On both Binance and Coinbase, XRP transfers involving more than 1 million tokens now make up the largest share of daily outflow value.
This shows that large XRP holders account for a growing part of the withdrawals from two of the market’s major exchanges, according to data provided by the CryptoQuant XRP Exchange Daily Outflow by Value Bands indicator.
For context, the metric measures the share of outflow value based on transfer size. It is important to note that it does not show the total amount of XRP leaving an exchange.
As a result, total withdrawals can remain steady while the share of large transfers rises. In this case, the data would still show that larger participants account for more of the outflow activity.
Big XRP Transfers Climb Back Toward 60% on Binance
On Binance, transfers above 1 million XRP made up 60.8% of daily outflow value on Sept. 30, as the figure rose from roughly 45% on Aug. 13.
Notably, the 60% range was last witnessed around late August, confirming that large transfers have regained a major share of Binance’s XRP outflows.
However, the 100K-1M XRP category moved in the opposite direction. Specifically, this value band accounted for about 30% of Binance’s outflow value on Sept. 6, but that share fell to 23.4% by Sept. 30.
Essentially, as the share of transfers above 1 million XRP increased, the mid-sized transfer group lost part of its share.
Coinbase Sees Bigger Reversal
Interestingly, Coinbase recorded an even bigger change. Transfers above 1 million XRP accounted for 48.7% of daily outflow value from the exchange on Sept. 30, compared with roughly 37% on Aug. 27.
The latest figure stood nearly 19 percentage points above the 30% recorded on July 6. This data show that large transfers have taken a much bigger share of XRP withdrawals from Coinbase over the two-month period.
For context, the 100K-1M XRP category accounted for about 67% of Coinbase’s outflow value on Sept. 19. By the end of September, its share had dropped to 37%. In less than two weeks, the balance of withdrawal activity changed dramatically toward transfers involving more than 1 million XRP.
The Trend Moves Into October
This trend is noteworthy because the same pattern appeared on two major exchanges at the same time. Essentially, the data confirms a broader change in the size of XRP transfers leaving major platforms, not a trend limited to one exchange.
The pattern continued into the first days of October. On Oct. 1, large holders withdrew approximately 301 million XRP from Binance, Coinbase, Bybit, and Bitget combined, according to a recent report from The Crypto Basic. Binance recorded roughly 151 million XRP in outflows, while Coinbase accounted for around 32 million XRP.
The following day, daily transfers above 1 million XRP across exchanges climbed past 320 million XRP. This marked one of the largest single-day spikes in the recent data. Binance also saw its XRP reserves fall by approximately 57 million tokens over three days, leaving the exchange with roughly 2.647 billion XRP.
Be the first to comment