U.S. spot XRP exchange-traded funds (ETFs) concluded trading on Sept. 4 with approximately $1.68 billion in cumulative net inflows, measuring the total capital gathered since the products launched. Combined net assets for the category stood near $1.48 billion at the close of the session, according to aggregate ETF data.
The cumulative total includes $273 million drawn during the second quarter across April, May, and June. Liquidity findings show positive net flows in each of those months, with $81.59 million arriving in April, $131.94 million in May, and $59.46 million in June. Daily activity through early September remained uneven, alternating between inflows, outflows, and flat sessions. For instance, the funds recorded $6.14 million in net inflows on Sept. 3 following a $7.20 million net outflow the previous day.
Bitwise XRP Fund Holdings and Growth
Among participating products, Bitwise’s XRP ETF held approximately 362 million XRP with a market value of $507.5 million on Sept. 3. Official data for the NYSE Arca-listed product reported $507.46 million in net assets, 32.41 million shares outstanding, and an expense ratio of 0.34%.
Bitwise shared on social media on Aug. 31 that its fund crossed $500 million in assets roughly nine months after its November 2025 launch. The fund's XRP holdings grew by about 75 million XRP from the 286.8 million reported at the end of the second quarter. Industry observers note that assets under management and cumulative net inflows measure different aspects of fund growth and rarely match, as net flows track capital movements while net assets fluctuate alongside XRP's market price.
Onchain Trading Trends
Parallel analysis of XRPL ledger data from Evernorth indicates that XRP trading activity increased even as fewer accounts participated. Key metrics on the native decentralized exchange (DEX) included:
- Daily DEX volume averaged 4.42 million XRP during the second quarter, up approximately 20% from the prior year.
- Order-book volume rose 79% to reach 3.57 million XRP per day.
- The number of accounts initiating trades declined from 1,864 to 1,111 per day.
Additionally, the Bitwise XRP ETF recorded more than $200 million in trading volume across three consecutive sessions, including over $80 million on Aug. 24, measuring shares exchanged rather than net capital entering the fund. The broader U.S. market features offerings from Canary Capital, Franklin Templeton, 21Shares, Bitwise, Grayscale, and REX-Osprey, providing indirect exposure to the native asset of the public XRP Ledger.
