XRP ETFs Pull in $121M This Month but Their Assets Keep Shrinking

The $121.4 Million Figure Broken Down

The funds sat flat on Monday, Sept. 21, then took in roughly $20 million, $18 million, $14.9 million and $22.6 million over the next four sessions, a $75.6 million week. Monday, Sept. 28, added another $3.96 million, all of it into Canary’s XRPC, extending the streak to five straight days.

Cumulative net inflows since the products launched in late 2025 now stand at $1.79 billion, with Bitwise leading the pack with about $677 million in inflows, followed by Franklin Templeton’s XRPZ at roughly $501 million. Together, the seven U.S. funds hold about 1.18 billion $XRP, or 1.18% of total supply.

Measured in coins rather than dollars, the ranking holds:

• Bitwise: 413.1 million $XRP
• Franklin Templeton’s XRPZ: 293.1 million $XRP
• Canary’s XRPC: 249.8 million $XRP

Total net assets across the funds stood at $1.69 billion after the Sept. 28 session. Three days earlier, on Sept. 25, that figure was $1.77 billion.

That is a drop of about $86 million over a stretch in which the funds took in fresh money. The gap is price, not redemptions. $XRP hit $1.66 on Sept. 23 and now trades near $1.49, which shaves value off every coin already sitting in the vaults. It also means net assets have now slipped below the $1.79 billion that investors have put in, so the average ETF dollar is underwater.

Is September Beating August?

Not yet, as $XRP ETFs pulled in more than $150 million in August, their best month of 2026, ahead of May’s $131.94 million. With the last sessions of the month still to be tallied, September needs roughly another $29 million to catch August, which would take a stronger day than anything the funds have posted this week.

For comparison, spot bitcoin ETFs drew $66.19 million on Sept. 29 alone, led by Blackrock’s IBIT at $51.09 million, while the bitcoin price has held above $83,000. $XRP’s trickle is steady, but it is still a trickle next to that.

Two Dates That Could Flip the Math

• Sept. 30. Kalshi traders had priced a shot at $XRP reaching $1.70 in September. With the month closing and $XRP near $1.49, that contract looks out of reach.
• Oct. 1. Ripple’s monthly escrow window opens, with capacity to release up to 1 billion $XRP. Historically, unused amounts have been re-locked, but the unlock alone is almost as large as everything the U.S. ETFs have accumulated since launch. Ripple still holds about 31.98 billion $XRP in escrow, roughly 32% of supply, plus another 4.74 billion in operational wallets, so the overhang question never fully goes away.

In other words, buyers are still showing up for $XRP ETFs, just not fast enough to outrun the price. If $XRP reclaims $1.60 in October, the asset line catches up to the inflow line quickly. If it keeps sliding, September’s $121.4 million will read more like a cushion than a rally.