US spot XRP exchange-traded funds pulled in $11.28 million in net inflows on Tuesday, marking the second straight day of positive flows. The ETF numbers come alongside exchange data showing that whale-driven XRP outflows from centralized platforms have climbed to their highest share since 2024 — 90.5% of all withdrawals, according to on-chain figures.
ETF inflows hold steady
Tuesday's $11.28 million inflow follows a similar figure the day before. While the sums are modest relative to some other crypto ETFs, the back-to-back positive days suggest continued institutional interest after a period of mixed flows earlier in the spring.
Whales dominate exchange outflows
On Binance, the world's largest exchange by volume, addresses classified as whales accounted for 91.4% of XRP outflows in recent readings. Retail traders contributed just 8.4%. Across all centralized exchanges, the whale share hit 90.5% — the highest level since 2024 — as retail participation dropped to 9%.
Binance reserves shrinking fast
Binance's XRP reserves are declining at the fastest pace since March 2026. Withdrawals have consistently exceeded deposits over the past 30 days, a trend that typically draws attention from traders watching supply dynamics on the platform.
CryptoQuant: Whale moves may not signal accumulation
CryptoQuant analyst Amr Taha offered some caution on reading the whale outflows as straightforward accumulation. Such moves could represent long-term storage, wallet transfers, or repositioning between platforms rather than fresh buying pressure, Taha noted. That distinction matters for anyone trying to gauge whether the outflows are bullish or simply operational.
The question now is whether the ETF inflows and exchange outflows are connected — or whether they reflect two different sets of players acting in parallel. With Binance reserves still bleeding and whale activity at multi-year highs, the market is watching for the next catalyst to tip the balance one way or the other.
