Binance and Upbit XRP reserves fell a combined 104.7 million tokens, and CryptoQuant data shows whales behind about 77% of the exchange outflows. At nearly the same time, four newly created Hyperliquid wallets opened 40x Bitcoin shorts worth roughly $12.5 million just before Bitcoin fell below $84,000.
Binance and Upbit's combined XRP reserves dropped by 104.7 million tokens, and CryptoQuant's seven-day average puts large holders behind most of the withdrawals. Separately, four newly created wallets opened heavily leveraged Bitcoin shorts on Hyperliquid shortly before BTC fell below $84,000. The two signals point in different directions.
Whales Dominate XRP Withdrawals
CryptoQuant's seven-day average shows whales accounting for about 77% of XRP exchange outflows, against 22.8% for retail participants. On Binance alone, large holders represented about 81% of outflows, with retail at 18.7%.
Binance's reported XRP reserves fell from roughly 2.704 billion tokens on September 26 to 2.631 billion on October 4. Upbit's reserves declined from about 6.446 billion XRP on September 11 to 6.415 billion on October 5, bringing the combined reduction to 104.7 million tokens. CryptoQuant also put Binance's 30-day total of XRP whale outflows at about 1.38 billion tokens, a seven-month high — though roughly 1.6 billion XRP entered Binance over the same 30 days.
Leveraged Bitcoin Shorts Precede the Drop
The Bitcoin derivatives signal is more explicitly bearish. Lookonchain reported that four newly created wallets deposited $1 million in USDC into Hyperliquid and opened 40x short positions covering 148.49 BTC, worth about $12.5 million at the time. The positions were opened before Bitcoin fell below $84,000. More than $500 million in crypto long positions were liquidated during the decline. Forced closures can intensify a rapid move, and the episode shows how leverage can amplify volatility.
Bitcoin is now trading under $84,000, down about 2.5%, with short-term averages clustered around $83,500-$85,500. The pivot near $81,950 is the key downside reference, while a recovery through $86,000-$87,000 would suggest buyers are regaining control.
What Would Confirm the Outflow Story
XRP is trading around $1.40 after retreating from the $1.50-$1.52 area, below its 50-day moving average near $1.42-$1.43 and its 200-day average near $1.28. The daily RSI near 48 points to neutral momentum rather than an extreme condition.
A sustained move below the current zone could bring $1.33 and then $1.28 into focus. On the upside, a recovery through $1.50-$1.52 would put resistance near $1.55 and $1.59 back on the map. For XRP, continued exchange outflows alongside a steady or rising price would strengthen the case that shrinking available supply is becoming relevant — a reserve decline without price support is a weaker signal.
Source: Cryptonews
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