A 14% yield gap sitting in XRP futures isn't an accident — it's institutions harvesting cash while retail chases direction. Bitwise's 10.8 million-XRP custody stack is 97.5% hedged through futures, basically neutral on price but very much not neutral on yield. Even CFTC classifications make it hard to pin down exactly who's on the other side of that spread. Worth remembering: not every big XRP position is a directional bet — some are just quiet cash machines.