XRP’s on-chain activity has cooled dramatically since its 2025 surge, according to Glassnode’s latest on-chain metrics. The 90-day average of total XRP network fees has plunged to about 500 XRP from roughly 5,900 XRP in February, a 91.5% drop that points to a sharp slowdown in on-chain demand after the mid-2025 price spike that briefly pushed XRP above $3. The pullback in on-chain activity mirrors a broader shift in trader behavior and market structure after a period of intense speculation.

Compounding the view of a cooling market, XRP’s 90-day realized profit-to-loss ratio has collapsed to 0.38, suggesting that more coins are being realized at losses than profits on-chain. At the height of its price run in January and July 2025, when XRP traded near $3.40, the ratio reached around 50 as profit-taking dominated flows. The current regime, by contrast, signals a possible capitulation environment where selling pressure is less about wholesale distribution by big holders and more about risk-off sentiment and leverage-driven liquidations.

Key takeaways

• On-chain demand for XRP has slumped sharply since the 2025 rally, with the 90-day average of network fees falling 91.5% to around 500 XRP.
• The 90-day realized profit-to-loss ratio has fallen to 0.38, indicating losses are being realized more than profits as investors exit positions.
• Exchange-related activity shows a cooling dynamic: large XRP transfers to centralized venues like Binance have declined since the 2025 peak, hinting at a shift away from mass whale distribution.
• A defined accumulation zone between roughly $1.00 and $0.65 is taking shape, anchored by technical levels such as a fair value gap and a high-volume node around $0.50–$0.65.
• Despite near-term weakness, a subset of analysts maintains a longer-term bullish thesis, with a target range of about $15–$18, underscoring the ongoing debate over XRP’s eventual fundamental trajectory.

On-chain activity and what it signals

Glassnode’s analysis stresses that XRP’s on-chain activity has cooled substantially after the explosive run that pushed the token above $3 in the first half of 2025. The drastic drop in the 90-day fee average—from thousands of XRP to a few hundred—suggests a cooling in the network’s transaction activity and a retrenchment of speculative demand. In practical terms, the fee data are often treated as a proxy for everyday transactional use on the XRP ledger, and the current readings imply a lull in users and a normalization after a period of exuberant activity.

Observers are watching whether this cooling translates into a more stable or even depressed price regime. The price action that followed the mid-2025 spike created a technical environment where traders now see a broad band between $1.00 and $0.65 as a critical zone. The question is whether buyers will accumulate enough demand to defend that range or if the market will test lower levels in a broader risk-off cycle.

Profit dynamics: from profit-taking to capitulation?

The realized profit-to-loss ratio offers a window into how investors are managing their XRP positions as market conditions shift. The ratio’s plunge to 0.38 means that for every $1 of realized profit, approximately $2.63 of losses have been realized, a pattern often observed when a market moves from a distribution phase into capitulation, albeit without the same intensity of selling by large holders as in prior cycles.

For context, the ratio reached about 50 during the weeks when XRP hovered near $3.40 in 2025, indicating heavy profit-taking at those price points. The reversal to a low ratio is consistent with a broader shift away from aggressive on-chain profit-taking and toward a more cautious posture among market participants. While this doesn’t preclude a return to stronger hands pushing prices higher, it does highlight a renewed emphasis on risk controls and stop-out dynamics in a market that has already experienced substantial speculative fervor.

Whale flows, exchanges, and the bigger picture

On the exchange-front, data from CryptoQuant offers a complementary view to Glassnode’s on-chain activity. Analysts have flagged a decline in transfers of XRP to major exchanges, particularly among the higher-cohort holders. Notably, inflows of 100,000–1,000,000 XRP and those above 1,000,000 XRP have weakened since the 2025 peak, with declines of about 15% and 20%, respectively, since October 2025. The trend points to a reduction in the step-like distribution that often accompanies top-of-cycle sell-offs.

Analysts caution that the near-term price weakness appears more connected to leverage-driven liquidations and a risk-off mindset than to a broad, coordinated dump by large holders. In other words, while large holders are still active participants in the space, their activity does not appear to be the dominant force shaping XRP’s price action at this juncture. The combination of fading on-chain demand and shifting exchange dynamics creates a nuanced backdrop for traders who must weigh potential liquidity gaps against the possibility of renewed demand in a broader crypto-market upcycle.

In terms of regional and behavioral signals, the XRP ecosystem still shows a classic pattern: from a few clear acceleration points to a more cautious phase where traders hunt for lower-risk entries. CryptoQuant’s analysis highlights how inflows to exchanges from large holders have cooled, which historically has preceded or accompanied broader corrections in the XRP market. Yet, as ever in volatile crypto markets, these trends must be contextualized within macro conditions, liquidity cycles, and evolving regulatory dynamics that continue to shape investor risk appetite.

Technical map: where buyers are watching

From a chart perspective, XRP has been consolidating within a zone that many traders view as a potential bottoming region. The weekly price action points to a cluster of technical levels between $1.00 and $0.65. A notable fair value gap created during XRP’s late-2024 rally spans roughly $0.63 to $1.00, and price has shown movement back toward this zone after breaching the $1.40 level on the downside. Visible-range volume profile data indicate relatively light activity below current prices until a high-volume node sits around $0.50–$0.65, suggesting a meaningful area of liquidity in that neighborhood.

The point of control—the price area with the most traded volume—sits near $0.52–$0.55, reinforcing the idea that this range has become a magnet for immediate supply and demand. In addition, XRP’s five-year ascending trendline projects to intersect near $0.60–$0.65 in the coming months, a confluence of support that could anchor a potential bounce if macro conditions support renewed risk appetite.

On the community front, market observers have begun highlighting the $0.60–$0.65 band as a practical accumulation zone. Traders such as Crypto Patel have identified $1.00–$0.60 as a preferred range to accumulate, while others like Javon Marks continue to model a longer-term bull scenario with a target of roughly $15–$18 per XRP—a move that would imply roughly 1,100% upside from current levels. While such a trajectory remains contingent on a sustainable macro and market-driven re-pricing of risk, the convergence of on-chain, exchange, and technical signals keeps the narrative alive for those investors betting on a reacceleration in XRP’s adoption and liquidity cycle.

What to watch next

As the market digests a quieter on-chain environment and a shift in exchange activity, XRP traders will be closely watching whether demand can re-emerge around key support around $0.60–$0.65 and whether buying interest can sustain a move back toward the $1.00 threshold and beyond. The overarching question remains whether the longer-term bull thesis can absorb another round of macro shocks or if a fresh catalyst—regulatory clarity, improved liquidity conditions, or institutional participation—could reframe XRP’s trajectory in 2026.

Brad Garlinghouse has endorsed claims that Wall Street firms are increasingly pursuing the same institutional finance strategy that XRP was once criticized for supporting.

According to comments shared on X, Ripple CEO Brad Garlinghouse responded with a one-word endorsement after Flare co-founder Hugo Philion argued that many parts of the crypto industry are now embracing the bank-focused approach that XRP and Ripple promoted from the beginning.

The exchange began after an X user highlighted remarks Philion made during a recent interview discussing Ripple’s long-standing role in digital payments. The user wrote that parts of the crypto sector had mocked XRP’s institutional vision in the past but were now attempting to replicate it. Garlinghouse replied simply, “True.”

Blockchain.com has launched 24/7 perpetual trading for institutional clients through its OTC desk, offering around-the-clock exposure to stocks, equity indices, commodities, foreign exchange markets and pre-IPO companies.

The rollout includes a SpaceX-linked perpetual contract, allowing eligible investors to take positions tied to the aerospace company’s anticipated public listing. According to the company, the contract is already live through its OTC desk.

Blockchain.com said the new service is intended for institutions seeking continuous market access outside traditional trading hours. The company said clients can use the platform to hedge or adjust positions across multiple asset classes, including on weekends when most traditional markets are closed.

The firm cited use cases including options desks managing exposure, macro funds trading across asset classes and investors seeking exposure to anticipated public listings.

Blockchain.com’s announcement tweet Tuesday to its 1.3 million followers.
Source: Blockchain.com on X.com

The move follows Blockchain.com’s April launch of perpetual futures trading through its self-custody wallet. At the time, the company said it planned to expand beyond crypto markets into stocks, commodities and foreign exchange.

In May, Blockchain.com confidentially filed paperwork with the US Securities and Exchange Commission for its own proposed initial public offering. 

Related: Senator Elizabeth Warren questions Elon Musk about X Money

Pre-IPO trading emerges as a new crypto battleground

Bloomberg reported in April that SpaceX had confidentially filed for an IPO and was considering a valuation of more than $1.75 trillion, potentially making it one of the largest public listings in US history. Anticipation around the company’s expected June 12 market debut has since fueled a wave of pre-IPO products from crypto exchanges.

Binance last month introduced pre-IPO perpetual futures tied to private companies, beginning with a SpaceX-linked contract settled in USDT. The derivatives allow traders to speculate on a company’s expected valuation before and after an IPO without owning the underlying shares.

Last week, crypto exchange Kraken announced that SpaceX would become the first company offered through its xStocks IPO Access platform, allowing eligible users in more than 110 markets to participate through tokenized shares backed 1:1 by the underlying stock. Once issued, the tokens can be traded around the clock on Kraken and other xStocks-supported platforms.

Bybit followed days later, indicating it would also offer access through xStocks, marking the first IPO available through the exchange’s new tokenized equity program.

Source: SpaceX

Coinbase has also launched pre-IPO markets for international users through a perpetual futures contract tied to SpaceX’s estimated private-market valuation. The USDC-settled product is designed to convert into a post-IPO contract if the company ultimately begins trading on public markets.

Investor demand for the offering has continued to accelerate. On Tuesday, Reuters reported that the IPO was running three and a half to ​four times oversubscribed, with demand exceeding $250 billion for an offering expected to raise $75 billion.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

TLDR

• BlackRock’s IBIT and Fidelity’s FBTC account for the majority of recent U.S. spot Bitcoin ETF inflows.
• On January 14, IBIT and FBTC captured over 90% of the $840.6 million total inflows.
• Similar concentration appeared on April 17 and May 1, with the two funds absorbing most new capital.
• Bitcoin is down about 29% year-to-date, yet IBIT and FBTC continue to dominate allocation days.
• Smaller ETFs such as EZBC, HODL, BRRR, and BTCW often record single-digit million daily flows.

BlackRock and Fidelity now command most new allocations into U.S. spot Bitcoin exchange-traded funds. Recent flow data shows the two firms absorb the bulk of daily inflows and shape overall direction. The pattern has strengthened through 2026 as other issuers record limited activity.

Bitcoin ETFs Flows Concentrate Around Two Issuers

When U.S. spot Bitcoin ETFs launched in January 2024, investors chose from more than a dozen products. However, flow data now shows BlackRock and Fidelity capture most institutional allocations. Farside Investors’ data highlights repeated sessions where the pair dominated inflows.

On January 14, spot Bitcoin ETFs drew $840.6 million in net inflows. BlackRock’s iShares Bitcoin Trust attracted $648.4 million, while Fidelity’s Wise Origin Bitcoin Fund added $125.4 million. Together, they represented over 90% of that day’s total inflows.

On April 17, total inflows reached $663.9 million across all products. IBIT secured $284 million, and FBTC collected $163.4 million. The two funds accounted for roughly two-thirds of new capital entering the sector.

On May 1, the trend continued as total inflows hit $629.8 million. IBIT contributed $284.4 million, and FBTC added $213.4 million. Combined, the pair drew nearly $500 million of the day’s allocations.

Bitcoin has declined about 29% year-to-date, which has pressured the broader crypto ETF complex. Between mid-May and early June, several sessions recorded heavy net outflows. Despite weaker sentiment, IBIT and FBTC frequently absorbed or limited redemptions.

Scale and Liquidity Define the Two-Firm Structure

BlackRock manages over $10 trillion in global assets and maintains wide distribution networks. Fidelity also operates one of the largest U.S. brokerage and retirement platforms. These structures support trading volume, liquidity, and access for advisers and institutions.

Many buyers include registered investment advisers, hedge funds, family offices, and pension consultants. For these allocators, issuer reputation and liquidity weigh heavily in product selection. As a result, many treat IBIT and FBTC as default vehicles for Bitcoin exposure.

Meanwhile, smaller funds post modest daily flow figures. Franklin Templeton’s EZBC, VanEck’s HODL, Valkyrie’s BRRR, and WisdomTree’s BTCW often record single-digit-million inflows. In many sessions, their flows do not alter the total sector direction.

Bitwise’s BITB and Ark’s ARKB also trail the two largest funds this year. Earlier in 2026, Trump Media & Technology Group withdrew plans for a proposed spot Bitcoin ETF. The withdrawal followed intensified competition led by BlackRock and Fidelity.

During volatile sessions, capital shifts primarily into or out of IBIT and FBTC. When investors buy aggressively, most inflows concentrate in those products. When selling increases, their activity often determines whether the sector records net inflows or outflows.

Nigeria’s Senate has advanced a bill that could create formal rules for crypto firms and virtual asset operators.

The Virtual Asset Service Providers Regulation Bill, 2026, passed second reading on Tuesday and moved to committee review. The proposal seeks licensing, compliance rules, and consumer protection measures for one of the world’s largest crypto markets.

Nigeria Senate moves crypto bill forward

The Senate advanced the bill, listed as SB 956, after lawmakers debated digital asset oversight. Deputy Senate President Barau Jibrin sponsored it, while Senate Chief Whip Mohammed Monguno presented it. The bill now goes to the Senate Committee on Capital Market for further review. 

The committee can examine the proposal, consider amendments, and invite public input. Passing second reading does not make the bill law. It must still pass committee review, third reading, and other required legislative stages.

The proposal seeks a legal and supervisory structure for virtual assets, digital assets, and service providers. It would place crypto exchanges and related operators under licensing requirements. The bill also proposes transparency and compliance rules for firms serving Nigerian users. Lawmakers said these measures would help reduce fraud and improve market order.

Bill targets licensing and global standards

The legislation seeks to align Nigeria’s crypto rules with international standards. Its backers cited frameworks linked to the Financial Action Task Force and International Monetary Fund. The bill would require virtual asset service providers to follow anti-money laundering rules. It would also support counter-terrorism financing controls across crypto operations.

Under the proposal, operators of exchanges and blockchain-based investment platforms would need licenses. Other digital asset service providers would also face regulatory standards Lawmakers said the current regulatory gap leaves major activity outside official oversight. They argued that investments, jobs, and revenue remain harder to track without clear rules.

Senate Whip Tahir Monguno said Nigeria trails some African peers on virtual asset laws. He pointed to Kenya, South Africa, and Ghana as countries developing related frameworks. The sponsor said the bill does not seek to block innovation. He framed it as a way to promote order, confidence, accountability, and consumer protection.

Crypto market awaits committee review

Nigeria remains one of the world’s most active crypto markets by adoption. Users rely on digital assets for remittances, cross-border payments, inflation hedging, and global financial access. The country’s crypto policy has changed over time. Banks once faced restrictions on servicing crypto firms, but regulators later moved toward structured oversight.

Recent efforts have included registration pathways for digital asset providers. The new bill seeks to combine scattered rules into a clearer legal framework. Lawmakers linked the proposal to President Bola Tinubu’s $1 trillion economy target. They argued that unregulated crypto activity limits the digital economy’s official contribution.

If passed, the bill would increase compliance duties for exchanges and other operators. However, supporters said clear rules could help legitimate firms attract investment. The next stage will determine the bill’s final shape. Its impact will depend on committee changes, licensing details, and final implementation rules.

Iran’s main military command has closed the Strait of Hormuz to all vessels after fresh US attacks.

Iran Iranian media said Khatam al-Anbiya Central Headquarters cited security threats in the waterway. The move came as talks to end the conflict faced new pressure.

Iran warns ships against Hormuz passage

Tasnim News Agency reported that Iran’s military command declared the strait “completely closed to all types of vessels.” The command said “any vessel traffic through the Strait of Hormuz will be targeted.”

Iran’s Revolutionary Guards navy said two ships tried to pass through the waterway. State television IRIB and the Mehr agency reported that Iranian forces hit both vessels. The Guards said the ships attempted to “illegally pass through the Strait of Hormuz.” They also warned ships against leaving anchorages in the Persian Gulf and Sea of Oman.

“Approaching the Strait of Hormuz will be considered cooperation with the enemy,” the Guards said. The warning followed earlier claims of US attacks near Iran’s southern coast. Iranian media also reported explosions near Bandar Abbas, Qeshm, Minab, and Sirik. Iranian sources said “enemy projectiles” hit Qeshm, Kargan, and Sirik.

US launches new strikes in Iran

US Central Command said it launched strikes against multiple Iranian targets on June 10. The command described them as “additional self-defence strikes.” CENTCOM said the strikes began at 5.15pm New York time. It added that the action answered Iran’s “unwarranted and continued aggression.”

As it was reported by crypto.news, the new attacks followed US strikes on June 9 after Iran downed a US Apache helicopter. Iranian media said those earlier strikes hit air defence, radar, and other sites. President Donald Trump accused Iran of delaying talks on an interim peace deal. He told reporters that US forces would “hit them hard” before the strikes began.

“We hit them hard yesterday, and we’re going to hit them hard again today,” Trump said. He declined to name the targets before the military announcement. Iran’s Foreign Ministry accused the United States of striking civilian infrastructure. US Defense Secretary Pete Hegseth said the strikes sought to push Iran toward a deal.

Talks continue as the Qatar delegation arrives

A White House official said negotiations continued, even as Washington increased military pressure. The official said the US would maintain pressure until both sides reach a deal. Trump later said the US military supported the passage of more than 200 commercial ships. He said those movements carried more than 100 million barrels of oil to market.

Trump also claimed the United States controls the Strait of Hormuz, “not Iran.” Tehran’s latest statement directly challenged that claim through its closure order. The semi-official Iranian Students’ News Agency reported that a Qatari delegation reached Tehran on June 10. The delegation planned to discuss the diplomatic process to end the war.

The closure announcement followed claims of repeated ceasefire violations by the “American enemy.” Iran said the Strait of Hormuz will stay closed until further notice. The waterway remains central to oil and commercial shipping between the Persian Gulf and global markets. Iranian media reported the closure after explosions across southern Iran near the strait.