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While XRP prices have struggled in recent weeks, flows into XRP-linked exchange-traded products tell a more mixed and in some ways surprising story.
Data from recent ETF activity shows that investors continued adding XRP exposure in early February, even as the broader crypto market remained under pressure.
Week 6 Sees Net Inflows Despite Market Weakness
In the first week of February (Monday and Tuesday), XRP ETFs recorded net inflows of about 12.6 million XRP. Total inflows reached 13.15 million XRP, comfortably outweighing outflows of roughly 590,000 XRP.
As a result, total XRP held across tracked products edged higher, ending the week near 755.5 million XRP.
These inflows came during a period when XRP prices were falling alongside Bitcoin and Ethereum, suggesting that some investors may be using price weakness to build longer-term positions.
Who Is Holding the Most XRP
By the end of January, holdings were spread across several major ETF issuers:
Canary: about 186 million XRP
Bitwise: roughly 165 million XRP
Franklin: around 147 million XRP
21Shares: about 123 million XRP
Grayscale: close to 59 million XRP
REX-Osprey and index products held smaller but steady positions
Canary and Bitwise continued to rank among the largest holders, while Franklin and 21Shares also showed stable exposure.
A Volatile January for XRP ETFs
The positive Week 6 flows followed a volatile January.
In Week 5, XRP ETFs saw net outflows of nearly 31 million XRP, largely driven by heavy selling from Grayscale, which alone shed more than 53 million XRP during that period.
Week 4 also ended in net outflows, with about 21.3 million XRP leaving ETF products. Those weeks coincided with sharper declines in XRP’s market price and rising risk aversion across crypto markets.
Despite those withdrawals, total XRP locked across ETFs has remained relatively high, fluctuating between roughly 755 million and 808 million XRP over the past several weeks.