XRP ETF Demand Holds Firm While Bitcoin and Ethereum Funds Face Outflows

Frank Joaquin

Date: September 12, 2026

Institutional demand for XRP is showing unusual resilience as the broader crypto market struggles with inflation, rising interest-rate expectations and renewed risk-off pressure.

U.S. spot XRP exchange-traded funds recorded approximately $5.14 million in net inflows on September 10, according to ETF data tracked by Decrypt. That extended the funds’ latest positive run to three consecutive trading sessions, following approximately $1.55 million on September 8 and $12.29 million on September 9.

The more significant signal appears when the timeframe is widened. Over the latest 20 trading sessions, XRP ETFs attracted approximately $190.5 million, while recording only one negative session — a $7.2 million outflow on September 2. September 10 ETF-flow reporting based on SoSoValue data put cumulative net inflows into U.S. spot XRP ETFs at approximately $1.70 billion since launch.

That consistency stands out because XRP’s price has not followed the same trajectory.

XRP traded around $1.36 on September 10 after falling roughly 2.8%, meaning investors continued putting new money into regulated XRP products even while the underlying asset declined. Decrypt’s XRP market tracker similarly showed approximately $5.1 million entering the ETFs that day despite weakness in XRP itself.

The divergence is important. ETF inflows that occur during a price rally can simply represent investors chasing momentum. Persistent inflows while the underlying asset is falling suggest at least part of the investor base may be building exposure independently of short-term price action.

XRP Stands Apart From the Larger Crypto ETF Market

The contrast becomes more visible when XRP is compared with the other major crypto ETF categories.

On September 10, U.S. spot Bitcoin ETFs recorded approximately $282.6 million in net outflows, marking their third consecutive negative session. Ethereum products lost roughly $29.8 million, while Solana funds also recorded a small net outflow. XRP funds, meanwhile, remained positive. The comparison was reported using SoSoValue ETF-flow data.

Across the same 20-session period in which XRP ETFs had only one negative day, Bitcoin ETFs recorded seven negative sessions, Ethereum funds recorded three and Solana funds recorded four.

That does not mean institutional investors suddenly prefer XRP to Bitcoin.

Bitcoin’s ETF complex remains dramatically larger. U.S. spot Bitcoin funds have accumulated tens of billions of dollars in net inflows since launch, compared with roughly $1.70 billion for XRP products.

The signal is instead about consistency.

XRP’s regulated investment products are attracting a relatively steady stream of capital at a time when flows into larger crypto assets have become considerably more sensitive to macroeconomic conditions.

The Inflow Trend Predates This Week’s Selloff

The September numbers are also part of a longer pattern.

CoinDesk reported on September 2 that XRP ETFs had accumulated approximately $170 million during an 11-session inflow streak, taking cumulative net inflows at that point to roughly $1.68 billion.

That streak eventually ended on September 2 with the $7.2 million withdrawal, but inflows resumed shortly afterward.

Institutional filings provide another piece of the picture.

CoinDesk reported that Goldman Sachs was the largest disclosed institutional holder of XRP ETFs at the end of the second quarter, with approximately $87.4 million in exposure. Jane Street and Millennium Management were also among the significant professional holders identified through regulatory filings.

Those holdings require careful interpretation.

A financial institution holding an XRP ETF does not necessarily mean it is making a simple directional bet on XRP. Professional trading firms can hedge ETF positions using futures, options or other instruments, meaning disclosed ETF exposure does not reveal the investor’s complete strategy.

Nevertheless, the filings demonstrate that regulated XRP products are being used by sophisticated financial institutions rather than exclusively by retail investors.

Assets Under Management Tell a Different Story

There is another important distinction between ETF inflows and ETF assets.

XRP ETFs had approximately $1.45 billion in combined net assets on September 10, even though cumulative net subscriptions since launch were approximately $1.70 billion.

That difference exists because ETF assets fluctuate with the market value of XRP.

For example, XRP funds took in approximately $5.14 million of new money on September 10, but their total assets still declined as XRP’s price fell.

That distinction is important when evaluating institutional demand.

Net flows measure money entering or leaving the products. Assets under management measure what those holdings are worth after market-price changes.

For Token Recon, flows are therefore the more useful indicator when determining whether investors are continuing to allocate capital during a selloff.

Why XRP May Be Attracting Separate Allocation

Several factors may be contributing to XRP’s unusual flow pattern.

The existence of regulated spot ETFs has given institutions a conventional way to obtain XRP exposure without managing wallets or directly custodying tokens.

Ripple’s continuing expansion into institutional payments, stablecoins, custody and treasury infrastructure also gives investors a broader fundamental narrative around the XRP ecosystem.

At the same time, XRP occupies a different position from Bitcoin.

Bitcoin is increasingly traded as a global macro asset and is therefore highly sensitive to Treasury yields, inflation expectations, ETF positioning and overall risk appetite.

XRP remains exposed to those forces, but the smaller ETF market may be receiving more targeted allocations from investors specifically seeking exposure to the asset rather than treating it as a macro proxy.

That thesis still needs considerably more evidence.

TOKEN RECON ASSESSMENT

The important intelligence is not that XRP ETFs are outperforming Bitcoin ETFs in absolute size.

They are not.

The signal is that XRP ETF demand has remained unusually consistent while the token itself has struggled and competing crypto ETF categories have experienced repeated withdrawals.

Approximately $190.5 million entered XRP funds across the latest 20 trading sessions despite XRP trading around $1.36 and remaining well below previous highs.

That creates a useful institutional-demand test.

If XRP ETF inflows continue while the Federal Reserve tightens policy and the broader crypto market remains under pressure, it would strengthen the argument that a distinct allocation base is developing around XRP.

If flows reverse sharply when macro conditions deteriorate further, the recent resilience may prove temporary.

Watch four indicators next:

XRP ETF daily net flows. Continued positive sessions during market weakness would strengthen the institutional-demand signal.

Total ETF assets. Rising assets alongside positive flows would indicate that both investor allocations and XRP’s price are beginning to work in the same direction.

Institutional 13F filings. The next reporting cycle will show whether major professional holders increased, maintained or reduced their regulated XRP exposure.

XRP relative strength against Bitcoin and Ethereum. If ETF inflows remain positive but XRP continues underperforming, Token Recon will want to know where the additional supply is coming from and why institutional demand is not translating into price.

For now, XRP presents one of the more interesting divergences in the altcoin market:

The price is struggling, but regulated capital continues entering.