U.S. spot XRP exchange-traded funds logged $121.4 million in inflows during September, extending a five-day streak of deposits into the products. Despite the new capital, net assets across the seven funds declined to $1.69 billion by September 29, down from $1.77 billion on September 25.
The decline reflects price movement rather than redemptions. XRP reached $1.66 on September 23 but traded near $1.49 by month's end, reducing the dollar value of existing holdings. Net assets have now fallen below the $1.79 billion in cumulative inflows since the products launched in late 2025, meaning the average ETF investor is underwater on a dollar basis.
Inflow Breakdown and Fund Rankings
The September inflows occurred across four trading sessions following September 21. Deposits totaled approximately $20 million, $18 million, $14.9 million, and $22.6 million over consecutive days, followed by $3.96 million on September 28, all directed into Canary's XRPC fund.
Bitwise leads the seven U.S. XRP ETFs with $677 million in cumulative inflows and 413.1 million XRP in holdings. Franklin Templeton's XRPZ holds $501 million in inflows and 293.1 million XRP. Canary's XRPC ranks third with 249.8 million XRP. Combined, the funds hold approximately 1.18 billion XRP, or 1.18% of total supply.
Comparison to Prior Months
August remained the strongest month for XRP ETF inflows in 2026, with $150.4 million in deposits, ahead of May's $131.94 million. September's $121.4 million represents steady but more modest activity, and the month would need approximately $29 million in additional inflows to match August's performance with limited trading days remaining.
For context, spot bitcoin ETFs drew $66.19 million on September 29 alone, led by BlackRock's IBIT at $51.09 million, while bitcoin maintained prices above $83,000.
Upcoming Events
Ripple's monthly escrow window opens October 1 with capacity to release up to 1 billion XRP. Historically, unused amounts have been re-locked. Ripple holds approximately 31.98 billion XRP in escrow, representing roughly 32% of total supply, plus an additional 4.74 billion in operational wallets.
