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On-chain data has sparked intense discussion and concern in the crypto market after revealing that XRP supply on Coinbase has plunged by 90% while reserves on Binance have fallen to their lowest levels since 2024. This sharp decline coincides with speculation that the world’s largest asset management company, BlackRock, may be quietly accumulating significant amounts of the token through crypto exchanges.
Crypto commentator Ledger Man ignited the debate earlier this Tuesday in a post on X, highlighting concerns about Coinbase’s declining XRP reserves and the growing speculation surrounding BlackRock’s potential involvement with the cryptocurrency. He suggested that the sharp reduction in the altcoin held on Coinbase could point to large-scale off-exchange accumulation.
Ledger Man claimed that BlackRock may be buying substantial amounts of XRP through Coinbase. According to his estimates, the asset management giant may already control between 200 million and 400 million XRP if the withdrawals are tied to institutional buying.
While the claims have not been confirmed, the extent of its exchange decline is hard to ignore. A 90% drop in supply on one of the largest US exchanges signals either aggressive self-custody moves or major institutional transfers, and Ledger Man leans towards the latter.
Given BlackRock’s expanding footprint in digital assets, speculation about a potential investment in the cryptocurrency is hardly surprising. Over the years, the asset management giant has steadily deepened its involvement in the crypto market, fueling rumors that it may be expanding its exposure beyond Bitcoin and Ethereum products.
In particular, after launching spot Bitcoin and Ethereum ETFs, speculation spread across the crypto community that BlackRock may be setting its sights on an XRP ETF next. However, those claims ultimately proved to be false.
Notably, the altcoin, with its established cross-border payment focus and diverse use cases, could fit into a longer-term portfolio strategy for many organizations, as seen in recent investment activity by Goldman Sachs. However, the cryptocurrency remains a largely speculative and volatile asset.
As supply on Coinbase fell by 90%, XRP reserves on Binance also plummeted, reaching their lowest level since early 2024. According to CryptoQuant data shared by market analyst Ripple Bull Winkle, a whopping 700 million XRP has left Binance since its November 2025 peak.
At current prices, the analyst noted that this substantial amount represents hundreds of millions of dollars withdrawn from exchange wallets. The scale of the outflow has raised concerns about large holders’ intentions, whether they are preparing for long-term accumulation or short-term trading.
Ripple Bull Winkle framed the recent development in simple terms, highlighting that investors typically sell on exchanges, but move assets off these platforms when they plan to hold. In that context, declines in exchange reserves could indicate reduced immediate sell pressure on XRP.
