U.S. spot XRP exchange-traded funds had accumulated about $1.68 billion in cumulative net inflows by Sept. 4, even as the first trading sessions of September showed an uneven pattern of money moving in and out of the products. Combined net assets across the category stood near $1.48 billion at the same point, indicating continued demand for exchange-listed XRP exposure despite price volatility and inconsistent daily flows.
The Sept. 4 session itself was flat, with no net inflows or outflows reported. That followed a $6.14 million net inflow on Sept. 3 and a $7.20 million net outflow on Sept. 2, leaving the broader trend intact but underscoring that demand has not been moving in a straight line day to day.
Quarterly inflows helped build the total
The cumulative inflow figure includes $273 million gathered during the second quarter, spanning April through June. All three of those months posted positive net flows, with $81.59 million in April, $131.94 million in May, and $59.46 million in June.
Those figures point to sustained capital formation since the products began trading, even though individual sessions have alternated between inflows, outflows, and no activity. By Sept. 4, the pause in daily flows left the category’s running total unchanged at roughly $1.68 billion.
Why net assets remain below cumulative inflows
The group’s combined net assets, at about $1.48 billion, were below its cumulative net inflows of around $1.68 billion. That gap reflects the difference between the two measures rather than a contradiction in the data.
Net inflows capture money added or withdrawn through share creations and redemptions. Net assets, by contrast, also rise and fall with the market price of XRP. Because of that, a fund or an entire ETF category can show lifetime inflows above current assets when the underlying asset’s valuation moves lower.
Bitwise remains one of the largest XRP ETF products
Among the listed products, Bitwise’s XRP ETF accounted for a large share of assets. On Sept. 3, the fund held about 362 million XRP with a market value of roughly $507.5 million, while reporting $507.46 million in net assets, 32.41 million shares outstanding, and a 0.34% expense ratio.
The NYSE Arca-listed fund passed $500 million in assets around nine months after launching in November 2025, making it one of the biggest products in the segment. Its XRP holdings were up by about 75 million tokens from the end of the second quarter, a change tied to both share creation activity and moves in XRP’s market value.
The same fund also posted more than $200 million in trading volume across three consecutive sessions, including more than $80 million on Aug. 24. That turnover reflects shares changing hands in the market, not fresh money entering the fund.
Broader XRP market activity shows larger trades
Separate analysis cited from Evernorth pointed to rising XRP trading activity on the XRP Ledger even as participation narrowed. During the second quarter, daily DEX volume averaged 4.42 million XRP, about 20% above the level from a year earlier.
Order-book volume rose 79% to 3.57 million XRP per day, while the number of accounts initiating those trades fell from 1,864 to 1,111 per day. The combination suggests larger trades were taking place even with fewer active accounts involved.
The next reference point will be continued daily flow data
The U.S. spot XRP ETF market now includes products from Canary Capital, Franklin Templeton, 21Shares, Bitwise, Grayscale, and REX-Osprey. These vehicles offer indirect XRP exposure through brokerage accounts, although they differ in fees, custody arrangements, and legal structure.
For now, the clearest confirmed indicator to watch is the daily flow data. Early September has already produced an outflow day, an inflow day, and a flat session, so upcoming reports will show whether the category resumes net additions after reaching about $1.68 billion in cumulative inflows by Sept. 4.
Source: news.bitcoin.com