Bitcoin and ether ETFs keep bleeding, but XRP funds are drawing fresh capital.
U.S.-listed spot XRP ETFs posted $11.88 million in net inflows on May 29, extending a week of positive flows even as larger bitcoin and ether markets continued to lose money, according to SoSoValue data. Spot bitcoin ETFs recorded $125.31 million in net outflows on the same day—a 10th consecutive day of redemptions—while ether funds shed another $17.91 million, following $121.35 million of outflows the day before.
From May 20 to 29, XRP ETFs took in about $35 million, while bitcoin ETFs lost roughly $1.70 billion and ether ETFs shed $309 million. The divergence is stark against a broader trend of cooling institutional appetite for the two largest digital assets.
Bitwise XRP ETF Leads, Total Net Assets Near $1.12 Billion
On May 29, Bitwise's XRP ETF led with $7.36 million in inflows, followed by Canary's XRPC at $2.38 million and Franklin's XRPZ at $2.14 million. Total net assets across U.S. XRP ETFs stood near $1.12 billion, about 1.37% of XRP's market value; cumulative net inflows reached $1.42 billion. By comparison, bitcoin ETFs hold over $94 billion in net assets, dwarfing the XRP category.
The flow divergence comes as XRP remains one of the few large tokens with a distinct policy and product narrative. Traders are watching U.S. market-structure legislation, XRP ETF adoption and whether institutional demand can keep growing while bitcoin and ether funds see redemptions.
Ripple's Unresolved $1B SPAC Treasury Plan
Behind the flows lies an older XRP treasury story. In October 2025, Bloomberg reported that Ripple Labs was leading a SPAC effort to raise at least $1 billion to accumulate XRP inside a new digital asset treasury vehicle. Ripple was expected to contribute some of its own XRP. CoinDesk has reached out to Ripple for an update on whether the plan advanced, changed or was shelved.
If completed, the deal would rank among the largest known XRP treasury vehicles. Digital asset treasury companies became one of crypto's biggest stock-market trades in 2025, as listed firms used SPACs, reverse mergers and equity issuance to buy tokens. The model worked while crypto prices rose and investors paid premiums for balance-sheet exposure.
Whether the XRP ETF inflows are tied to the treasury plan's anticipation remains unclear. The market now watches for any signal on the SPAC's fate and whether the divergence between XRP and its larger peers can sustain.