XRP’s estimated spot and Binance perpetual CVD readings shifted further negative from Sept. 23 to Oct. 16, while open interest contracted on both exchanges, indicating a smaller base of active derivatives positions.
The spot reading fell by $1.3 billion to -$3.2 billion. Binance perpetual CVD declined by $688 million to -$1.5 billion. Their starting readings were -$1.9 billion and -$812 million, respectively. Together, the shifts amount to nearly $2 billion across the two measures, which track different markets and do not measure cash leaving XRP.
Cumulative volume delta (CVD) compares market orders initiated by buyers with those initiated by sellers. A more negative reading indicates that sell-initiated orders accounted for more volume in the calculation.
The pooled open-interest measure fell 26.5%. By venue, the decline was 24.5% on Binance and 28.1% on Bybit. Open interest counts derivatives positions that remain active. Its decline shows a smaller base of outstanding positions, but does not identify whether traders closed positions betting on rising prices, falling prices, or both.
