glassnode: XRP Derivatives Leverage Continues to Contract, Market Sentiment Remains Cautious

Odaily News According to a post by on-chain analytics platform Glassnode on X, following a sharp deleveraging event in early October 2025, the open interest (OI) for XRP perpetual contracts plummeted from 7 billion to 2 billion, a drop of 71%. Subsequently, market positions have further compressed, with OI declining by another approximately 25% to 1.5 billion. The market has not yet rebuilt speculative positions, indicating that derivatives market participants overall remain cautious, with risk appetite not showing significant recovery.