U.S. spot XRP exchange-traded funds recorded net inflows for 11 consecutive trading sessions through early September, attracting approximately $170 million during the streak. The run lifted cumulative net inflows for the asset class to roughly $1.68 billion since the funds began trading in November, according to SoSoValue data.
The inflow streak began on August 18 and continued despite volatility in XRP itself, which traded near $1.33 on Wednesday after reaching $1.45 on August 27. Tuesday brought another $14.38 million into XRP funds, led by Franklin Templeton with $6.63 million and Grayscale with $4.72 million.
Institutional Holdings Add Context to ETF Demand
The recent flow data captures late-August and early-September activity, while regulatory filings provide a separate view of institutional positioning earlier in the year. Goldman Sachs’ latest Form 13F filed with the U.S. Securities and Exchange Commission covers holdings as of June 30. Data compiled from second-quarter 13F filings placed Goldman Sachs as the largest disclosed institutional holder of XRP funds, with approximately $87.4 million in positions.
Jane Street followed with approximately $16.6 million in disclosed XRP fund holdings, while Millennium Management held roughly $16.2 million. Investment advisers accounted for about $90 million of the $103 million increase in institutional XRP fund holdings during the quarter, suggesting that adviser-managed portfolios represented most of the reported expansion.
Those numbers require careful interpretation. Form 13F disclosures show securities held at the end of a quarter, but they do not reveal whether institutions are making outright bullish bets on XRP or holding ETF shares as part of market-making, arbitrage, client execution or other trading strategies.
The filings also do not show whether Goldman Sachs or other institutions maintained those positions after June 30. Firms can hedge ETF exposure using derivatives or adjust holdings before the next reporting deadline, meaning disclosed positions cannot be treated as real-time measures of institutional conviction.
XRP ETF Demand Rebounds
The $170 million streak follows periods of weaker and negative flows earlier in the year, making the latest run a notable reversal in capital movement toward XRP investment products. Continued inflows despite fluctuations in the token’s price suggest demand for the funds has remained resilient during the recent market swings.
Still, XRP products operate within an increasingly competitive U.S. spot crypto ETF market. Bitcoin ETFs continue to attract substantially larger pools of capital, with data indicating that U.S. spot Bitcoin funds gathered more money during six late-August sessions than XRP products have accumulated since their November launch.
For XRP funds, the key signal is therefore not their absolute size relative to Bitcoin, but the consistency of recent demand. An 11-session run of positive flows indicates sustained buying interest, although future filings will be needed to determine whether institutional participation expanded alongside the latest inflows.
