MarketPR
On-chain derivatives data from CryptoQuant shows that $XRP's recent sell-off was not a uniform market event — it was a forced deleveraging concentrated on Bybit, while Binance held its open interest almost entirely intact, producing a structural divergence between the two largest $XRP derivatives venues.
Bybit's $XRP open interest dropped to approximately $181 million, its lowest reading since February 13, a 36% contraction from the $283 million peak recorded on May 22.
Binance, exposed to the same price decline, barely moved — its $XRP open interest sat near $246 million, just 2.4% below the $252 million high posted on June 2.
Bybit's Reset Carries the Signature of Forced Exits A 36% open interest contraction in a compressed timeframe is not orderly position management.
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