Spot XRP ETFs in the US closed out an eleventh straight trading session of net inflows on September 2. The streak has run since mid-August, and over that stretch the funds pulled in hundreds of millions of dollars even as the token itself dropped nearly 8% for the week.
By comparison, spot bitcoin funds recently snapped their own nine-day inflow streak, while XRP products are moving in the opposite direction. The gap between the asset's price and the behavior of institutional capital became the top talking point among ETF market analysts this week. Such a clear split between flows and price is rarely this visible, since the two metrics usually move together.
A crypto ETF lets buyers gain exposure to an asset through a regular brokerage account, without having to hold the tokens themselves. That is why these funds work well for banks, pension funds and other institutional players who typically cannot hold private-key wallets under their internal rules. The SEC cleared spot XRP ETFs more than a year after the first bitcoin funds, and the market watched whether the new asset would repeat the demand surge bitcoin products saw in their first months of trading.
Eleven Sessions Without an Outflow
According to data from SoSoValue, the run of positive net flows into spot XRP funds began in mid-August and reached eleven straight trading sessions by September 2. No single day of net outflows was recorded over that period.
In just nine sessions through August 28 alone, the funds pulled in more than $725 million. One of the streak's biggest single-day results came on that same August 28: $26.2 million. The rest of the days ranged from roughly $2.4 million to more than $28 million. None of the eleven sessions showed a sharp drop, which is exactly the kind of signal traders usually look for before trusting a new trend.
Decrypt's own sentiment tracker keeps a "bullish" reading for XRP based on the streak. That is a rare case where the flow reading outpaces the reading on the asset's own price.
Price Falls, Capital Moves Against the Current
XRP itself is weakening. On Monday, August 31, the token traded near $1.39, down 2.7% for the day and nearly 7.6% for the week. Over the prior two weeks the asset was still up roughly 38%, and a recent leverage unwind added extra pressure to the market's footing.
The token, originally created by Ripple's co-founders, is now trading in conditions where traders are unwinding leveraged positions at the same time as they watch a steady stream of money enter regulated funds. Such a split between short-term spot market volatility and long-term capital behavior is uncommon.
By SoSoValue's count, cumulative net inflows into the products from their November 2025 launch through August 28 climbed to about $1.6 billion. Bloomberg Intelligence senior analyst James Seyffart keeps his own tally and put the figure at around $1.8 billion. The gap comes down to differences in counting methodology between data providers.
Who Is Buying: Goldman Sachs Tops the List
Second-quarter 13F filings show who is actually building positions. Goldman Sachs leads the list of spot XRP ETF holders with about $87.4 million in exposure, followed by market maker Jane Street and hedge fund Millennium Management.
By investor type, investment advisers hold the largest share, ahead of both hedge funds and brokerages. Analysts read that split as a sign that demand is coming from longer-term portfolio allocators rather than speculative capital.
13F filings are published with a lag and reflect positions as of quarter-end, so the actual current holder base may already look different. Still, the presence of Goldman Sachs and Jane Street near the top of the list shows the product has moved well past retail-only demand.
A similar shift from retail to institutional demand already played out with bitcoin ETFs in the months after their launch. For XRP, that process appears to be moving faster, likely because custody infrastructure and compliance procedures were already worked out on earlier products.
Bitcoin and Ethereum Funds Are Moving Differently
XRP's pattern stands in contrast to its closest peers. Spot Bitcoin funds recently snapped their own nine-day inflow streak, while Ethereum products keep pulling in capital. The split across the three biggest ETF categories shows institutional allocators are currently spreading their bets unevenly, not simply scaling up total exposure to the crypto market.
This looks more like a reshuffling of bets between assets than a broad capital exodus from the market.
For XRP, the contrast stands out because its product launched last among the three, nearly a year after the bitcoin funds. XRP ETFs still cannot match their older rivals on total assets, but they clearly are not falling behind on the steadiness of daily flows in recent weeks. Together, the three fund categories make up the bulk of the US crypto market among regulated instruments, so any shift in the balance between them immediately shows up in how the sector's flows look as a whole.
Why Demand Is Holding Up Despite a Weak Price
Analyst Seyffart called the flow of money into XRP funds "surprisingly resilient," given the token's soft price action. By his estimate, money has moved in almost one direction for several weeks straight. That is a rare picture for an asset that has lost value over the same stretch.
- Holder structure: investment advisers hold the largest share, and that type of capital rarely exits sharply and all at once.
- New infrastructure around XRP: treasury firm Evernorth has cleared SEC review and is preparing for a Nasdaq listing, adding another institutional showcase for the token.
- Timing overlap with the pause in BTC funds: the XRP streak is running exactly when bitcoin products logged their first outflow in a long stretch.
- Steady daily volumes: even on days when the token's price fell, fund inflows did not stop, though they did slow down.
The rise of treasury companies like Evernorth gives the asset another channel of institutional demand, separate from classic ETFs. If the Nasdaq listing goes through, XRP will get a second regulated vehicle for large investors within a single year of the first funds launching.
September and the Fed Decision Will Test the Streak
The gap between steady fund inflows and the token's weak price remains the main source of tension for XRP heading into September. Traders are simultaneously watching the Federal Reserve's rate decision, which traditionally sways sentiment across the crypto sector.
Looser monetary policy tends to support risk assets, while holding rates at the current level would more likely keep the market cautious. For XRP funds, that means the inflow streak is about to face a test not just from the token's price, but from the macro backdrop as well.
If the inflow streak breaks at the same time as further price declines, that would signal that institutional interest in XRP was a temporary event rather than a lasting trend. So far, SoSoValue data and Bloomberg Intelligence estimates point the other way. Money keeps arriving every day, even when the token's chart does not back it up. For traders watching short-term price swings, that is no reason to ignore September's risks, but for long-term allocators the inflow streak remains an argument that interest in XRP has settled in for longer than a single rally cycle.
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