U.S.-listed spot XRP ETFs have been attracting significant investment, contrasting sharply with the ongoing struggles of bitcoin and ether exchange-traded funds (ETFs). On May 29, XRP funds achieved net inflows of $11.88 million, marking a continuation of positive momentum for the week. In stark contrast, bitcoin ETFs faced a grim outlook, recording net outflows of $125.31 million, demonstrating a persistent trend of capital withdrawal spanning ten consecutive days. Ether funds also saw significant losses, shedding $17.91 million after a previous day’s decline of $121.35 million.
Leading the charge in the realm of XRP ETFs was Bitwise’s offering, which garnered $7.36 million in inflows on May 29. Canary’s XRPC and Franklin’s XRPZ followed closely, attracting inflows of $2.38 million and $2.14 million, respectively. Notably, the total net assets within the U.S. XRP ETF category have now reached approximately $1.12 billion, which represents about 1.37% of XRP’s overall market value, alongside cumulative net inflows amounting to $1.42 billion.
While this figure remains modest compared to bitcoin ETFs—currently holding more than $94 billion in net assets—the divergent trends underscore a cooling institutional appetite for bitcoin and ether products following a period of notable price volatility. In the period between May 20 and May 29, U.S. spot XRP ETFs collectively took in around $35 million, while their bitcoin counterparts saw a staggering loss of approximately $1.70 billion and ether ETFs experienced a decline of $309 million.
This shift in capital flows can be attributed to XRP’s unique standing among major cryptocurrencies, bolstered by a clear policy framework and product narrative. Market participants are closely monitoring developments related to U.S. market-structure legislation and the potential adoption of XRP ETFs, as well as assessing whether there remains a robust institutional demand for the token amidst the current backdrop of bitcoin and ether fund redemptions.
Compounding the narrative is an unresolved issue concerning XRP’s digital asset treasury plans. Reports from Bloomberg in October 2025 indicated that Ripple Labs was spearheading an initiative to raise at least $1 billion through a special purpose acquisition company (SPAC) aimed at accumulating XRP for a new digital asset treasury vehicle. The expectation was that Ripple would also contribute a portion of its own XRP to this fund, potentially making it one of the largest XRP-focused treasury vehicles to date.
In recent developments, CoinDesk has sought confirmation from Ripple regarding whether the plans for this treasury vehicle are still active, modified, or abandoned. If realized, such a structure could offer two distinct pathways for XRP demand: through public market ETF investments and potentially via a dedicated treasury company focused on accumulating the token. This evolving landscape of XRP’s appeal reflects a broader narrative in the crypto space, emphasizing the interplay between institutional investment trends and innovative financial structures.
