US Spot XRP ETFs Reach $1.68 Billion in Cumulative Inflows as Demand Builds

Inflows Accumulate Despite an Uneven Start to September

U.S. spot $XRP exchange-traded funds (ETFs) finished Sept. 4 with roughly $1.68 billion in cumulative net inflows, the total capital gathered since the products began trading. Combined net assets stood near $1.48 billion, and the session itself saw no net inflows or outflows, according to aggregate $XRP ETF data. The launch of spot $XRP ETFs followed the U.S. Securities and Exchange Commission's 2025 approvals of such products, extending a spot-crypto-ETF framework that began with bitcoin funds in January 2024.

Within that cumulative figure is $273 million that the funds drew in during the second quarter across April, May, and June. Every month posted positive net flows: $81.59 million in April, $131.94 million in May, and $59.46 million in June, according to Evernorth's $XRP liquidity findings.

Daily flows were choppy through the first sessions of September, alternating among outflows, inflows, and flat days. The funds took in a net $6.14 million on Sept. 3 after a $7.20 million net outflow the day before. The Sept. 4 pause left cumulative inflows unchanged, while disclosed institutional $XRP ETF holdings showed established financial firms participating in the market — a milestone for institutional access, since spot-crypto ETFs let registered investors hold crypto exposure through conventional brokerage and retirement accounts rather than direct wallets.

Bitwise Fund Accounts for a Large Share of the Category

Bitwise's $XRP ETF held approximately 362 million $XRP valued at $507.5 million as of 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, according to its official fund data.

The fund crossed $500 million in assets roughly nine months after its November 2025 launch, Bitwise announced on X on Aug. 31, making it one of the largest products in the category. Its $XRP holdings rose by about 75 million $XRP from the 286.8 million reported at the end of the second quarter, and the $500 million milestone reflected both share creations and movements in $XRP's market value.

Assets under management and cumulative net inflows capture different aspects of a fund's growth and rarely align. Net flows track capital entering or leaving through creations and redemptions, whereas net assets also move with the market price of $XRP. That distinction explains why the category's roughly $1.48 billion in net assets sits below its $1.68 billion in cumulative inflows.

ETF Growth Coincides With Larger On-Chain $XRP Trades

Evernorth's analysis of XRP Ledger (XRPL) data found that $XRP trading rose even as fewer accounts took part. Daily DEX volume averaged 4.42 million $XRP in the second quarter, about 20% above the prior-year level. Order-book volume climbed 79% to 3.57 million $XRP per day, while the number of accounts initiating those trades fell from 1,864 to 1,111 per day.

The Bitwise $XRP ETF logged more than $200 million in trading volume across three consecutive sessions, including over $80 million on Aug. 24. That turnover measures shares exchanged rather than capital entering the fund.

The expanding U.S. market now includes products from Canary Capital, Franklin Templeton, 21Shares, Bitwise, Grayscale, and REX-Osprey. These funds offer indirect $XRP exposure through brokerage accounts but vary in fees, custody arrangements, and legal structure. How monthly flow trends and the number of issuers' future filings develop will indicate whether demand for the category continues to broaden. $XRP is the native asset of the public XRP Ledger, where it supplies liquidity and pays transaction costs.