Spot XRP exchange-traded funds (ETFs) have quickly surged toward $1 billion in assets under management, marking a significant milestone less than a month after their launch. These funds, which debuted on November 14, have maintained consistent inflows, with no recorded outflows to date. According to data from SoSoValue, the total inflows into the XRP funds have now reached $881.25 million, with $12.84 million added just yesterday. The daily trading volume has remained steady at $26.74 million, a sign of sustained investor interest.
In just under 30 days, XRP ETFs have emerged as one of the fastest-growing cryptocurrency investment products in the United States. The product’s rapid growth has been driven by solid demand, with some analysts predicting even more inflows as market confidence continues to grow. To put it in perspective, spot Solana ETFs, which launched earlier, have accumulated over $600 million in assets since their inception. However, Bitcoin and Ethereum ETFs have far surpassed these numbers, holding around $58 billion and $13 billion in assets, respectively.
Strong Performance Boosted by Canary Capital’s XRP ETF
The early success of XRP ETFs can largely be attributed to the performance of the first XRP fund launched by Canary Capital. This product’s debut on November 13 saw an impressive $59 million in trading volume on its first day, accompanied by $245 million in net inflows. Following this, several other major firms have rolled out their own spot XRP ETFs, further boosting market liquidity. Grayscale, Bitwise, and Franklin Templeton quickly followed suit, with Bitwise’s fund alone attracting over $105 million in early investments.
The XRP ETF market continues to grow as new players enter the space. Just this week, REX Shares and Tuttle Capital launched the T-REX 2X Long XRP Daily Target ETF. This product allows traders to gain 200% leveraged exposure to XRP’s daily performance, signaling an increasing appetite for more complex crypto investment options. Furthermore, Vanguard, one of the largest retail investment firms, has now opened the door for trading of spot crypto ETFs, including those focused on XRP. This marks a shift in policy, reflecting the increasing demand for cryptocurrency investment vehicles.
CoinShares Pulls Back from XRP ETF Plans
Despite the overall momentum in the market, not every firm is pursuing an XRP ETF. CoinShares, a prominent crypto asset management company, announced it would withdraw its plans for a spot XRP ETF. The firm filed a Form RW with the SEC to formally cancel its three proposed crypto ETFs, including the XRP-focused fund. This decision confirms that CoinShares’ plans for these products never reached the stage of issuance.