U.S. spot XRP ETFs have pulled in approximately $1.68 billion in cumulative net inflows, with combined net assets near $1.48 billion as of Sept. 4. Bitwise's fund accounts for a large share of the category, while onchain XRP trading volume has climbed even as fewer accounts trade.
U.S. spot XRP ETFs ended Sept. 4 with approximately $1.68 billion in cumulative net inflows, the capital gathered since the products began trading. Combined net assets stood near $1.48 billion, and the session produced no net inflows or outflows.
The cumulative figure includes the $273 million the funds drew during Q2 across April, May, and June. Each month posted positive net flows: $81.59 million in April, $131.94 million in May, and $59.46 million in June.
Daily activity stayed uneven through early September. The funds recorded $6.14 million in net inflows on Sept. 3 after a $7.20 million net outflow the day before. The disclosed institutional XRP ETF holdings showed established financial firms already participating in the market.
Bitwise 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.
The fund crossed $500 million in assets about nine months after its November 2025 launch, Bitwise said on X on Aug. 31. Its XRP holdings rose by about 75 million XRP from the 286.8 million reported at the end of Q2, reflecting both share creations and changes in XRP's market value.
Assets under management and cumulative net inflows measure different things and rarely match, because net assets also move with XRP's market price. That gap 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 onchain trades
Evernorth's analysis of XRPL ledger data found that XRP trading increased even as fewer accounts took part. Daily DEX volume averaged 4.42 million XRP during Q2, approximately 20% above the prior-year level, while order-book volume rose 79% to 3.57 million XRP per day. The number of accounts initiating those trades fell from 1,864 to 1,111 per day.
The Bitwise fund itself recorded more than $200 million in trading volume across three consecutive sessions, including more than $80 million on Aug. 24. That turnover measures shares exchanged rather than new capital entering the fund.
Beyond Bitwise, the expanding U.S. market now includes products from Canary Capital, Franklin Templeton, 21Shares, Grayscale, and REX-Osprey. These funds offer indirect XRP exposure through brokerage accounts but differ in fees, custody arrangements, and legal structure.
Source: Bitcoin News
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