XRP Spot ETFs Near $1 Billion in Inflows as 21Shares Launches TOXR and Funds Outpace Bitcoin, Ether

December 15, 2025 — A new corner of the U.S. crypto ETF market is suddenly stealing the spotlight: spot XRP ETFs. While bitcoin and ether funds have faced choppier flows amid a risk-sensitive macro backdrop, XRP-linked spot products are putting up a steadier scorecard—posting a month-long inflow run that has pushed the category toward the $1 billion mark and lifted combined assets to roughly $1.18 billion. ^[1]

The timing is notable. XRP’s price action has been uneven—hovering around the psychological $2 level in Monday trading across multiple reports—even as institutional-style demand via ETFs keeps building underneath. ^[2]

At the same time, competition inside the XRP ETF race is heating up. 21Shares’ XRP ETF (TOXR)—the newest entrant—has widened investor access to regulated XRP exposure via a traditional brokerage route, adding another major issuer to a fast-expanding product lineup. ^[3]

XRP spot ETFs: the streak that’s grabbing Wall Street’s attention

By mid-December, multiple outlets tracking flows pointed to a simple headline metric: XRP spot ETFs have seen uninterrupted inflows since their mid-November debut—roughly a 30-day stretch—diverging from the start-stop pattern seen in bitcoin and ether ETFs. ^[4]

Depending on the data cut and reporting method, cumulative net inflows were described as:

About $975 million as of Dec. 12, alongside roughly $1.18 billion in total net assets across the category. ^[5]
$990.91 million in cumulative net inflows as of Friday’s close, putting the category within striking distance of the $1 billion headline level, with AUM already above $1 billion. ^[6]

Even if the exact number varies slightly by publication time and methodology, the takeaway is consistent: XRP spot ETFs are absorbing capital at a pace that’s difficult to ignore—especially for a newly launched crypto ETF segment. ^[7]

Where the money is going: daily inflows show broad-based demand

Flow breakdowns from late last week show that the inflows aren’t just a one-day splash—they’ve been recurring, with familiar names often leading. For Dec. 12, one report cited about $20 million in net new money across U.S.-listed XRP spot ETFs, led by:

Franklin Templeton’s XRPZ at about $8.7 million
Bitwise’s XRP ETF at roughly $7.8–$8 million
Canary Capital’s XRPC at about $3.6 million ^[8]

Importantly, not every product necessarily captures flows every day. The same coverage noted that some ETFs—such as Grayscale’s GXRP and 21Shares’ TOXR—did not record inflows on that specific day, illustrating how investors may be rotating among issuers based on liquidity, fee structures, and trading convenience. ^[9]

Why XRP spot ETFs are outpacing bitcoin and ether funds right now

The biggest question behind today’s headlines isn’t just what happened—it’s why XRP is the one catching sustained ETF demand while other marquee crypto ETFs see more erratic investor behavior.

Several forces appear to be converging:

1) The “new exposure” effect in a maturing crypto ETF market

Bitcoin spot ETFs are no longer new. Ether ETFs, too, have had time to find their natural base of holders. XRP spot ETFs, by contrast, represent newly available regulated exposure—and novelty matters in markets where allocation decisions often follow the launch calendar.

That doesn’t mean inflows are purely hype. But it does mean the category is benefiting from a real structural factor: new access for investors who either can’t—or won’t—hold XRP directly.

2) Institutional convenience vs. retail-native alternatives

One industry perspective gaining traction is that XRP may simply be more “ETF-friendly” than certain other altcoins. Canary Capital CEO Steven McClurg argued that Solana can be more efficient to hold directly on-chain (including staking), while XRP may see more institutional-style demand for the simplicity of an exchange-listed vehicle. ^[10]

In other words: for an institution or advisor operating inside traditional rails, a spot ETF can be the cleanest “yes” even if direct custody is a “no.”

3) Diversification demand as macro uncertainty reshapes crypto positioning

Macro cross-currents have been pushing traders in and out of risk assets, including crypto. On Monday, for example, one market report described bitcoin trading below $90,000, with risk sentiment sensitive to upcoming economic data and shifting rate expectations. ^[11]

In that environment, some investors appear to be using XRP ETFs as a diversifier within crypto exposure—a way to express a view beyond bitcoin and ether without leaving the ETF wrapper.

4) The story investors are buying: utility and payments narrative

XRP’s long-running positioning around payments—especially cross-border transfers—continues to resonate in traditional finance circles looking for “use-case” narratives rather than purely store-of-value framing. Whether or not that narrative ultimately drives long-term price performance, it helps explain why XRP ETFs can attract sustained flows even during soft price periods.

21Shares TOXR enters the race, turning XRP ETFs into a fee-and-structure battleground

Against the backdrop of rising inflows, 21Shares is now pushing deeper into the U.S. spot crypto ETF business with TOXR, its XRP-focused product listed on Cboe. ^[12]

According to the company’s announcement, TOXR:

Launched on Cboe
Carries a 0.30% total expense ratio (TER)
Uses a multi-custody approach with Coinbase, Anchorage Digital Bank, and BitGo named as custody partners
Names Flow Traders as the lead market maker ^[13]

21Shares framed the launch as a response to growing U.S. demand for diversified crypto exposure, calling TOXR a way to offer investors XRP exposure “through their existing bank or brokerage” rather than direct token ownership. ^[14]

The structure matters. The company also noted TOXR is not registered under the Investment Company Act of 1940, meaning it does not carry the same regulatory framework as a traditional ’40 Act ETF—an important disclosure for investors comparing crypto ETF wrappers and protections. ^[15]

Meanwhile, media coverage of the launch emphasized that 21Shares joins a growing list of XRP ETF issuers and highlighted the firm’s security posture—particularly the decision to use multiple custodians. ^[16]

XRP’s price: why the market can see heavy ETF buying without an immediate breakout

A striking feature of the story on December 15 is the disconnect between ETF inflows and spot price momentum.

Several reports put XRP around $2 (or slipping below it at times), even as institutional buying via ETFs continues. ^[17]

This divergence is not unusual in ETF markets, especially early in a product cycle. A few practical reasons can explain it:

Flows can be spread across multiple trading days and multiple issuers, diluting the immediate “shock” effect on spot pricing.
Some ETF activity can be inventory management and hedging (particularly around creations/redemptions), which doesn’t always translate into straightforward directional price pressure in the short term.
Broader crypto sentiment can dominate price—especially when bitcoin is volatile and macro headlines drive risk-on/risk-off swings.

Put simply: ETF inflows are a demand signal, not a guaranteed price catalyst on a specific timetable.

What happens next: three signals investors and issuers will be watching

As XRP spot ETFs move from “new launch” to “new category,” the next phase will be defined less by headlines and more by durability. Three indicators matter most:

1) Does the inflow streak continue into year-end volatility?

A continued run of inflows—especially during periods when bitcoin and ether funds see net outflows—would reinforce the idea that XRP ETFs have found a distinct buyer base rather than just short-term momentum chasers. ^[18]

2) Do fees compress as the issuer list grows?

With multiple issuers already in-market and TOXR entering at 0.30% TER, competitive pressure could intensify. ^[19]

In crypto ETFs, fee wars can materially influence which products become the liquidity leaders—particularly once the initial “first month” rush fades.

3) Can XRP ETFs become a permanent third pillar after BTC and ETH?

A central narrative emerging in market coverage is that XRP could become the first altcoin beyond ether to sustain a large, durable ETF market in the U.S. That’s a higher bar than simply launching a product—and it will depend on whether flows remain resilient across different market regimes.

The bottom line

On December 15, 2025, the U.S. crypto ETF story isn’t only about bitcoin’s price swings or ether’s stop-start flows. It’s about the rise of spot XRP ETFs—a category that, in about a month, has attracted close to $1 billion in net inflows and built a base of roughly $1.18 billion in net assets, while new entrants like 21Shares’ TOXR raise the stakes for competition, liquidity, and long-term adoption. ^[20]