XRP spot trading falls $1.943 billion as futures and ETFs rise

Key takeaways
XRP spot trading activity on centralized exchanges has sharply reduced, with combined spot volume falling by $1.943 billion between August 26 and October 11, according to CryptoQuant data. Binance accounted for $429 million of the decline, while other centralized exchanges lost $1.514 billion, a drop 3.53 times greater than Binance's. Futures activity is now much larger relative to spot trading, while US-listed spot XRP ETFs extended a 13-week streak of positive weekly flows and Evernorth's Nasdaq debut under XRPN adds a separate institutional storyline.

What happened
CryptoQuant data shows that combined spot volume across centralized exchanges fell by $1.943 billion between August 26 and October 11. Binance's seven-day average spot volume dropped from $597 million to $168 million, accounting for $429 million of the decline. Other centralized exchanges saw a much larger fall, with combined volume dropping from $2 billion to $485.8 million, a reduction of $1.514 billion. That decline was 3.53 times greater than the drop recorded on Binance.

The shift is also visible in Binance's spot-to-futures volume ratio, which compares spot trading volume with futures activity. The metric fell from 31% on September 26 to 12.7% on October 11. At current levels, futures volume is roughly 7.9 times spot volume, compared with about 3.2 times higher fifteen days earlier. The ratio is approaching its August 16 low of 11%, when XRP was trading below $0.99. XRP now trades around $1.40, but the price recovery has not brought a similar increase in spot trading activity.

CryptoQuant explained that traders may be staying on the sidelines while waiting for lower entry prices. A similar pattern appeared in mid-August, when spot participation weakened relative to futures trading, and XRP later staged a sharp price rebound that month. CryptoQuant's explanation is a possible interpretation, not a confirmed cause, and the August pattern does not guarantee a repeat.

Market context
The spot trading slowdown contrasts with continued ETF inflows. US-listed spot XRP ETFs recorded $11.31 million in net inflows last week, standing out while much of the crypto market struggled. The inflows came despite three of the five trading days showing no reportable activity. On October 6, the ETFs brought in $3.14 million, and on October 8, another $8.17 million came in. The figures pushed cumulative net inflows to a fresh record of $1.8 billion.

The funds have now posted positive weekly flows for 13 consecutive weeks. The streak began in mid-July, and inflows have exceeded $300 million since then. ETF flows and centralized exchange spot volume measure different parts of the market, so the data can coexist without implying that one directly replaces the other.

Why it matters
For readers tracking XRP, the main signal is divergence: price has recovered to around $1.40, but direct spot participation has not recovered in step. That leaves room for uncertainty because futures volume is now roughly 7.9 times spot volume, while the spot-to-futures ratio is near a low last seen when XRP was below $0.99. The data does not by itself show why prices move, but it shows that the recent XRP recovery is not matched by similar spot trading activity.

A possible turning point for the crypto asset could come from Evernorth, which is set to begin trading on Nasdaq under the ticker XRPN on October 12. The company completed its business combination with Armada Acquisition Corp. II last week, following a fundraising round that brought in more than $1 billion through the deal and related private placements. It also has around $300 million in gross cash proceeds. Evernorth said it plans to do more than simply hold XRP, and it is gearing up to invest in institutional yield strategies, on-chain credit, infrastructure, as well as other projects across the XRP ecosystem.

What to watch
The next observable questions are whether combined centralized exchange spot volume continues to fall after the August 26 to October 11 decline, whether Binance's seven-day average spot volume recovers from $168 million, and whether the spot-to-futures ratio moves away from the August 16 low of 11%. ETF flows will remain visible because of the $1.8 billion cumulative net inflow record and the 13-week positive weekly flow streak. Evernorth's Nasdaq debut under XRPN and its stated XRP ecosystem investment plans will show whether the company's activity becomes a separate driver of attention.