New York—April 26, 2026, 09:04 EDT
On April 24, Bitwise pulled in the full $6.4382 million of net inflows into U.S. spot XRP products—no other issuer brought in a dime that day, underscoring how issuer jockeying is getting more aggressive as XRP itself remains stuck in a range. With that bump, Bitwise’s total net inflows hit $426 million, according to SoSoValue data cited by PANews. U.S. spot XRP ETFs collectively reported $1.095 billion in net assets and $1.291 billion in cumulative net inflows.
The timing’s key here—ETF tape tends to outweigh coin tape in influence. Early Sunday, XRP traded just below $1.43, slipping 0.53% in 24 hours. The token’s market value hovered around $88 billion, with about $1.1 billion changing hands over the same period, according to Binance data.
Ripple wants to cast the split as institutional appetite rather than a misfire in price action. In its April market summary, the firm reported that seven spot XRP ETFs in the U.S. held $1.53 billion in assets under management and were custodying 773 million XRP.
A spot XRP ETF lets investors access XRP via their brokerage, skipping the need for a crypto wallet. Bitwise maintains the fund is backed by spot XRP, though it specifies the product isn’t a direct XRP investment and doesn’t count as a 1940 Act investment company—a detail common in the crypto ETP space.
Each day brings a new leader. On April 23, Franklin Templeton’s XRPZ logged a net inflow of $3.8857 million. The next day, Bitwise swept the board, claiming all net inflows. According to Coinpaper, which referenced market data from Xaif Crypto, Bitwise’s total inflows have now reached $426 million—shoring up its standing in the XRP ETF contest.
Bitwise CIO Matt Hougan is positioning XRP as more of a portfolio component than a substitute for larger crypto plays. Investors, he says, are treating XRP ETFs as “an asset to mix in with bitcoin and ethereum exposure.” That’s the comparison set that matters—XRP funds are being stacked up against Bitcoin and Ether offerings as much as against other XRP issuers. Ripple
Wall Street filings have added heft to the narrative—though there’s a catch. In its Q4 2025 13F, Goldman Sachs revealed it held $153.8 million across four spot XRP ETF offerings, spanning Bitwise, Franklin Templeton, Grayscale, and 21Shares. According to crypto.news, that single position amounts to about 73% of the top 30 institutional holders’ total combined exposure to XRP ETFs.
Grayscale pitched GXRP’s accessibility as trading kicked off on NYSE Arca back in November. “Straightforward exposure to XRP”—that’s how Krista Lynch, senior vice president for ETF capital markets, described it. Still, the firm noted GXRP isn’t a 1940 Act ETF but an exchange-traded product, warning of notable risk. GlobeNewswire
The speed in the product race comes down to regulation. In September, the SEC gave the green light to generic listing standards for exchange-traded products tied to spot commodities like digital assets. That change means exchanges no longer have to submit individual proposed rule changes to the commission before listing qualifying products.
Flows don’t erase market risk. TradingView’s technical analysis highlighted a fresh breakdown in XRP versus bitcoin, with the token slipping out of a descending triangle pattern—lower highs stacking up against support—and pointing toward a potential slide to 0.000011 BTC. That’s a drop of roughly 40.5% from where things stand. TipRanks echoed the warning, despite XRP ETFs pulling in cash for nine straight days.
The XRP ETF trade is bouncing back for now, but it’s no final word. JPMorgan expects first-year inflows hitting $4 billion up to $8.4 billion, Ripple’s own report shows. What matters next? Watching to see if April’s daily inflow run sticks, if Bitwise keeps snagging market share, and if XRP can finally catch up with its own fund flows.
