Binance XRP CVD Shows Sellers Led Trading as ETF Flows Pause

Binance’s XRP cumulative volume delta (CVD) was about negative 4.33 million XRP on Nov. 9, indicating sellers led market-initiated trading on the exchange in the measured period.

CVD tracks the difference between volume initiated by buyers and sellers. A negative reading means sell-initiated volume outweighed buy-initiated volume within the measure. It does not show that an equivalent amount of cash left XRP markets.

XRP exchange-traded funds had about $530,000 in net outflows Nov. 2. They then recorded zero net flows each day from Nov. 3-6, a four-day stretch without net inflows or outflows.

The nearly $2 billion shift in estimated spot and Binance perpetual CVD readings from Sept. 23 to Oct. 16 coincided with falling futures open interest on Binance and Bybit. That change compares readings across separate markets: the spot CVD measure uses a 90-day window, while Binance perpetual CVD tracks derivatives. It does not measure net selling only between those dates or represent a single cash balance.