XRP Exodus: Big Coinbase/Binance Outflows Fuel BlackRock Accumulation Rumors
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XRP Exodus: Big Coinbase/Binance Outflows Fuel BlackRock Accumulation Rumors



On-chain data has sparked a heated debate in crypto markets after analytics showed a dramatic drop in XRP held on major exchanges — and fresh speculation about who might be behind the withdrawals.

What happened
– XRP balances on Coinbase have reportedly plunged by roughly 90%, according to on-chain observers. At the same time, XRP reserves on Binance have fallen to their lowest levels since early 2024.
– CryptoQuant-tracked flows highlighted by market analyst Ripple Bull Winkle suggest Binance has seen about 700 million XRP depart its wallets since a November 2025 peak — an outflow worth “hundreds of millions” at current prices.

Who’s talking and why it matters
– Crypto commentator Ledger Man drew attention to the trend this week on X, arguing that such large withdrawals from Coinbase could signal significant off-exchange accumulation rather than routine retail activity. He floated the possibility that BlackRock — the world’s largest asset manager — might be quietly buying large amounts of XRP through exchanges.
– Ledger Man estimated that, if withdrawals are tied to institutional buying, BlackRock could already control between 200 million and 400 million XRP. Those figures are speculative and have not been confirmed.

Context and implications
– Interest in institutional exposure to crypto has grown following BlackRock’s launches of spot Bitcoin and Ethereum ETFs, which has fed community rumors about potential expansion into other tokens — including XRP. Previous speculation about an XRP ETF did not come to pass.
– Large withdrawals can reflect different behaviors: moving assets to self-custody, transfers between wallets, or institutional accumulation. A common pattern is that investors sell on exchanges but withdraw when they intend to hold, so shrinking exchange reserves can reduce immediate sell pressure on a token.
– Institutional interest in crypto is not limited to BlackRock; broader moves by financial firms (including recent crypto activity from banks and asset managers) have helped normalize larger, off-exchange flows into and out of major tokens.

Bottom line
On-chain outflows from Coinbase and Binance are significant and worth watching, but attribution remains speculative. The scale of the withdrawals could point to long-term accumulation by large players or simply operational transfers; until entities confirm their moves, market participants should treat claims — including those about BlackRock’s involvement — with caution. XRP itself remains a volatile, speculative asset despite its use-case profile in cross-border payments.

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