Dogecoin and XRP Futures Open Interest Drops Back to 2024 Levels
Open interest in Dogecoin (DOGE) and XRP futures has declined to levels last seen in 2024, according to Coinglass data. Dogecoin’s total open interest stands at 10.63 billion DOGE, valued at about $992.7 million — the first time DOGE futures have fallen below $1 billion in USD terms since October 2024. Exchange breakdown: Binance holds ~2.09 billion DOGE (~$195M, 19.6%), Gate leads in USD terms (~$229M, 23.1%), OKX ~$99.7M, Bybit ~$86.5M. Total DOGE open interest fell 3.11% in 24 hours; Gate and BingX saw larger daily drops (−13.83% and −24.75%).
XRP open interest is 1.65 billion XRP, valued at ~$2.27 billion, returning to late-November-2024 exposure. CME leads with 378.89M XRP (~$519.1M), Binance 339.57M XRP (~$465.2M, 20.5%), Bybit ~$225.8M, Gate ~$200.7M. XRP open interest was down 0.61% in 24 hours; Gate and BingX experienced sharp declines (−17.24% and −31.19%).
Drivers cited include weaker capital inflows into crypto and ongoing outflows leading to position deleveraging. The declines suggest reduced futures leverage and investor positioning for both tokens, with short-term volatility risk and lower derivatives liquidity. Key SEO keywords: Dogecoin open interest, XRP open interest, DOGE futures, XRP futures, derivatives, Coinglass.
Bearish
A sustained drop in open interest for DOGE and XRP indicates deleveraging and reduced speculative positioning in derivatives markets. Lower open interest typically signals weaker demand for leveraged exposure and can precede extended price consolidation or downward pressure because fewer new long positions are being opened to provide support. The data shows multi-exchange declines and large percentage falls on retail-focused venues (Gate, BingX), suggesting retail deleveraging. Historically, similar falls in futures open interest (e.g., during late-2021/early-2022 crypto downturns) preceded extended price weakness and lower volatility as leverage was flushed out; when OI later rebuilds it often coincides with renewed momentum.
Short-term implications: increased volatility risk as reduced liquidity in futures can amplify moves on news or large orders; directional bias likely downward until open interest stabilizes or reverses. Traders should reduce directional leverage, watch funding rates, and monitor exchange-specific flows (CME, Binance, Bybit) for clues on institutional vs retail positioning.
Long-term implications: if outflows continue, price recovery may be slower because derivatives-driven capital is less available to amplify rallies. Conversely, a prolonged period of low open interest can set the stage for a sharper rebound once positioning rebuilds, but that requires renewed inflows or shift in market sentiment. Overall, the immediate market reaction is likely bearish until there is clear evidence of renewed accumulation and rising open interest.