Key Takeaways
- Cumulative U.S. spot XRP ETF inflows have reached approximately $1.68 billion.
- The funds held about $1.48 billion in combined net assets on Sept. 4.
- Bitwise’s XRP fund held approximately 362 million XRP on Sept. 3.
XRP ETF Inflows Build Despite an Uneven September Start
U.S. spot XRP exchange-traded funds (ETFs) ended Sept. 4 with approximately $1.68 billion in cumulative net inflows, representing the capital gathered since the products began trading. Combined net assets stood near $1.48 billion, while the session produced no net inflows or outflows, according to aggregate XRP ETF data.
The cumulative figure includes the $273 million the funds drew during the second quarter across April, May, and June. Each month produced positive net flows, with $81.59 million arriving in April, $131.94 million in May, and $59.46 million in June, according to Evernorth’s XRP liquidity findings.
Daily activity remained uneven through the first sessions of September, alternating between outflows, inflows, and no movement. The funds recorded $6.14 million in net inflows on Sept. 3 after posting a $7.20 million net outflow one day earlier. The Sept. 4 pause left cumulative inflows unchanged while disclosed institutional XRP ETF holdings showed established financial firms participating in the market.
Bitwise XRP Fund Accounts for a Large Share
Bitwise’s XRP ETF held approximately 362 million XRP with a market value of $507.5 million on Sept. 3. The NYSE Arca-listed product reported $507.46 million in net assets, 32.41 million shares outstanding, and a 0.34% expense ratio through its official XRP fund data.
The fund crossed $500 million in assets approximately nine months after its November 2025 launch, Bitwise shared on X on Aug. 31, establishing it as one of the largest products in the category. Its XRP holdings increased by about 75 million XRP from the 286.8 million reported at the end of the second quarter, while Bitwise’s $500 million milestone reflected both share creations and changes in XRP’s market value.
Assets under management and cumulative net inflows measure different aspects of a fund’s growth and rarely match. Net flows track capital entering or leaving through share creations and redemptions, while net assets also change with the market price of XRP. This distinction explains why the category’s approximately $1.48 billion in net assets remained below its $1.68 billion in cumulative inflows.
ETF Growth Coincides With Larger Onchain XRP Trades
Evernorth’s analysis of XRPL ledger data found that XRP trading increased even as fewer accounts participated. Daily DEX volume averaged 4.42 million XRP during the second quarter, approximately 20% above the prior-year level. Order-book volume rose 79% to 3.57 million XRP per day, while the number of accounts initiating those trades declined from 1,864 to 1,111 per day.
The Bitwise XRP ETF recorded more than $200 million in trading volume across three consecutive sessions, including more than $80 million on Aug. 24. That turnover measured shares exchanged rather than capital entering the fund.
The expanding U.S. market includes products from Canary Capital, Franklin Templeton, 21Shares, Bitwise, Grayscale, and REX-Osprey. These funds provide indirect XRP exposure through brokerage accounts but differ in fees, custody arrangements, and legal structure. XRP is the native asset of the public XRP Ledger, where it supplies liquidity and pays transaction costs.
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