Tldr:
- Coinbase recorded a seven-day net reading of -15,500 on June 18, exceeding the lows in April and February.
- Binance recorded -7,100 on June 18, close to April levels and below the February 14 reading of -5,200.
- Bybit’s net reading collapsed from +27,000 on June 7 to nearly -200 by June 18 in just 11 days.
- Spot XRP ETFs now hold 1.41% of circulating supply after just five days of outflow since March 27.
XRP withdrawal activity It is once again gaining traction across major cryptocurrency exchanges, with new on-chain data as of June 18 indicating a notable shift.
Both Coinbase and Binance recorded very negative seven-day net deposit and withdrawal readings.
Meanwhile, the unusually large increase in deposits that Paybit saw in early June has almost completely reversed. Separately, US-based XRP ETFs continue to accumulate supply, now holding more than 1.4% of the tokens in circulation.
Coinbase and Binance after negative net transaction readings
Coinbase recorded a seven-day net deposit and withdrawal reading of -15,500 on June 18. This number is down from the April 9 reading of -14,200 and the February 14 level of -12,300. This move puts the current withdrawal dominance at a more extreme rate than either of the previous two episodes.
Binance followed the same trend on the same date. Its reading fell to -7,100, near April levels and below the -5,200 recorded on February 14. This alignment between exchanges removes any indication that the activity is exchange-specific.
source: Encrypted quantity
The metric tracks the net number of deposit transactions versus withdrawals. It does not measure the total volume of XRP or the dollar value transferred between accounts. However, the simultaneous decline in two of the largest stock exchanges carries weight as a behavioral indicator.
Consecutive negative readings across Coinbase and Binance indicate a broader pattern. XRP holders It appears to be moving tokens away from central places at a pace that now exceeds previous periods observed this year.
Bybit’s deposit boom collapses as ETF holdings exceed 1.4% of supply
Bybit provided the sharpest reversal on a single exchange. Its net reading was around +27,000 on June 7, reflecting an unusually concentrated filing wave at the time.
By June 18, that number had dropped to nearly -200, wiping out almost all of the early June movement within 11 days.
Reflection speed at Bybit Adds context to Coinbase and Binance readings. Together, the three data points point to a coordinated behavioral shift across major XRP trading venues during the month of June. The withdrawal side is regaining dominance across different exchange types and geographies.
On the institutional side, US XRP ETFs recorded net inflows of around $2.82 million on June 15.
After that session, the group of Ripple-related ETF products now holds 1.41% of the total circulating supply of XRP.
Since March 27th XRP ETFs It recorded net outflows in just five trading days. This line reflects ongoing institutional demand that goes hand-in-hand with the exchange-wide withdrawal activity now being observed across Coinbase, Binance, and Bybit.
