Following the aggressive deleveraging event in early October 2025, which saw perpetual OI collapse from 7B to 2B XRP (−71%), positioning has continued to compress. OI has since declined a further 25% to 1.5B XRP. The market has yet to rebuild speculative exposure, signaling sustained caution among derivatives participants. 📉 http://glassno.de/4804f7z(glassnode)