Whales Withdraw 720M+ XRP; Binance Accounts for 425M

On June 3–14, wallets removed more than 720 million XRP from cryptocurrency exchanges, according to on-chain analytics firm CryptoQuant. The firm recorded repeated single withdrawals above 1 million XRP and total multi-exchange outflows of about 722 million XRP. Binance accounted for roughly 425 million of those transfers, reducing the immediate supply available on exchange order books.

Data show a shift in where XRP flows are concentrated. Analyst Amr Taha reported Upbit’s share of XRP net wallet flows rose to 31% on June 14 from 13% a week earlier, the highest level since May 2024. Taha linked that change in deposit-wallet concentration to a price rebound of about 5% to $1.30 on Monday, and noted several other major platforms lost market share over the same week.

On Binance, the Whale vs. Retail Spread — the difference between withdrawals of 100,000 XRP or more and smaller transfers — sits near 90%. That reading indicates large holders made the majority of withdrawals on the exchange during the period. The spread measures withdrawals rather than trades executed on order books.

XRP’s risk-adjusted performance shifted from slightly positive to negative. The Sharpe ratio moved from about 0.18 in May to roughly -0.36 in the latest reading. CryptoQuant highlighted earlier extremes in the metric, including a -1.097 reading in September 2022 when XRP traded near $0.33 and a peak near 2.07 in January 2025 as XRP approached $3.14. CryptoQuant’s historical data show average returns during some prior negative-Sharpe windows exceeded 50%.

Market participants cautioned that negative Sharpe periods can coincide with market stress and potential additional downside. Market analyst Teddy observed that deep negative readings have in past cycles aligned with volatile, painful phases that later offered opportunities for longer-term accumulation.