Amr Taha2026-03-25

Binance XRP CVD Improves by $315M While Open Interest Remains Stable

XRP is showing signs of renewed demand on Binance, with both perpetual and spot buying improving while open interest remains relatively contained. Between March 23 and March 25, Binance perpetual CVD rose from -$2.12 billion to -$1.88 billion, marking a net improvement of around $240 million. Over the same period, Binance spot CVD climbed from -$202 million to -$127 million, adding another $75 million in net improvement. This means Binance saw a combined $315 million recovery in spot and perp CVD within just two days. What makes the move more notable is that Binance open interest stayed in a relatively narrow range between $185 million and $192 million during the same period. That suggests buying pressure improved without a major expansion in leverage. The broader derivatives backdrop also supports this interpretation. On the [XRP] Multi Exchange Open Interest Delta chart, negative readings dominated between March 18 and March 22, with daily OI delta averaging roughly -$14 million per day. In other words, the market had already gone through a multi-day cooling phase before this rebound in Binance buying appeared.