Trading volume in the seven U.S. spot XRP ETFs climbed toward $5.81 billion by mid-September, while cumulative net inflows reached approximately $1.71 billion. That momentum then met its first real test: the Senate's failed CLARITY Act vote pushed XRP down roughly 10%, and a Federal Reserve rate increase followed a day later, briefly turning daily ETF flows negative.
Cumulative spot XRP ETF trading volume rose from approximately $4.57 billion in August to approximately $5.81 billion by the latest September reading, an increase of roughly $1.24 billion in about a month. That figure measures shares changing hands, not new money entering the funds.
ETF Inflows and Holdings Keep Growing
Net inflows tell a separate story. By September 17, cumulative net inflows into the funds had reached approximately $1.71 billion, while reported net ETF assets stood around $1.39 billion. Early September still added money: spot XRP ETFs recorded approximately $18.98 million in net inflows during the week of September 7-11, and on September 14 Bitwise accounted for another $11.255 million added to the funds. Combined XRP represented by the U.S. spot funds stood at approximately 1.1 billion XRP in September, according to separate tracking data.
CLARITY Act Fails, Fed Raises Rates
The regulatory backdrop shifted sharply on September 15, when the U.S. Senate failed to advance the Digital Asset Market CLARITY Act after a procedural cloture vote fell short at 49-50. According to CoinDesk, XRP fell roughly 10%, moving toward the $1.30 area as the broader crypto market also declined.
A day later, the Federal Reserve raised the federal-funds target range by 25 basis points to 3.75%-4.00%, its first rate hike since 2023. Neither vote changed XRP's supply, blockchain infrastructure, or ETF structure overnight; what shifted was the market's read on the regulatory path ahead.
Flows Turn Negative, Then Hold
Spot XRP ETFs then reflected the volatility. On September 17, the funds recorded approximately $5.15 million in net outflows, according to SoSoValue data reported by CoinDesk and Benzinga, with Canary Capital's XRPC accounting for an estimated $1.37 million and 21Shares' TOXR for approximately $3.78 million. Despite the daily outflow, the broader weekly balance remained positive.
Institutional disclosures added further context: Goldman Sachs reported approximately $87.4 million of XRP ETF exposure at the end of Q2 2026, while Jane Street reported approximately $16.6 million and Millennium Management reported roughly $16.2 million in exposure. A 13F filing shows ownership at quarter-end, but it does not reveal whether a position was directional, hedged, or tied to market making.
Source: Coinpedia Fintech News
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