Whale Moves 94M XRP To Binance as ETF Smashes Records — Is This More Than a Coincidence?

Key Takeaways

• A large whale transferred 94 cardinal XRP, worthy implicit $211 million, to Binance.

• The determination comes conscionable 1 time aft Canary Capital’s record-breaking XRP ETF debut.

• Bitcoin plunged to its lowest terms since May.

A time aft Canary Capital’s spot XRP ETF made a record-shattering debut connected Nasdaq, a blockchain-tracked transportation of 94 cardinal XRP to Binance has drawn caller attention.

The sizable transportation has raised questions astir whether ample holders are repositioning arsenic organization request accelerates.

Data from Whale Alert showed the funds, worthy much than $211 cardinal astatine existent prices, were moved from an unidentified wallet to Binance aboriginal connected Friday.

Large transfers to exchanges are typically interpreted arsenic preparations for selling, liquidity provision, oregon portfolio rebalancing.

One speculating X idiosyncratic wrote: “Someone knows thing we don’t yet.”

Some traders suggested the whale whitethorn beryllium preparing for accrued marketplace enactment pursuing the ETF’s launch, oregon getting acceptable to “dump.”

However, it’s imaginable the transportation could simply bespeak regular operational movement.

Canary Capital’s recently launched spot XRP ETF recorded $58 cardinal successful first-day trading volume, according to Bloomberg data, marking the strongest debut of immoderate exchange-traded money to database successful 2025.

The money began trading conscionable days aft its pre-launch registration was filed with the U.S. Securities and Exchange Commission (SEC).

The standard of the inflows amazed analysts and commentators.

“Canary’s XRP ETF delivering astir a quarter-billion dollars successful inflows connected time 1 is remarkable,” crypto commentator Nate Geraci wrote connected X.

The product’s aboriginal show has highlighted the request from accepted concern investors looking to summation vulnerability to XRP, adjacent arsenic the remainder of the crypto manufacture sees losses.

The comments travel arsenic Bitcoin and the wider crypto manufacture faced a steep downturn connected Friday, concisely dropping to $96,712, its lowest level since May.

Options analytics level Greeks.Live claimed it was assured to accidental the manufacture had entered a carnivore market, informing leveraged trading was “inadvisable.”

The level added that “Q4 of this twelvemonth tin beryllium described arsenic the worst connected record.”

According to CCN expert Valdrin Tahiri, Bitcoin could autumn to a enactment portion betwixt $57,600 and $70,600 if the downtrend continues.

He noted that crypto’s full marketplace capitalization could autumn to $2.92 trillion, oregon adjacent $2.50 trillion, if weakness persists.

The station Whale Moves 94M XRP To Binance arsenic ETF Smashes Records — Is This More Than a Coincidence? appeared archetypal connected ccn.com.