Spot XRP exchange-traded funds are quietly putting together one of the most persistent inflow streaks in the digital asset ETF market, extending their run to nine consecutive days of net inflows even as the token’s price has drifted lower.
The funds took in 26.2 million USD on August 28, according to data from SoSoValue, pushing cumulative net inflows since launch to roughly 1.6 billion USD. Over the nine-day streak alone, the products have attracted more than 725 million USD — money that has flowed almost entirely in one direction while the underlying asset cooled.
Resilience that surprised the analysts
Bloomberg Intelligence analyst James Seyffart, one of the most closely followed ETF analysts in the industry, noted on X that XRP fund flows have been surprisingly resilient given the token’s soft price performance. By his count, cumulative net inflows have reached approximately 1.8 billion USD — a figure he described as particularly impressive when stacked against XRP’s chart over the same stretch.
The contrast with the broader market is stark. Bitcoin ETFs snapped their own nine-day inflow streak in the same period, while XRP funds kept absorbing capital. Daily hauls for the XRP products have ranged from around 2.4 million USD to more than 28 million USD, with total net assets across the suite standing at roughly 1.6 billion USD.
XRP itself traded near 1.39 USD on the day of the latest data, down 2.7 percent on the day and 7.6 percent on the week — a reminder that ETF demand and spot price do not always move in lockstep.
Who is actually buying
The most revealing data comes from second-quarter 13F filings, which show exactly which institutions have been building positions. Goldman Sachs tops the list of spot XRP ETF holders with approximately 87.4 million USD in exposure, followed by market-making giant Jane Street and multi-strategy fund Millennium Management.
By category, investment advisers dominate — they are both the largest holders and the biggest allocators of the quarter, sitting well ahead of hedge funds and brokerages. That composition matters for the sustainability of the trend. Investment advisers tend to build positions gradually on behalf of client portfolios rather than trade around short-term momentum, meaning their allocations are typically stickier than fast money.
The pattern echoes the early institutional adoption curve of Bitcoin ETFs, where advisory channels rather than hedge funds proved to be the durable source of assets. XRP now appears to be walking a similar path, with wirehouses and advisory platforms treating the token as a portfolio allocation rather than a trade.
Why inflows can diverge from price
Skeptics might ask how funds can attract consistent inflows while the asset declines. The answer lies in how ETF creation works: authorized participants create shares when demand for the ETF exists, regardless of the underlying token’s recent performance. Buyers who believe XRP is cheap relative to its longer-term prospects — or advisers rebalancing into a new asset class — can keep purchasing even as traders exit the spot market.
There is also a structural element. With several spot XRP products having launched relatively recently, early adopters are still completing their initial allocations. That baseline demand can cushion, or in this case fully offset, price weakness in the secondary market.
What to watch from here
The immediate question is whether the streak survives September. Analysts are watching whether the current macro backdrop — with rate expectations and risk appetite shifting weekly — finally cracks the one-way flow into XRP funds, or whether the advisory channel keeps absorbing supply regardless of sentiment.
Either way, the numbers have already made the point. In the space of a few months, XRP ETFs have gone from a contested regulatory question to a 1.6-billion-USD-and-growing institutional vehicle with Goldman Sachs, Jane Street, and Millennium on the holder register. For an asset that spent years locked in litigation limbo, the steady drip of institutional money is arguably the strongest vote of confidence it has received from traditional finance.
It also strengthens the broader bull case that spot ETFs are reshaping which assets institutions can realistically hold. Custody, reporting, and compliance are all solved problems inside the ETF wrapper — problems that previously kept advisory money out of XRP entirely.
The nine-day streak will eventually end — all streaks do. But the composition of who is buying, and why, suggests the flows are built on something more durable than a momentum chase.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
725m absorbed in nine days while price drifted to 1.39. someone sizable is exiting into that bid and getting out clean, the etf is the exit door
26.2m on the 28th is way down from the earlier prints in this streak. if the daily numbers keep shrinking this conviction talk ages fast
shrinking dailies into a long streak is what the btc funds looked like right before the snap. one red day ends this narrative fast
26.2m on the 28th vs 28m+ prints earlier in the streak, yeah the marginal buyer is thinning. the streak optics are carrying the narrative at this point
26.2m into a 1.6b suite is a rounding error, agreed. the first negative print the same people citing the streak will cite the reversal as the signal
9 straight days of inflows while price drifts down. 725m in a week is not retail money, someone is loading the boat quietly
^ millennium and goldman on the buyer list kinda answers the who
millennium in anything usually means basis trade lol. dont read it as long term conviction just yet
9 straight days of inflows while xrp bleeds 7.6 percent on the week. someone at goldman knows something we dont lol
or its just the basis trade with an etf wrapper and goldman is the wrapper. not everything they touch is a signal lol
even the basis trade answer requires someone taking real xrp exposure through creation baskets. either way the etf is absorbing sell pressure nobody else wanted
or theyre just harvesting the volatility. millennium doesnt hold bags, they arb them
arb needs a short leg on the other side. 9 straight days at this size, who is supplying it? thats the part nobody asks
the short leg supplier is probably the xrp rich list themselves. people who held from 3.4 down to 1.39 finally got a bid big enough to exit into
seyffart calling 1.8b cumulative impressive against a soft price is fair tbh. flows are the signal, price is noise on this timescale
seyffart counting 1.8b cumulative while price sits at 1.39. flows lag price until suddenly they dont
creation baskets mean someone holds real xrp regardless of the trade behind it. the etf absorbs sell pressure either way, that part is mechanical
1.6b cumulative since launch while price drifts to 1.39. whoever is on the other side of goldman leg, good luck