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XRP XRP鲸鱼在中心化交易所的主导地位八天内下降27%，零售投资者参与度相对上升
XRP（瑞波币）在中心化交易所的“鲸鱼”（大额持有者）主导地位在过去八天内下降了27%。这一数据反映出，与散户投资者相比，大型持有者的参与程度有所降低。
尽管整体趋势显示鲸鱼活动减弱，但这并不直接证实XRP面临抛售压力。因为CryptoQuant的数据主要衡量的是相对于交易所流出量的比例变化，而非投资者的具体交易意图。
Binance记录到类似的鲸鱼-散户价差收窄
根据CryptoQuant的数据，XRP的“鲸鱼-散户价差”（Whale-Retail Spread）从9月30日的64%降至10月8日的46.7%，降幅为17.3个百分点，相当于在八天内减少了约27%。该指标用于衡量大额投资者与小额投资者在XRP交易所流出量中的占比差异。读数越高，表明鲸鱼主导性越强；读数下降则意味着散户投资者的相对参与度增强。
在中心化交易所整体层面，该价差在9月30日为64%，随后于10月8日回落至46.7%。这一变动凸显了在加密货币市场波动加剧、XRP价格跌至一个多月以来的最低点期间，大型持有者的主导地位有所减弱。
Binance has recorded a similar pattern. During that time period, Binance's whale-retail spread fell from 68% to 54.9%, a decrease of 13.1 percentage points, equivalent to a decline of approximately 19.3% in eight days. Despite the decline, Binance maintains a stronger whale dominance than other exchanges. On October 8, its reading of 54.9% was higher than the exchange as a whole of 46.7%, indicating differences in the participation of large fund holders between different trading platforms.
Declining whale activity does not mean XRP is under selling pressure
While the data shows declining whale dominance, this does not prove that major XRP holders are selling assets. Instead, it simply reflects a lower relative participation of large holders in exchange outflows than small investors.
This distinction is crucial because it measures the distribution of trading activity rather than confirming whether investors are liquidating. At the same time, recent price declines in XRP coincided with changes in activity on these exchanges, but the data did not establish a direct causal link between the two.
