Bitwise’s XRP exposure is drawing attention to a reported 14% yield gap in XRP futures, according to CryptoSlate. The firm holds 10.8 million XRP in custody, while futures positions offset 97.5% of that amount. The structure points to a largely hedged exposure rather than an unprotected directional position, although the available CFTC category data complicates interpretation of who ultimately benefits from the trade. CryptoSlate’s analysis focuses on how institutional positioning in XRP futures may transfer returns from traders through the difference between futures pricing and the underlying asset. The figures provide a snapshot of Bitwise’s reported custody and derivatives exposure, but the source does not establish the precise strategy behind every position. Market participants are therefore left to assess the significance of the yield gap alongside the limitations of publicly available classifications.
