Money keeps moving into XRP exchange-traded funds even as the token itself slides. US spot XRP funds have taken in $1.70 billion cumulatively since launch and now hold about 1.07 billion XRP, roughly 1.7% of circulating supply, according to SoSoValue data.
The funds added $5.14 million on September 10 and $12.29 million the day before, $17.43 million across two sessions in which XRP fell about 4% to near $1.36. Bitwise’s XRP fund led the September 9 intake at $9.30 million, with Grayscale’s GXRP adding $2.98 million. Net assets across the funds fell from $1.51 billion to $1.45 billion over the same stretch, a reminder that new share creations and price moves are separate transactions.
The streak is the notable part. XRP funds have recorded a single negative day in their past 20 sessions, a $7.2 million exit on September 2, and collected $190.5 million over that run. Bitcoin logged seven down days in the same window, Ethereum three and Solana four.
Everyone else is selling
The contrast with the rest of the crypto ETF complex is stark. Bitcoin funds lost $282.6 million on September 10, a third consecutive outflow day, bringing the three-session total to $449.4 million. Total net assets fell to $97.49 billion from $101.3 billion on September 4, though cumulative inflows since launch still sit at $55.17 billion. Ethereum products shed $29.8 million and Solana funds lost $482,547 the same day.
| Fund group | Sep 10 net flow | Recent trend |
|---|---|---|
| Bitcoin ETFs | -$282.6M | Third straight outflow day, $449.4M over three sessions |
| Ethereum ETFs | -$29.8M | Three down days in the 20-session window |
| Solana ETFs | -$482,547 | Four down days in the 20-session window |
| XRP ETFs | +$5.14M | One down day in 20 sessions |
XRP traded near $1.36 on September 10 after a roughly 2.8% drop, and sits just above the 0.5 Fibonacci retracement near $1.35 drawn from the token’s $0.99-to-$1.70 range, per Bitget’s chart desk. Holding that level keeps a retest of $1.43, the 0.382 level, in play.
Who is buying
Institutional names show up in the holder lists. Second-quarter filings put Goldman Sachs’ exposure at roughly $87.4 million, with Jane Street and Millennium Management also among reported holders. Analysts attribute the steady inflows to scheduled institutional buying and registered adviser allocations rather than retail conviction, which is why the flows have persisted while the price sagged.
Flows were choppy through the funds’ first year, with long quiet stretches between bursts. The current run began in late August, when the funds attracted $110.49 million, their strongest week of 2026, lifting cumulative inflows to about $1.66 billion. The September pace is slower, in the single-digit millions most days, but the direction has not changed.
Bitcoin ETFs remain the anchor of the market. Their $97.49 billion in net assets dwarfs every other crypto fund group combined, and BlackRock’s IBIT alone holds more than $60 billion. XRP funds, at $1.45 billion, are a rounding error by comparison, which cuts both ways: small bases make percentage streaks easier, and flows of a few million dollars register as meaningful.
Why it matters
Locked-up supply is the mechanical effect. With 1.7% of circulating XRP inside fund custody, the tradeable float shrinks a little with each creation. That does not lift price by itself, as the past week shows, but it changes the market’s structure: more of the float sits with holders who buy on schedules rather than momentum.
The next test arrives with the Fed. Markets price a quarter-point hike at about 60% for the September 16 meeting, and risk assets have wobbled into the decision. Bitcoin’s own ETF record this month has been erratic rather than uniformly weak: the same funds absorbed $730.9 million on September 3, the biggest daily inflow since January 14, before flipping to selling.
The macro backdrop has not helped. A hot core inflation print this week pushed market-implied odds of a September hike above 85% by some measures, and the broader crypto market cap sits near $2.66 trillion, down 1.4% on the day at one aggregator’s last reading. Bitcoin dominance near 58% means altcoin funds fight for a shrinking share of attention whenever bitcoin itself wobbles.
Price and flow divergences do not usually last forever. Either the price catches down to the flows, which would mean holders buying the dip get rewarded later, or the flows catch down to the price and the streak ends. What makes the current run unusual is that it has survived a 4% weekly drop, a hot inflation print and a Fed decision on the calendar, none of which broke the buying pattern.
There is also a regulatory angle. The Senate votes on the CLARITY Act, the market-structure bill, on September 15, and prediction markets put passage odds below 20%. A clean classification regime would matter for XRP more than for most large tokens, given the history of the SEC’s case against Ripple, and the odds of that happening this week look slim. Fund buyers appear to be underwriting the longer timeline rather than the vote.
For XRP funds, the question is whether scheduled buying survives a hawkish surprise. The products are small next to Bitcoin’s complex, and one-day flows can reverse. But twenty sessions of near-uninterrupted inflows, in a month when every other major crypto fund group bled, is the cleanest divergence the category has shown since launch.