Analyst: Binance XRP funding rate hits a one-year high, with a net outflow of 10.4 million USD from the spot ETF

CryptoQuant analyst Darkfost pointed out that the funding rate for XRP perpetual contracts on Binance has risen to its highest level in over a year. The last time such a high rate was observed was in October 2025, shortly after XRP set a record of $3.55. Currently, XRP has retraced about 30% from its previous peak, but the XRP derivative positions on Binance still lean bullish, showing signs of a crowded long position.

Meanwhile, the spot XRP ETF recorded one of its worst performances of the year, with a net outflow of approximately 9.37 million XRP, valued at $10.4 million, contrasting with the bullish positions on Binance. Darkfost noted that shifts in market sentiment often occur in the later stages of a rebound, and as prices pull back, maintaining a bullish preference may face risks.