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.