Key Takeaways
- Bitwise’s XRP ETF took in $10.55M on Oct. 6 while Franklin’s lost $4.07M, per Sosovalue.
- Cumulative XRP ETF inflows reached $1.794B against $1.697B in net assets, signalling a $97M gap.
- Evernorth’s XRPN listing, expected around Oct. 12, is the next institutional XRP test.
The Day in Three Lines
Tuesday’s flows were small in total but uneven underneath, with Sosovalue data recording the following movements:
- Bitwise XRP ETF: +$10.55 million, lifting its lifetime inflows to $688 million.
- Franklin XRP ETF (XRPZ): -$4.07 million, leaving lifetime inflows at $501 million.
- All other issuers combined: about -$3.34 million, the remainder needed to reach the $3.14 million net.
Simply put, one issuer did all of the heavy lifting. Whale Insider flagged the Bitwise number on its own, and it was the only fund in the group with a meaningful positive day. That fits the pitch Bitwise has been making publicly, with its chief investment officer recently explaining why XRP appeals to institutional investors.
Twelve Weeks and Counting
The positive day extended a run that saw U.S. XRP exchange-traded funds (ETFs) logging 12 straight weeks of net inflows.
A streak like that does not mean every day was green. September alone showed the pattern of steady but modest demand, with XRP funds pulling in $121 million for the month even as their assets shrank. Individual days have flipped negative too, but the weekly totals have kept landing above zero.
XRP’s numbers also stood out against the rest of the ETF board on Oct. 6, as bitcoin ETFs added $118.8 million, ether ETFs lost $201.89 million, while Solana ETFs lost $3.68 million. Of those four, only XRP and bitcoin funds finished the day with net inflows.
The Gap That Is Closing Fast
The more revealing figure is the distance between what investors have put in and what their holdings are worth. Sosovalue data puts cumulative XRP ETF inflows at $1.794 billion and total net asset value (NAV), meaning the current market value of the funds’ holdings, at $1.697 billion.
That leaves investors collectively about $97 million below their cost. It is still a loss, but a smaller one. Just four days earlier, Bitcoin.com News found XRP ETF investors were $133 million underwater after a $3.28 million outflow coincided with a $37 million drop in assets.
The gap narrowed by about $36 million in a few sessions, a sign that both fresh money and the value of existing holdings moved in the right direction.
That said, all of the aforementioned flows were recorded before Wednesday’s sell-off because at about 02:00 UTC on Oct. 7 (when bitcoin price fell under $84,000 in roughly 20 minutes), XRP dropped from $1.52 to a low of $1.46, a slide of about 4.5%. During the same stretch, onchain trackers counted $412 million in crypto liquidations in a single hour, almost all of them long positions.
XRP has recovered to around $1.47 at press time, but the move likely erased much of the NAV progress from earlier in the week. It also gives weight to a more cautious read published by Bitcoin.com News on Wednesday, which argued XRP could skip a final rally and fall toward $1.27 support.
Lastly, Evernorth, the Ripple-backed XRP treasury company, is now expecting its shares to start trading around Oct. 12, allowing institutions to obtain a second listed route into XRP. The coming week will, therefore, be interesting to watch out for as.
