XRP Derivatives Open Interest Crashes 71% as Fear Spikes, Glassnode Says
Glassnode data shows XRP derivatives positioning is collapsing. After an early-October 2025 deleveraging event, XRP perpetual open interest fell from 7B to 2B tokens (down 71%). It then dropped another 25% to about 1.5B XRP, suggesting weak speculative demand across the XRP derivatives market.
At the same time, more than half of XRP’s supply remains underwater. Investors who bought above $2 during the past 12 months have been realizing losses at roughly $20M–$110M per day since November 2025, as selling pressure persists.
Sentiment also deteriorated: Santiment reports XRP fear/uncertainty/doubt has risen to the third-highest level in two years. This follows a 60%+ price decline over the last nine months that pushed many retail traders out. Historically, such bearish sentiment spikes can precede relief rallies, but the current tape is still dominated by deleveraging and loss realization.
Technically, analyst Ali Martinez says XRP has been forming a long-term ascending triangle on the monthly chart, with repeated rejections near $3.30. After the latest rejection in August 2025, he expects a retest of the $0.75–$0.80 zone, described as a key accumulation area. A clean breakout from this multi-year consolidation could trigger a larger move, but near-term risk remains elevated while XRP derivatives open interest stays compressed.
Bearish
XRP 衍生品未平仓量暴跌（71%，且继续再降 25%）指向持续去杠杆与投机资金撤退，这是短期流动性与风险偏好走弱的典型信号；同时“超过一半供应浮亏”与 2000 万–1.1 亿美元/天的亏损兑现，强化了卖压与再平衡压力。情绪指标（FUD 升至两年第三高）也验证了市场正在经历更高的不确定性。
需要注意的是，文章也提到历史上极端悲观有时会对应“救济反弹”。因此从交易角度，短线更可能维持高波动与弱反弹的概率，但若 0.75–0.80 美元区间出现承接、且 XRP 衍生品 open interest 企稳甚至回升，才可能打开转多窗口。若未平仓量持续下行，长期来看则会形成“基本面承压 + 参与度下降”的压制格局。类似的去杠杆周期通常会先放大波动、随后在关键支撑/流动性区域完成盘整，再决定方向。