Cryptocurrency analysis company CryptoQuant $XRP A cautious view is emerging in the futures market.
According to the company’s latest data, $XRP Once the price rose above the $1.46 level, leveraged positions in the derivatives market started to increase again.
According to CryptoQuant data, the amount of open $XRP Binance has increased from about 207 million on April 30 to 232 million now. This shows that investors are returning to leveraged trading after the recent market reset.
However, the company added that the capital flows behind the rally do not appear to be strong. Of particular note is that Binance Perpetual CVD data has decreased to approximately -$434 million. Although it was stated that $XRP Even as prices rose, perpetual futures traders continued to take short positions or took a more defensive stance.
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Additionally, it was noted that estimated spot CVD data across all centralized exchanges has decreased to approximately $575 million. According to CryptoQuant, this $XRP It is not a broad accumulation movement driven by strong spot demand. The company said the current structure is more complex, with increased leverage trading as prices rise, but spot demand has not strengthened to the same extent.
The analysis also points out that the increase in leverage is not limited to Binance. As of today, open interest movement has reached approximately $18 million on Binance, $10.4 million on OKX, and $8.5 million on Bybit. Accordingly, it states that a total of approximately $36.9 million in new open interest was added across the three major exchanges.
CryptoQuant’s current movement is $XRP This is more of a “derivatives market stress test” than a typical bullish breakout. The company suggested that the most important signal going forward is a new uptrend in spot CVD data, adding that strong spot demand while open positions remain high would further support the uptrend.
*This is not investment advice.
