The Ripple community is once again caught up in speculation after data showed a steep drop in Coinbase’s XRP holdings . Instead of seeing it as a sell-off, some commentators believe the decline could be linked to BlackRock quietly moving into position through Coinbase Custody. The rumors are persistent, even though BlackRock has already shot down earlier claims about a Spot XRP ETF filing. Nonetheless, this has left many to wonder if there’s more happening behind the scenes than the company is willing to admit.

Coinbase’s Holdings And BlackRock Rumor

Recent on-chain data revealed that Coinbase’s XRP stash has decreased drastically since the second quarter of 2025. This decrease has seen the amount of coins held by Coinbase fall from 780.13 million to about 199 million, with a 57% f

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