XRP activity is sending mixed signals as large deposits to Binance reach multi-year lows while Bank of America makes a slight move to increase its position in a regulated XRP futures product. The developments reflect waning big-holder exchange activity, paired with a steady but small-scale uptick in institutional ETF exposure to the token.
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AAPLWhale inflows to Binance hit lowest since 2021
Analysis from CryptoQuant contributor Darkfost indicated that the 90-day moving average of XRP whale deposits to Binance fell to $61 million, marking the lowest level recorded since 2021. This figure is sharply down from $456 million in January 2025 and $355 million in October, signaling an 87% drop from the January peak and a decline of roughly six to seven times compared to previous periods.
The decline in deposits continued a trend observed since July, when the average was $69 million. Moving from that level to $61 million reflected another 12% decrease in just one month.
Additionally, the daily volume of large holder deposits shrank dramatically from 583 million XRP to 25.3 million XRP, while the 30-day whale inflow total dropped more than 34%, from 1.45 billion tokens to 947.4 million.
Observers tracked a steep reduction of whale-sized inflows to Binance, with the latest 90-day trend dipping to its lowest reading since 2021. Despite the contraction in exchange supplies, net inflows remained positive at $18.8 million, which shows that although inflows slowed, deposit activity still slightly outpaced withdrawals.
Exchanges monitor these deposits closely, as large inflows can increase the supply available for sale and potentially weigh on prices. However, lower inflows do not automatically indicate accumulation. Many whales may be choosing to hold assets off-exchange or diversify holdings elsewhere.
During this period, XRP trading hovered around $1.06, with the $1 threshold remaining a key reference in current market structure.
Active usage grows, but direct inflow unclear
While exchange-bound whale deposits receded to multi-year lows, XRP Ledger network activity moved in the opposite direction. Data showed the number of active addresses rising from 23,642 on August 1 to 43,543 by August 11, an increase of over 84% within ten days. This spike in usage, however, does not directly equate to new capital pouring into the token and may also reflect increased on-chain movement or broader participation.
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Bank of America increases XRPI ETF position in Q2
Amid lower whale exchange activity, Bank of America disclosed a moderate rise in its holding of the Volatility Shares XRPI ETF. The bank’s latest filing showed a position of 13,260 shares as of June 30, up from 13,000 shares at the end of the first quarter. This represents a 260-share increase, or about 2% quarter-on-quarter.
XRPI, which launched on Nasdaq in May 2025, tracks XRP futures rather than holding the digital asset directly. Any position in the ETF offers indirect exposure to the token through regulated markets rather than spot ownership.
Bank of America’s incremental addition highlights ongoing institutional interest, even as the scale remains modest. The move marks an extension of the bank’s existing exposure rather than a significant new entry.
Both market signals—the sharp drop in whale inflows to Binance and Bank of America’s modest ETF increase—underscore the divergence between exchange activity by large holders and growing, though limited, institutional engagement via regulated products. The net effect points to reduced potential near-term sell pressure and a cautious uptick in professional market participation, though neither move sets a clear new trend for the sector.
