$XRP open interest just collapsed 70% from its peak. leverage ratio dropped from 0.59 to 0.13.
In simple terms, the overleveraged speculators got wiped out. the market cleaned itself.
Here's why that matters. spot cvd is rising at 148M. that means real buyers are stepping in with actual money, not borrowed positions. perps cvd at -1.9B shows leveraged traders are still unwinding, which is exactly what you want to see before a real move.
Spot volume at $2.3B vs futures $3.2B. the ratio is moving toward spot dominance. when spot leads price, moves tend to be more sustainable.
A 70% open interest wipe looks scary. but historically it's the setup, not the problem.
Markets flush weak hands before they move. that's just how it works. -- token pulsar 🎯