Gate News message: April 13. On the X platform, on-chain analytics platform glassnode posted that after XRP perpetual contract open interest (OI) underwent a sharp deleveraging at the beginning of October 2025, it dropped dramatically from 7 billion coins to 2 billion coins, a decline of 71%. Since then, market positioning has been further compressed, and OI has fallen again by about 25% to 1.5 billion coins. The market has not yet rebuilt speculative positioning, indicating that derivatives traders overall remain cautious and risk appetite has not clearly recovered.
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