Institutional capital is rotating, and for the first time in this cycle, it isn’t favoring the market leaders. While Bitcoin and Ether products hemorrhage liquidity, Spot XRP ETFs have quietly accumulated $990 million in net inflows since their mid-November launch.
Data from analytics provider SoSoValue confirms a 30-day streak of positive flows, pushing total assets under management (AUM) across the five U.S. issuers to $1.1 billion. This makes XRP the second-fastest digital asset to hit the ten-figure milestone after Ethereum.
The Rotation Trade
The numbers reveal a stark divergence in institutional appetite. As Bitcoin ETFs shed roughly $3.4 billion in November and Ether products bled $1.4 billion, allocators aggressively bid XRP.
Canary Capital’s XRPC has emerged as the volume leader, attracting $374 million, followed closely by Grayscale’s converted GXRP and Bitwise’s product. The consistent bid suggests sophisticated players are front-running a potential regulatory thaw or diversifying beta exposure away from the BTC-ETH duopoly.
<4 weeks, and XRP is now the fastest crypto Spot ETF to reach $1B in AUM (since ETH) in the US. With over 40 crypto ETFs launched this year in the US alone… there’s pent up demand for regulated crypto products. Brad Garlinghouse, Ripple CEO
Price Lag vs. Flow
Despite the $1 billion buy-side pressure, XRP’s spot price remains subdued, hovering between $1.99 and $2.02 (-0.5% 24h). This price-flow disconnect is typical of early ETF accumulation phases, where over-the-counter (OTC) desk execution often minimizes immediate order book impact.
However, the sustained demand creates a massive structural floor. With Franklin Templeton (XRPZ) and 21Shares (TOXR) also seeing sticky inflows, the supply shock is currently being absorbed by derivatives sellers—a dynamic that historically precedes volatility expansion.
