XRP volume explodes to $7. 4B, and a massive CME short squeeze is blamed
CME leveraged funds cut 46. 3million XRP of net short exposure, while three Coinbase products barely moved.
XRP registered an intraday high of $1. 60 on Sept. 22, with roughly $7. 4billion in reported volume. The move was strong, but the latest public data on regulated futures showed different positioning shifts across venues.
The Commodity Futures 거래 Commission's Sept. 15 snapshotshowed leveraged funds cutting their net short in CME futures by the equivalent of 46. 3million XRP in one week. Net short means reported short contracts exceeded reported long contracts.
Across three separately reported Coinbase Derivatives products, adjusted for each contract's unit, the same trader category reduced its combined net short by only2. 452million XRPand remained short about 141. 6million XRP.
That disconnect points to a concentrated positioning reset. The dates also block a causal conclusion: the positions were observed Sept. 15 and released Sept. 18, before the Sept. 22 price snapshot.
CME'sstandard future represents 50, 000 XRP per contract. Leveraged funds held 1, 585 long contracts and 2, 304 short contracts on Sept. 15, leaving a 719-contract net short equal to 35. 95million XRP.
A week earlier, their reported position was 1, 280 longs against 2, 925 shorts, or 1, 645 contracts net short, equivalent to 82. 25million XRP. The change between reports reduced the net short by 926 contracts, or 46. 3million XRP.
The shift came from both higher longs and lower shorts. Leveraged-fund longs rose by 305 contracts while shorts fell by 621. Short reductions drove most of the improvement, but some new long exposure also appeared.
Open interest fell by 509 contracts over the same week, equal to 25. 45million XRP. The decline is compatible with traders closing positions even as the category added longs.
Coinbase posted a smaller change after converting its three reported products into XRP-equivalent amounts. The standard Coinbase future represents 10, 000 XRP per contract. The products labeled NANO XRP and NANO XRP PERP STYLE in the CFTC table each represent 500 XRP per contract.
The standard contract accounted for most of Coinbase's modest improvement, while the nano contract contributed another 92, 000 XRP. The perpetual-style contract went the opposite way: leveraged funds became 1. 29million XRP more net short.
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출처: CryptoSlate