By Isaac • September 4, 2026 11:14 pm •
Bitwise has given the XRP market an unusually clear look at what institutional demand can mean when the buyer is not making a simple bet on price.
The firm’s Crypto Carry Fund held 10,781,438 XRP in custody while carrying a short position equivalent to 10,510,000 XRP in September Coinbase futures, according to a September 1 holdings snapshot examined by CryptoSlate. That left 97.48% of the spot quantity offset and only about 271,438 XRP exposed to a parallel directional move.
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The displayed 14.57% implied yield came from a futures price roughly 0.91% above the spot-equivalent mark, annualized over the time remaining until settlement. The fund was positioned to collect the gap between spot XRP and a more
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