XRP Tops BTC on a Major Exchange in Historic Shift

XRP dominance is seeing an emergence in Upbit’s reserves, which has the South Korean giant apart from its global peers.

While Bitcoin typically anchors the reserve portfolios of major platforms, Upbit presents a rare deviation.

Upbit’s XRP Bet

In December 2024, the exchange sharply increased its XRP holdings and has continued those levels since. Data shared by CryptoQuant now shows that the USD value of XRP reserves is nearly on par with Bitcoin, which makes Upbit one of the only major exchanges where Bitcoin is not the clear leader.

The analytic platform views this unusual balance as a potential indicator of changing demand, particularly given Upbit’s outsized role in Asian crypto markets and its significant liquidity flows. The latest development highlights XRP’s unique position in South Korea, where investor appetite for the asset has historically been stronger than in other regions.

The pattern emerged at a time when XRP is seeing a surge in social media discussion rates. Santiment revealed that this is driven by a string of landmark developments. The US Securities and Exchange Commission’s (SEC) approval of Grayscale’s multi-crypto fund that includes XRP has helped the asset’s case in growing regulatory legitimacy.

Adding to the momentum, CME Group also announced it will roll out options on XRP futures beginning October 13, this year. These factors have triggered increased community engagement and renewed investor optimism.

New XRP ETF Defies Expectations

Further boosting sentiment, REX-Osprey launched the first US spot XRP ETF on September 18, which can be described as a breakthrough for institutional access. Debuting on the Cboe BZX Exchange, XRPR recorded a staggering $24 million in trading volume within just 90 minutes.

This figure is five times higher than any XRP futures ETF’s first-day total, according to Bloomberg’s Eric Balchunas. The explosive performance was indicative of a strong investor appetite for regulated XRP exposure and signals a potential shift in institutional sentiment.

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