XRP ETFs added $121.4 million in September as a five-session inflow streak contrasted with shrinking net assets while XRP remained under $1.50. The month’s activity included daily inflows of roughly $20 million, $18 million, $14.9 million and $22.6 million across four sessions, totaling $75.6 million, followed by $3.96 million on Sept. 28 that went entirely into Canary’s XRPC.
Since launching in late 2025, the U.S. spot XRP funds have amassed $1.79 billion in cumulative net inflows. Leadership is concentrated, with Bitwise at about $677 million and Franklin Templeton’s XRPZ around $501 million. Across the category, seven U.S. funds collectively hold roughly 1.18 billion XRP, equal to 1.18% of the token’s total supply.
Why are XRP ETF inflows rising while assets fall?
Inflows accelerated even as net assets declined because XRP’s price has remained below $1.50, reducing dollar-denominated asset values despite new capital. The funds posted five straight sessions of intake in late September, highlighted by a $75.6 million four-day span and a $3.96 million addition on Sept. 28, signaling sustained demand amid price pressure.
The pattern shows investor appetite for XRP exposure through regulated structures, with steady subscriptions offset by market valuation headwinds. The week beginning Sept. 21 started flat, then saw approximately $20 million, $18 million, $14.9 million, and $22.6 million across four sessions. That momentum extended on Sept. 28, when Canary’s XRPC captured all of the day’s $3.96 million net intake. Despite these consecutive gains, category net assets slipped as XRP’s sub-$1.50 level weighed on assets under management when measured in dollars.
Item | Figure | Date/Period | Note |
|---|
September net inflows (category) | $121.4M | September | Five-session inflow streak |
Four-session total | $75.6M | Sept. 22–25 | $20M, $18M, $14.9M, $22.6M |
Single-day intake (XRPC) | $3.96M | Sept. 28 | All into Canary’s XRPC |
Cumulative net inflows | $1.79B | Since late 2025 | All U.S. spot XRP ETFs |
Bitwise cumulative inflows | $677M | Since launch | Category leader |
Franklin Templeton XRPZ | $501M | Since launch | Second-largest inflows |
Which funds are leading the U.S. XRP ETF category?
Bitwise leads with about $677 million in cumulative net inflows, followed by Franklin Templeton’s XRPZ at roughly $501 million. In aggregate, seven U.S. spot XRP funds hold about 1.18 billion XRP, representing 1.18% of total supply, underscoring growing market penetration since their late-2025 debut.
September’s late-month activity added breadth to that base. After a flat session on Monday, Sept. 21, category inflows accelerated across four consecutive sessions before a $3.96 million intake on Monday, Sept. 28, booked entirely by Canary’s XRPC. The five-session streak contributed meaningfully to the $121.4 million monthly haul, even as dollar-value assets declined alongside XRP’s price remaining below $1.50.
What should investors watch next?
The key variable is whether continued subscriptions can outpace price-driven declines in assets under management while XRP trades under $1.50. Monitoring daily net creations, category holdings in XRP units, and the leadership gap between Bitwise and Franklin Templeton will indicate if momentum persists into October.
The category’s cumulative $1.79 billion in net inflows since late 2025 and holdings of about 1.18 billion XRP show durable demand. If inflows maintain the late-September clip—$75.6 million over four sessions plus $3.96 million on Sept. 28—category assets could stabilize quickly on any sustained uptick in XRP’s market price.
Investors will also watch whether product-specific activity, such as the Sept. 28 addition that flowed entirely to Canary’s XRPC, becomes a recurring pattern. Concentrated single-day allocations can sway short-term market share but do not change the broader dynamic that price levels remain the dominant driver of reported AUM.
Heading into the next month, the balance between steady inflows and XRP price performance will set the tone for category assets and competitive positioning among issuers.
