XRP funds are getting the bid that bitcoin and ether ETFs are missing.
U.S.-listed spot XRP ETFs posted $11.88 million in net inflows on May 29, extending a week of positive flows even as the larger bitcoin and ether ETF markets continued to lose capital, SoSoValue data show.
Spot bitcoin ETFs recorded $125.31 million in net outflows on May 29, marking a 10th straight day of redemptions. Ether funds lost another $17.91 million, following $121.35 million of outflows the day before.
XRP funds moved the other way.
Bitwise’s XRP ETF led the group with $7.36 million of inflows on May 29, followed by Canary’s XRPC at $2.38 million and Franklin’s XRPZ at $2.14 million. Total net assets across the U.S. XRP ETF category stood near $1.12 billion, equal to about 1.37% of XRP’s market value, while cumulative net inflows reached $1.42 billion.
The size is still small next to bitcoin ETFs, which hold more than $94 billion in net assets. Bitcoin and ether products are showing cooling institutional appetite after months of volatile price action, but XRP products are still adding money.
From May 20 to May 29, U.S. spot XRP ETFs took in about $35 million, while bitcoin ETFs lost roughly $1.70 billion and ether ETFs shed $309 million, according to SoSoValue data.
That divergence comes as XRP remains one of the few large tokens with a specific policy and product narrative. Traders are watching U.S. market-structure legislation, XRP ETF adoption and whether institutional demand for the token can keep growing even as bitcoin and ether funds see redemptions.
The flow story also lands against an older XRP treasury thread that remains unresolved.
In October 2025, Bloomberg reported that Ripple Labs was leading an effort to raise at least $1 billion through a SPAC to accumulate XRP inside a new digital asset treasury vehicle. Ripple was also expected to contribute some of its own XRP, the report said at the time.
CoinDesk has reached out to Ripple for confirmation and an update on whether the plan advanced, changed or was shelved.
If completed, the deal would be among the largest known XRP treasury vehicle to date. 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.
Still, the context matters because XRP is now showing two possible demand channels. ETF buyers adding exposure in public markets and, if still active, a potential treasury-company structure built around accumulating the token.
UPDATE (May 30, 12:08 UTC): (An earlier version of this story focused on a October 2025 Bloomberg report that said Ripple was leading a planned $1 billion XRP treasury raise. CoinDesk has reached out to Ripple for confirmation on whether the plan remains active.)