XRP ETF Inflows: Why the Funds Keep Buying on Red Days
US spot XRP funds took in $22.65 million on a down day in September. Who is buying, who is selling, and what fund flow data can and cannot tell XRP holders.
Key takeaways
- On September 25, a down day for XRP, the Bitwise and Franklin Templeton XRP funds took in $22.65 million, part of more than $55 million in three trading days.
- Since launch, US spot XRP funds have taken in about $1.79 billion while holding about $1.77 billion in assets, meaning buyers kept adding even as prices fell.
- According to Bitwise's Matt Hougan, much of the selling comes from long-time retail holders, while advisers, family offices and institutions are net buyers.
- Analysts say fund buyers size their crypto at 1 to 5% of a portfolio and decide their rules in advance, so a drop doesn't force a decision.
- Inflows have not stopped the price from falling. $22 million is well under 1% of XRP's daily trading volume.
On September 25, XRP had a red day. On the same day, two US funds holding XRP took in more than $22 million. Somebody sold them those coins, and the video sets out to answer who, and why the buyers keep showing up on down days.
For holders, the more useful question the video raises is not whether Wall Street is buying, but what your own rule is when the price drops. The funds’ buyers appear to have one. Most retail holders, the host admits, do not.
How much did XRP ETFs buy on a red day?
The Bitwise and Franklin Templeton XRP funds took in $22.65 million between them on September 25, with Bitwise accounting for most of it. The video cites SoSoValue, a free site that tracks every US XRP fund that holds the actual coin, day by day.
It was not a one-off:
| Date | Inflows (per the video) |
|---|---|
| September 23 | $18 million |
| September 24 | $15 million |
| September 25 | $22.65 million |
That is more than $55 million in three trading days.
In a Bloomberg clip at the start of the video, Bitwise’s chief investment officer, Matt Hougan, says his XRP fund has had no days with net outflows since launch. He credits a group of long-time holders, “the XRP army,” who have held through volatile markets for years.
Where is the money coming from?
According to the head of CF Benchmarks, a firm that builds the reference prices many crypto funds use, investors who made profits in Bitcoin and Ether ETFs are rotating some of those gains into Solana and XRP. He says XRP benefits from its long history and high awareness among investors.
A CNBC segment from the start of the year, shown in the video, made a similar point: investors kept adding to XRP-focused funds during the fourth-quarter dip, while Bitcoin ETF flows fell with the price. The video argues that the late-September buying followed the same pattern.
Who is selling XRP on red days?
According to Matt Hougan, mostly long-time retail holders. Speaking to Bloomberg in February, as Bitcoin fell hard, he said the selling was coming from “OG retail crypto investors,” the people who own most of the asset class. The net buyers, he said, were financial advisers, family offices and institutions. Prices fall when the early holders sell faster than the new buyers can absorb.
Hougan was talking about Bitcoin, but the video argues the same machinery applies to XRP: coins move from early holders to longer-term institutional buyers, and a red day is when that handover happens fastest.
Why don’t fund buyers panic when XRP drops?
They decided their position size and rules before the bad day arrived. Bloomberg ETF analyst Eric Balchunas says ETF investors tend to understand allocations and commitments, and many probably committed to holding for a couple of years knowing the asset is volatile. He describes crypto in these portfolios as “the hot sauce”: maybe 1 or 2% of a much larger pot.
Bloomberg’s James Seyffart makes the same point. Fund buyers are not putting half their net worth into crypto. It is typically 2, 3 or 5%, so a 50% drop does not trigger an immediate sale.
Seyffart also noted in June that XRP and Solana funds launched after the October 10, 2025 market crash, in which more than $19 billion of leveraged bets were wiped out in a single day, and still took in money while Bitcoin and Ethereum funds saw outflows.
The number that shows how committed the buyers are
On SoSoValue’s XRP spot ETF page, two numbers sit at the top. According to the video:
- Since launch, US spot XRP funds have taken in about $1.79 billion of new money.
- On September 25, their total value was about $1.77 billion.
In other words, buyers have put in more than the holdings are now worth, and they are still adding. The video calls that about as deliberate as money gets.
A short history of the funds:
- November 13, 2025: Canary Capital’s XRPC, the first US spot XRP ETF, begins trading on Nasdaq.
- About a week later: Bitwise launches its own XRP fund.
- First month: Ripple said the group had no days of net outflows.
- First week of January: The group’s first net outflow, after 36 days of inflows in a row. Only one fund saw money leave. An analyst attributed it to profit taking after XRP ran from about $1.80 to $2.40.
The video points out that the funds’ first real selling came on the way up, while many retail holders do the opposite.
A fund with a rebalancing rule
The video also highlights a fund that has traded in New York since January 30 and holds three quarters in the S&P 500’s companies and one quarter in XRP. The index behind it comes from S&P Dow Jones Indices. It is built to hold that 25% weighting, so when XRP falls, rebalancing buys more of it.
The point is not the fund itself but the idea: a written rule that buys when XRP drops, whether or not anyone feels like it.
What the skeptics say
Not everyone on Wall Street thinks the flows mean much. In a January CNBC segment, after XRP rose 20% in a week, one commentator said they liked the XRP narrative but questioned the timing. Bank cross-border settlement on blockchains still felt a long way off, they said, with institutions such as the Bank for International Settlements still working out the rails and rules, and Europe, the US and China not in agreement. The commentator expected the price to go down and up a lot rather than in a straight line.
The video concedes the point. $22 million is well under 1% of XRP’s daily trading volume, and 10 months of inflows have not stopped the price falling. The flows were never going to hold the price up on their own. What they do is move coins to holders who have already decided not to panic.
A self-check from the video
The video suggests one check you can do on your phone: open the app where you hold XRP, find the last time you sold and compare that date with the chart. If it landed on a big red candle, such as October 10, 2025, the video argues the candle made the decision, not a plan.
It then poses three questions every holder should answer before the next red day:
- Where do your coins sit? On your own keys or someone else’s?
- What are they doing while you wait? Sitting idle, or part of a deliberate plan?
- What is your rule for a red day? Written down, in advance, for when you add and when you take profit.
What to watch next
The next time XRP has a bad day, check the SoSoValue XRP spot ETF table that evening. If the inflows appear again, the pattern described in the video is still holding. And watch the gap between cumulative inflows and total assets: it shows whether fund buyers are still adding faster than prices are moving.
Frequently asked questions
How much did XRP ETFs take in on September 25?
According to SoSoValue data cited in the video, the Bitwise and Franklin Templeton XRP funds took in $22.65 million between them on September 25, a down day for XRP, with Bitwise accounting for most of it.
When did the first US spot XRP ETF launch?
Canary Capital's XRPC, the first US spot XRP ETF, began trading on Nasdaq on November 13, 2025. Bitwise launched its own fund a week later.
Have XRP ETFs had outflows?
According to the video, the group's first net outflow came in the first week of January, after 36 straight days of inflows, and even then only one fund saw money leave. An analyst attributed it to profit taking after XRP rose from about $1.80 to $2.40.
Do XRP ETF inflows push up the price?
Not on their own, according to the video. $22 million is well under 1% of XRP's daily trading volume, and 10 months of inflows haven't stopped the price falling. What the flows do is move coins from holders who sell on red days to buyers who have decided in advance not to.
Where can I check XRP ETF flows?
The video uses SoSoValue, a free site that tracks every US XRP fund holding the actual coin, day by day. Its XRP spot ETF page shows cumulative inflows and total net assets at the top.
Education and commentary only, not financial advice. Crypto is volatile and you can lose money. Do your own research and speak to a qualified advisor before making investment decisions. Figures and quotes are as reported in the video on September 30, 2026 and may have changed since.
