BitMEX Exchange Sees 7,000% Volume Spike as XRP Holders Face $50.8B Unrealized Losses
Ripple's XRP is confronting a sobering reality as Glassnode data reveals that 60% of its circulating supply—36.8 billion tokens—is held at a loss. The $50.8 billion in unrealized losses reflects XRP's 63% decline from its July 2025 all-time high (ATH) of $3.65, with the token now trading near $1.34.
Market dynamics show significant strain: U.S. XRP ETFs experienced $16.62 million in outflows on March 6, while BitMEX futures volume spiked an astonishing 7,000% to $49 million—a clear volatility indicator underscoring deep trader unease.
On-chain metrics paint a grim picture. The 'cost basis' analysis, which compares purchase prices to current levels, highlights how deeply underwater most holders are. Such data typically signals capitulation phases in crypto markets, a critical juncture often watched by the Financial Services Agency (FSA) and other regulators for market stability signals.
