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XRP advanced sharply in late August, rising from about $0.99 on August 17 to roughly $1.38 by August 31. That gain of nearly 40 percent arrived alongside a contraction in overall futures exposure, a combination that often signals traders were taking risk off rather than adding leverage into strength.
Aggregate open interest in XRP futures declined from about 2.77 billion tokens to around 2.34 billion tokens over those two weeks, a drop of 16 percent
The reduction was concentrated off the Chicago Mercantile Exchange.
Positions held on other venues fell by approximately 533 million tokens, or 21 percent.
CME Group recorded the opposite trend.
Open interest on the regulated US exchange rose from 284 million tokens to about 387 million tokens, an increase of roughly 36 percent.
That lift pushed CME’s share of outstanding XRP futures from about 10 percent in mid-August to around 17 percent at month-end.
The change in market share is meaningful because many professional firms and asset managers prefer, and in some cases must use, regulated venues.
A larger CME footprint therefore serves as a rough indicator that more institutional activity is flowing into XRP derivatives rather than remaining on offshore platforms.
Commitments of Traders data from the Commodity Futures Trading Commission (CFTC) through August 25 show a more mixed picture beneath the headline open-interest numbers.
Leveraged funds held 892 long contracts against 3,206 short contracts, leaving a net short equivalent to about 116 million XRP.
That net short more than doubled from roughly 57 million XRP a week earlier.
Those contracts may hedge exposure held elsewhere and should not be treated automatically as a directional bet against the token.Other categories moved the other way.
Dealers added nearly 60 million XRP in net-long exposure, while asset managers added about 28 million tokens on a net-long basis.
The rotation toward CME occurred as XRP recovered from levels near $1 earlier in August.
In many markets, traders gravitate to regulated exchanges when they become more defensive. Here the same shift unfolded while the token was rising almost 40 percent in two weeks, which makes the pattern unusual.
Policy remains a near-term variable.
Another procedural test of the US CLARITY Act, a market-structure bill that has already influenced XRP this year, is expected in mid-September.
The token rose about 5 percent when the measure cleared the Senate Banking Committee in May.
The current setup therefore combines lower overall leverage, a larger share of remaining futures on a regulated exchange, and a divided set of large-trader positions. Whether that mix persists will depend on price follow-through, institutional flows, and the next legislative developments.
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Source: www.crowdfundinsider.com