XRP has shown an interesting market rhythm during this Christmas cycle. As of December 25th, the data for this week is quite clear—since the US stock market opened on December 22nd, a strong institutional buying wave has not stopped.

Let's first look at the spot ETF situation. On December 22nd, the net inflow for a single day reached $215 million, ranking among the top three in December, indicating that institutions are taking advantage of the holiday market to bottom fish and accumulate. Even more interesting is that the total physical XRP held by the main US spot XRP ETFs (Bitwise, Canary, 21Shares) has already surpassed 850 million coins. During this period, there has been no sign of redemptions—it's all about buying, buying, buying. This reflects a strong confidence in XRP's long-term prospects among institutions, even amid such market volatility.

Looking at the supply side on exchanges, the situation has become even more tense. The XRP reserves on major global exchanges have already fallen into a "red alert" state, and this depletion rate is much faster than previously expected. The tightening supply, combined with continuous institutional accumulation, is creating a strong resonance in the market—a scenario where buy orders are pouring in continuously while seller supply is extremely scarce. Such a situation is quite rare in exchange history.