Spot XRP exchange-traded funds (ETFs) in the United States are on the verge of hitting a significant benchmark, with their total managed assets nearing the $2 billion mark. Contrasting with overall crypto market trends, these ETFs are witnessing consistent capital inflows even as the price of XRP experiences downward pressure.
What Sparked the Inflows?
According to SoSoValue and XRP Insights, a substantial $18.04 million was injected into spot XRP ETFs on September 23. This influx came amid a price drop of approximately 5% to 6% in XRP value. Such a scenario highlights the tendency of institutional investors to concentrate on establishing long-term positions rather than focusing on short-term volatility.
Which Funds are Leading the Charge?
Leading the pack, Bitwise XRP ETF attracted an impressive $11.54 million, raising its cumulative assets to $649 million. Simultaneously, Franklin XRP ETF saw its assets swell by $6.50 million, reaching a total of $492 million. Bitwise is renowned for its expertise in digital asset management, while Franklin Templeton stands as a major player in traditional finance investment circles.
The seven authorized U.S. spot XRP ETFs now manage assets totaling approximately $1.79793 billion. This figure suggests that the two billion dollar psychological threshold may soon be surpassed.
These funds are also gradually absorbing XRP supply from the market. The amount of XRP held in custody to back ETF shares has risen to 1.141 billion, which corresponds to about 1.1411% of XRP’s capped total supply of 100 billion.
How Are Transactions and Cumulative Inflows Performing?
The daily trading volume for spot XRP ETFs was recorded at $63.13 million, while total cumulative net inflows reached approximately $1.748 billion. This stability contrasts sharply with the recent fluctuation patterns observed in similar Bitcoin and Ethereum funds.
- Spot XRP ETFs are close to surpassing a $2 billion asset threshold.
- Institutional investors focus on long-term positions amid market fluctuations.
- Despite price drops, significant capital inflows into XRP ETFs persist.
- Managed XRP ETFs’ assets amount to approximately $1.79793 billion.
With the current pace of inflows, expectations are high that spot XRP ETFs will surpass the $2 billion mark by October. This milestone could further solidify Wall Street’s prominent presence in the realm of alternative digital assets.
