Key facts
- Canary Capital's XRPC ETF was the only XRP ETF to record inflows on September 28, absorbing $3.96 million.
- Other XRP ETF issuers, including Bitwise and Franklin Templeton, had no net movement on September 28.
- Canary's XRPC ETF has accumulated approximately $493 million in cumulative net inflows.
- The total U.S. XRP spot ETF complex has $1.79 billion in lifetime net inflows.
- Goldman Sachs holds 1.76 million XRPC shares, according to recent 13F filings.
- Citadel holds 79,500 XRPC call contracts.
On September 28, U.S. spot crypto ETFs saw steady inflows, with Canary Capital's XRPC ETF being the sole XRP ETF to record new assets, absorbing the entire $3.96 million net creation for the asset class. Other XRP ETF issuers reported flat flows for the session, a detail that institutional allocators may note as an indicator of concentrated demand.
SoSoValue data confirmed the $3.9585 million figure after U.S. markets closed, with Canary being the only issuer in positive territory. Bitwise, Franklin Templeton, and other XRP ETF complexes recorded no net movement. This event pushed Canary's cumulative net inflows to approximately $493 million, while the broader U.S. XRP spot ETF complex now holds roughly $1.79 billion in lifetime net inflows and $1.68 billion in total assets under management.
For comparison, on the same day, Bitcoin ETFs added $31.07 million, Ethereum ETFs $17.10 million, and Solana ETFs $12.70 million. While the XRP figure is smaller, its concentration is significant. The previous week, between September 21 and 25, spot XRP ETF inflows had exceeded $75.6 million, led by Bitwise and Franklin. The XRPC ETF's continued positive inflow, even as peers were inactive, suggests ongoing institutional demand.
Canary's XRPC ETF, launched in November 2025 as the first U.S. spot XRP product on Nasdaq, debuted with $245 million in day-one inflows. It charges a 0.50% sponsor fee and holds actual XRP through custodians BitGo and Gemini. The fund is now accessible through Charles Schwab and Vanguard, which could support persistent flows through market consolidation cycles.
While the September 28 inflow did not independently move the XRP market, which traded near $1.50 after reaching $1.60-$1.65 the prior week, a cautious taker-buy/sell ratio emerged despite positive ETF creations. This decoupling is noteworthy for seasoned allocators. Institutional infrastructure for XRP has deepened, with Goldman Sachs disclosing 1.76 million XRPC shares in recent 13F filings and Ken Griffin's Citadel building a significant bullish options book. On the derivatives side, CME has surpassed Binance as the largest XRP futures venue, with open interest exceeding $4.1 billion. XRPL also recorded 11,432 new accounts on September 24, a 320% increase above average, as Ripple promotes its cross-border payment solutions.