XRP Spot Volume Falls $1.9B in Eight Weeks, Led by Binance

Combined XRP spot volume across centralized exchanges fell by $1.943 billion between August 26 and October 11, according to data compiled by CryptoQuant. Binance accounted for $429 million of that decline, and other venues combined accounted for the rest.

That is a fall in turnover, not a price call, and it took eight weeks to build. Over the same period, the futures market kept a growing share of Binance's XRP activity relative to spot.

Binance's Seven-Day Spot Average Falls to $168 Million

Binance's seven-day average spot volume dropped from $597 million to $168 million, which is where the exchange's $429 million slice of the decline comes from. Other centralized exchanges combined fell further, from $2 billion to $485.8 million, a reduction of $1.514 billion.

The venues outside Binance carry the bigger number. CryptoQuant's data puts their drop at 3.53 times the drop recorded on Binance, so the thinning is spread across the market rather than concentrated on the largest exchange.

Spot Volume Slips to 12.7% of Binance Futures Turnover

Binance's spot-to-futures volume ratio fell from 31% on September 26 to 12.7% on October 11. The ratio compares coins traded outright against contracts that track the price, and at 12.7% spot was a small fraction of the venue's XRP futures business.

Both readings come from the same dataset, and they point the same way: less of the XRP trading on Binance is happening in the spot market. A ratio that keeps falling means futures activity continues to dominate, which is leverage rather than coins changing hands outright.

What the Spot Data Does Not Settle

• The CryptoQuant quicktake that published these figures could not be opened, so the numbers above rest on two independent publications that read it.
• No exchange-native or market-data page for XRP was opened, so the exchange-level figures were not checked against a second source outside CryptoQuant.
• Reported spot levels for October 11 and 12 sat close together across the pages reviewed, but they were not identical and were not verified against an exchange close.

Falling spot volume is consistent with two readings, and this data does not choose between them: traders stepping back from XRP, or the same activity being routed through futures instead. The observable test is the ratio. If it stabilises while Binance's seven-day average spot volume climbs back above $168 million, liquidity is returning to spot. Another leg lower says the spot market is still emptying out.