XRP Price Slips Even As ETF Demand Remains Positive

On September 25, the U.S. spot XRP ETFs recorded $22.65 million in net inflows. Bitwise mainly concentrates these flows, while XRP remains close to $1.55 despite this demand.

Bitwise Captures More Than 80% of New Capital

In one session, the Bitwise XRP ETF collected $18.39 million. XRPZ, Franklin Templeton’s fund, received $4.26 million. Regarding other tracked XRP ETFs, they did not attract any significant movement.

Thus, both products recorded the entirety of all daily inflows. Bitwise attracted nearly 81% of the capital, compared to 19% for Franklin Templeton.

The main available data allow measuring the concentration of these flows :

• $22.65 million in net inflows for all XRP ETFs ;
• $18.39 million for Bitwise’s fund ;
• $4.26 million for Franklin Templeton’s fund ;
• $677 million in cumulative inflows for Bitwise ;
• $501 million in cumulative inflows for Franklin Templeton.

Now, available figures allow estimating the cumulative net inflows of all XRP ETFs at $1.79 billion. Their total assets approach $1.77 billion. However, the gap between these two amounts is justified mainly by XRP fluctuations since the arrival of funds.

Thus, Whale Insider summarizes the session :

Clients of Bitwise and Franklin ETFs together purchased $22.65 million of XRP.

However, this wording requires nuance. Net inflows equal new subscriptions minus withdrawals. They do not show that Bitwise and Franklin Templeton decided to acquire XRP for their own treasury.

XRP ETFs Continue Several Positive Sessions

This session on September 25 extends a favorable sequence for products backed by Ripple crypto. U.S. funds had attracted $20.02 million on September 22. Bitwise had collected $19.16 million, almost the entire amount.

Inflows were around $18.04 million the next day. Bitwise thus received $11.54 million and Franklin Templeton $6.50 million. Both managers had again dominated the September 24 session with $9.91 million and $4.98 million respectively.

Thus, XRP ETFs accumulated nearly $75.6 million over these four sessions. Bitwise represents about $59 million of this amount, nearly 78% of the total. Such concentration reveals that demand does not benefit all issuers uniformly.

This is explained notably by fees, liquidity available on each product, and their accessibility through brokerage exchanges. Bitwise showed a median spread between bid and ask prices of 0.06%. Such a level facilitates execution of large orders.

These inflows broaden access to XRP without requiring investors to hold the token directly. However, they do not enable precise identification of buyers. The expression “institutional demand” should therefore be used cautiously, as ETFs may host both companies and retail investors.

XRP Has Not Yet Turned These Flows Into a Strong Rise

On September 26, XRP trades around $1.55. It lost nearly 2% in one day despite new subscriptions recorded by ETFs. Its market capitalization had reached $97 billion, with a circulating supply close to 62.9 billion tokens.

At the current price, $22.65 million inflows theoretically correspond to about 14.6 million XRP. This volume remains modest compared to some $3 billion traded on the market within 24 hours. It is therefore not enough to trigger a sustained increase in the price.

XRP also remains 58% below its historical record of $3.65. Continued ETF inflows provide support, however, the next movement will also depend on bitcoin, overall market liquidity, and U.S. monetary expectations.