Recent on-chain data has ignited significant conversations within the cryptocurrency market, revealing a dramatic 90% decline in XRP supply on Coinbase and the lowest reserves on Binance since early 2024. This sudden downturn has coincided with speculation that BlackRock, the world’s largest asset management company, may be quietly amassing substantial quantities of XRP through various crypto exchanges.
The discussion began earlier this week when crypto commentator Ledger Man expressed concerns on social media platform X. He drew attention to the notable decrease in XRP reserves on Coinbase and the growing buzz around BlackRock’s potential involvement with the cryptocurrency. According to Ledger Man, the significant reduction in XRP held on Coinbase might suggest a large-scale accumulation off-exchange, possibly indicating institutional buying activity.
He estimated that BlackRock could control between 200 million and 400 million XRP, emphasizing that the withdrawals from Coinbase could be linked to this potential acquisition strategy. This drastic 90% drop in supply on one of the largest exchanges in the United States signals either aggressive self-custody moves or significant institutional transfers, with Ledger Man leaning towards the latter interpretation.
Given BlackRock’s increasing involvement in digital assets, such speculation is not entirely unwarranted. Over the years, the asset management firm has expanded its footprint in the cryptocurrency sector, further fueling rumors of diversifying its exposure beyond well-known cryptocurrencies like Bitcoin and Ethereum. Following the recent launch of spot Bitcoin and Ethereum ETFs, a wave of speculation arose regarding a potential XRP ETF, although these claims have turned out to be unfounded.
XRP’s established role in cross-border payments and its varied use cases make it an attractive option for institutions. Recent investment activities from firms like Goldman Sachs suggest that the cryptocurrency could align with a long-term portfolio management strategy. Still, XRP remains a highly speculative and volatile asset.
In tandem with the declines on Coinbase, XRP reserves on Binance also witnessed a significant crash, plummeting to their lowest levels since early 2024. Market analyst Ripple Bull Winkle shared data indicating that approximately 700 million XRP has exited Binance since November 2025, amounting to hundreds of millions of dollars withdrawn from exchange wallets at current market prices.
This substantial outflow has raised questions about the intentions of large holders: are they positioning themselves for long-term accumulation or engaging in short-term trading? Ripple Bull Winkle simplified the recent trend by noting that while investors typically sell assets on exchanges, moving them off platforms usually indicates a strategy focused on holding. Thus, the declines in exchange reserves could suggest a decrease in immediate sell pressure on XRP.
