The Ripple neighborhood is as soon as once more caught up in hypothesis after knowledge confirmed a steep drop in Coinbase’s XRP holdings. As an alternative of seeing it as a sell-off, some commentators imagine the decline might be linked to BlackRock quietly shifting into place by Coinbase Custody. The rumors are persistent, despite the fact that BlackRock has already shot down earlier claims a few Spot XRP ETF submitting. Nonetheless, this has left many to surprise if there’s extra taking place behind the scenes than the corporate is keen to confess.
Coinbase’s Holdings And BlackRock Rumor
Latest on-chain knowledge revealed that Coinbase’s XRP stash has decreased drastically for the reason that second quarter of 2025. This lower has seen the quantity of cash held by Coinbase fall from 780.13 million to about 199 million, with a 57% fall in August alone.
Contemplating the size of this decline, the motion has stirred up totally different rumors. Some buyers are of the notion that these are literally supposed sell-offs by Coinbase, whereas others are of the notion that they’re solely strategic transfers involving establishments. Crypto analyst Crypto X AiMan addressed the scenario in a video posted on the social media platform X, the place he famous that Coinbase is just not dumping the coin, regardless of claims circulating inside the neighborhood.
In line with the analyst, the discount is extra probably linked to BlackRock, and his crew had beforehand highlighted a number of BlackRock-XRP connections. As such, he admonished buyers to not interpret the drop in Coinbase’s wallets as bearish however slightly as an indication of shifting custody preparations, presumably linked to the world’s largest asset supervisor.
BlackRock’s Place On An XRP ETF
Feedback about BlackRock’s curiosity within the digital asset are rising louder every day, however it’s value noting that the corporate has already denied experiences of submitting for a Spot XRP ETF. An organization spokesperson for BlackRock just lately clarified that no such product has been filed with the SEC.
However, the lower in Coinbase’s wallets coincides with current developments involving BlackRock’s partnership with Coinbase, which means that an official transfer referring to a Spot XRP ETF might be within the works. Given BlackRock’s embrace of different crypto ETFs, together with Bitcoin and Ethereum, it is just a matter of time earlier than the altcoin joins the lineup.
Though BlackRock has not confirmed any intentions, the rumors alone have elevated curiosity amongst many holders, as proven by feedback on social media. As many as eight different asset managers have filed for a Spot XRP ETF with the SEC, and lots of buyers are nonetheless anticipating {that a} formal submitting may arrive ahead of anticipated.
On the time of writing, the connection between Coinbase’s decreased holdings and BlackRock is speculative, however because the third-largest crypto by market cap, the concept of Spot XRP ETFs hitting the market quickly shouldn’t be dominated out.
Featured picture from Adobe Inventory, chart from Tradingview.com
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