CryptoQuant also reported that in the past 30 days, the total number of XRP whales flowing into Binance was approximately 1.6 billion, while Binance reserves remained at approximately 2.62 billion XRP, the highest value in nearly 69 days. This means that large holders perform simultaneous deposit and withdrawal operations with high frequency, making any simple "accumulation" narrative too one-sided.
Wallets holding between 10 million and 100 million XRPs added 1.6 billion tokens in two weeks, bringing the total to a record high of 13.93 billion XRPs. This accumulation coincides with the large transfer coincide that dominated exchange outflows on September 30. Transfers of at least 1 million XRPs that day accounted for 60.8% of Binance outflows and 48.7% of Coinbase outflows.
Whether the current outflow trend is a continuation of previous dynamics or an independent rotating behavior remains to be seen.
