XRP News: CME Overtakes Binance to Become Largest XRP Futures Venue
Highlights
- CME surpasses Binance crypto exchange in XRP futures open interest.
- CME recorded massive rise in open interest and volume in last two weeks.
- XRP ETFs inflow continues amid demand among institutional investors.
In major XRP news today, CME has become the largest platform for XRP futures open interest, overtaking Binance crypto exchange. This shift happened as institutional interest has increased massively, as evidenced by ongoing inflows into spot XRP ETFs.
CME Becomes Top Venue for XRP Futures Open Interest
CME Group, the largest derivatives marketplace, has become the largest platform for XRP futures open interest (OI). It overtook Binance crypto exchange to reclaim its position as the largest venue by open interest, according to CoinGlass data.
Binance has about 375K XRP open interest worth $510 million. Meanwhile, CME has 410K XRP open interest valued at $530 million. XRP futures on CME almost doubled to hit a 3-month high.
CME’s open interest started rising in mid-August. The upside from $270 million to nearly $570 million was sharp as the demand for XRP increased. Notably, both open interest and volume saw a sudden rise before the month-end.
Meanwhile, open interest on Binance has also increased in the same period. It has increased to a high of $598.65 million on August 24 amid XRP buy-the-dip sentiment among investors.
CME XRP coin open interest hit a record high of almost $569 million on August 28. This comes as CoinGape reported that Goldman Sachs re-entered XRP ETFs and became the top holder again. The bank joined other Wall Street giants such as JPMorgan and Morgan Stanley to accumulate XRP.
Constant Spot XRP ETF Outflows
Spot XRP ETFs in the United States saw a net outflow of $5.64 million on Monday, marking the 10th consecutive day of XRP inflows amid liquidity, according to SoSoValue data.
Bitwise saw $931K in inflows and Canary recorded $4.71 million in inflows. As a result, total assets under management rose to $1.45 billion, and cumulative inflows surpassed $1.67 billion.
The inflows came as investors remain bullish on XRP price. Notably, Bitwise XRP ETF has crossed $500 million in AUM in just 9 months after launch.
XRP price is trading at $1.39, up more than 3% today and almost 50% last month. The 24-hour low and high were $1.36 and $1.40, respectively. However, trading volume has decreased by 15% over the last 24 hours, indicating a decline in interest among traders due to the monthly token unlock.
Traders looking to capitalize on this momentum can compare features on the best crypto derivative futures trading platforms.
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