Binance recorded average daily XRP inflows of 21.7 million tokens last week, a 663% increase above its quarterly baseline. Outflows also surged, yet net reserves barely moved, rising only 0.22% above the quarterly baseline and 0.34% week over week. This concentration over three sessions, combined with near-zero net reserve movement, points to market repositioning rather than a coordinated distribution event. Two catalysts bracketed the flows: the U.S. Senate’s failure to advance the CLARITY Act and the Federal Reserve’s rate hike. Open interest reached 477.1 million and funding settled at 0.004, reflecting elevated leverage.
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