XRP期貨開放興趣降至2025年的最低水平

同時，對XRP期貨的開放興趣在2025年的最低水平下降，這表明交易員已經放鬆了槓桿頭寸。

At the same time, open interest in XRP futures fell to its lowest level in 2025, indicating that traders have been unwinding leveraged positions. While this shift does not necessarily signal a broader bearish sentiment, it raises concerns about whether XRP’s bullish momentum has weakened.

同時，對XRP期貨的開放興趣在2025年的最低水平下降，這表明交易員已經放鬆了槓桿頭寸。儘管這種轉變並不一定意味著更廣泛的看跌情緒，但它引起了人們對XRP的看漲勢頭是否減弱的擔憂。

XRP aggregate futures open interest, XRP. Source: CoinGlass

XRP總期貨開放興趣，XRP。資料來源：小店

The aggregate open interest in XRP futures dropped to XRP 1.33 billion, marking an 8% decline from the previous week. In comparison, SOL open interest fell 4% over the same period, while the aggregate futures market for DOGE remained flat.

XRP期貨的總開放興趣下降到XRP 13.3億，比上週下降了8％。相比之下，同一時期，索爾開放興趣下降了4％，而門多格的總未來市場仍然持平。

To determine whether traders are losing interest in XRP, it is essential to analyze the funding rate of perpetual contracts (inverse swaps). This rate, charged by exchanges to balance leverage demand, turns positive when long (buy) positions pay to hold, signaling bullish sentiment. Conversely, a negative rate suggests a bearish outlook.

為了確定交易者是否失去對XRP的利息，必須分析永久合同的融資率（反交換）。通過交流以平衡利潤需求的費率，當長期（買）職位支付以保持持有，表明看漲的情緒時。相反，負率表明看跌前景。

XRP 8-hour perpetual futures funding rate. Source: CoinGlass

XRP 8小時永久期貨融資率。資料來源：小店

XRP’s 8-hour funding rate has remained near zero since Dec. 9, indicating a balanced leverage demand between bulls and bears. The last brief surge in leverage demand occurred on Dec. 4, 2024, following a 140% rally in XRP’s price over two weeks. Notably, this peak in buying pressure preceded a sharp 22% correction in less than three days.

自12月9日以來，XRP的8小時資金率一直保持在零接近零，表明公牛和熊之間的槓桿需求平衡。槓桿需求的最後一次短暫激增發生在2024年12月4日，此後XRP的價格在兩週內進行了140％的集會。值得注意的是，購買壓力的高峰是在不到三天的時間內進行22％的較高校正。

On Dec. 3, 2024, the funding rate remained below 0.05% per 8-hour period, equivalent to 0.45% per month. This suggests that leverage buyers had already positioned themselves aggressively before the correction.

在2024年12月3日，資金率保持在每8小時的0.05％以下，相當於每月0.45％。這表明，在更正之前，利用買家已經積極地定位了自己。

Reduced XRP demand shows uncertainty over spot ETF approval and SEC case resolution

減少的XRP需求顯示了對現場ETF批准和SEC案例解決的不確定性

Current market conditions differ significantly from those in December 2024. XRP’s last rally took place between Feb. 12 and Feb. 15, when its price surged 17% from $2.41 to $2.83. However, funding rate data shows no increase in leveraged demand. This suggests that either XRP holders became overly optimistic after the strong gains in late 2024 or shifted their focus to other cryptocurrencies.

當前的市場狀況與2024年12月的市場條件有很大差異。XRP的最後一次集會發生在2月12日至2月15日之間，當時其價格從2.41美元飆升至2.83美元。但是，資金率數據顯示槓桿需求沒有增加。這表明，在2024年底的強勁增長或將重點轉移到其他加密貨幣之後，XRP持有人變得過於樂觀。

One factor dampening enthusiasm among XRP traders is the ongoing US Securities and Exchange Commission (SEC) lawsuit against Ripple. While the SEC has withdrawn cases against Coinbase, OpenSea, Robinhood, and Uniswap, Ripple remains an exception. This presents a double-edged sword for XRP where prolonged uncertainty weakens investor conviction, but a surprise positive resolution could trigger a sharp rally.

XRP交易者中抑制熱情的一個因素是美國證券交易委員會（SEC）針對Ripple的訴訟。儘管SEC撤回了針對Coinbase，Opensea，Robinhood和Uniswap的案件，但Ripple仍然是一個例外。這為XRP提供了一把雙刃劍，其中延長的不確定性削弱了投資者的定罪，但令人驚訝的積極決議可能會引發急劇的集會。

John Reed Stark, the former Chief of the SEC’s Office of Internet Enforcement, has previously accused the cryptocurrency industry of spreading myths to mask its lack of transparency and accountability, commented on the “demolition of the SEC Crypto-Enforcement Program” on X. Using a meme, Stark expressed frustration over recent developments.

SEC互聯網執法辦公室前負責人約翰·里德·斯塔克（John Reed Stark）此前曾指責加密貨幣行業傳播神話來掩蓋其缺乏透明度和責任感，並評論了“拆除SEC加密執法計劃”。

Another source of concern for XRP holders is the reportedly failed attempt by Ripple CEO Brad Garlinghouse to persuade the US government to adopt a Strategic Digital Asset Reserve instead of focusing solely on Bitcoin. Pierre Rochard, vice president of Research at Riot Platforms, highlighted this setback, noting that Trump’s administration has signaled it will no longer form a crypto council, further downplaying the urgency of such initiatives.

XRP持有人關注的另一個來源是據報導，Ripple首席執行官Brad Garlinghouse試圖說服美國政府採用戰略性數字資產儲備，而不是僅專注於比特幣。 Riot Platforms研究副總裁Pierre Rochard強調了這一挫折，並指出，特朗普的政府表明它將不再組成加密委員會，進一步淡化了此類倡議的緊迫性。

The declining demand for XRP futures is ultimately a bearish signal, as it suggests traders are shifting focus to other opportunities or staying on the sidelines.

對XRP期貨的需求下降最終是一個看跌信號，因為這表明交易者正在將重點轉移到其他機會或留在場上。

This reluctance may stem from uncertainty surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the US and the eventual dismissal of the SEC’s charges against Ripple.

這種不願源於圍繞美國XRP交易所交易基金（ETF）的潛在批准以及最終駁回SEC對Ripple的指控的不確定性。