XRP ETFs now hold $1.7 billion but took in just $4M last week

On Oct. 7, XRP traded near $1.43, marking a 5.46% decline over a 24-hour window. According to data from market tracker Maketo, five monitored US spot XRP ETFs held a collective estimated $1.7 billion as of the previous day’s market close.

This total represents accumulated exposure. Recent net flows were significantly lower, and the exchange-traded fund sector experienced both outflows and inflows. On Oct. 6, Franklin and Canary saw withdrawals, even though the five funds posted positive net inflows overall. Furthermore, a drop in exchange-wallet balances, often cited to support a supply-squeeze narrative, incorporates a storage migration that kept coins under the control of the same exchange.

ETF inflows and wallet withdrawals tell a smaller story

Maketo estimated that its five monitored funds held $1.7 billion—or roughly 1.13 billion XRP—at the close of Oct. 6. The tracker values these coins using its own daily closing price and estimates holdings when specific issuers withhold published coin counts.

Flow data for that same date registered $3.14 million in aggregate net inflows. Over the past week, the total reached approximately $3.9 million, alongside $112 million for the preceding month. These weekly and monthly sums track the platform’s trailing periods.

In a rounded daily breakdown, Bitwise’s fund pulled in approximately $11 million. Conversely, Franklin saw roughly $4.1 million depart, while Canary shed about $3.3 million. Grayscale and 21Shares reported flat flows. Because Bitwise’s additions surpassed the withdrawals elsewhere, the broader sector finished the day positive.

Canary’s shares-outstanding figures show a decline from 23.35 million shares on Oct. 5 to 23.14 million on Oct. 6, aligning with net redemptions. This highlights a reduction in fund exposure, though it does not name specific investors or track where the underlying XRP changed hands.

A clear distinction exists between investors selling ETF shares on an open exchange and shares being officially redeemed from the fund itself. Individual shares trade directly on the market, whereas authorized participants manage creation and redemption units.

The exchange landscape is similarly divided. Ledger data tracker XRP Insights recorded 21.98 billion XRP distributed across 699 publicly attributed wallets on 24 exchanges as of 08:00 UTC on Oct. 7. Because this figure includes cold storage and reserves backing wrapped tokens, it is broader than readily tradable inventory.

Selling can also take place inside pooled customer accounts on a single exchange. From an accounting perspective, XRP shifting from one customer to another does not change the exchange’s aggregate ledger balance, allowing participants to trade existing exchange reserves while other coins are withdrawn.

When comparing the same wallets over a seven-day window, the tracker noted a reduction of 26.5 million XRP, or 0.13%. Balances attributed to Binance dropped by 33 million XRP, while Upbit’s grew by 11.5 million.

The monthly data appeared far more dramatic, showing a drop of 1.63 billion XRP. XRP Insights attributed the vast majority of that decline to a storage migration by Uphold into newer wallets outside its tracked set. Excluding Uphold, the decrease was 75 million XRP, or 0.54%.

Even this adjusted metric can capture movements into untracked wallets. A recorded withdrawal might simply indicate an exchange shuffling its internal storage rather than customers pulling assets off the platform.

According to XRP Insights’ ledger tracker, Ripple’s Oct. 1 cycle unlocked 1 billion XRP and re-escrowed 700 million. The remaining 300 million left escrow, though this change in availability does not confirm the coins were sold.

Heavy futures trading leaves price leadership unresolved

At 14:29 UTC on Oct. 7, CoinGlass reported $3.97 billion in XRP futures turnover over a 24-hour period, compared to $801.56 million in covered spot turnover. Open interest sat at $3.35 billion, while the XRP price hovered at $1.4308, down 5.46% over the same rolling day.

Futures volume was roughly five times higher than the covered spot figure. Gross turnover tracks aggregate trading activity rather than net bearish exposure, leaving it unclear whether futures sellers triggered the price decline or reacted to it.

Open interest accounts for both active long and short positions. Determining whether a move stems from fresh positioning or a leveraged unwind requires analyzing price, funding, and liquidation metrics together, as a drop in open interest on its own does not confirm forced liquidations.

Broader market conditions also played a role. In CryptoSlate’s Oct. 7 snapshot, Bitcoin traded near $83,100, down from its Oct. 6 reference close of $85,557.56.

While dated redemptions point to where ETF exposure shrank, the identities of the primary XRP sellers remain unknown. Key market signals to watch next include stronger net ETF inflows, exchange metrics verified beyond routine storage migrations, and derivatives data detailing how positions evolved during the market pullback.

Frequently Asked Questions

• How much do US spot XRP ETFs hold?
  Five tracked US spot XRP ETFs held an estimated $1.7 billion (or about 1.13 billion XRP) at the previous day’s market close, according to Maketo.
• What were the recent ETF net inflows?
  The sector recorded roughly $3.9 million in net inflows over the past week, and $112 million over the past month, despite mixed daily inflows and outflows among individual funds.
• How does futures trading compare to spot turnover for XRP?
  CoinGlass recorded $3.97 billion in XRP futures turnover over 24 hours against $801.56 million of covered spot turnover, with open interest standing at $3.35 billion.