XRP is entering September with an unusual divergence between its price and institutional investment flows.
The token is trading around $1.38, following another period of volatile price action. Yet money flowing into U.S. spot XRP ETFs has remained surprisingly resilient, with cumulative net inflows reaching roughly $1.8 billion, according to data shared by Bloomberg Intelligence ETF analyst James Seyffart.
Seyffart highlighted the disconnect on X, noting that aggregate ETF flows have mostly moved in one direction since the products launched. He described the trend as particularly impressive when compared with XRP’s price performance over the same period.
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XRP ETF Inflows Keep Climbing Despite Price Weakness
The Bloomberg Intelligence chart makes the divergence easy to see.
Cumulative flows were around $150 million in November 2025, before accelerating dramatically through December and January. By January 16, the figure had climbed to approximately $1.45 billion.
There was then a relatively long period where cumulative flows flattened, including some modest withdrawals. But importantly, investors never reversed a substantial portion of the earlier inflows.
By May 4, cumulative net inflows stood around $1.47 billion. From there, the trend began moving higher again, eventually reaching approximately $1.79 billion by August 26 on Seyffart’s chart.
More recent flow data has also shown strong demand. XRP ETFs recorded nine consecutive days of positive flows through August 28, attracting more than $725 million over that stretch alone, according to SoSoValue data cited by Decrypt.
That’s notable considering XRP itself is currently around $1.38.
In other words, investors have continued allocating capital to XRP investment products even while the underlying token has struggled to produce a similarly consistent upward trend.
Goldman Sachs, Jane Street and Millennium Among Top Holders
Seyffart also looked at who is holding these products.
Based on second-quarter 13F filings, Goldman Sachs, Jane Street and Millennium Management were among the largest reported holders of spot XRP ETFs. Goldman reportedly led the group with approximately $87.4 million in exposure.
Investment advisers were also the largest holder category and the group that allocated the most capital to XRP ETFs during the quarter.
That adds an important layer to the story. The $1.8 billion figure isn’t simply evidence of short-lived launch excitement; the chart shows capital largely remaining in these products over many months.
Still, 13F positions should not automatically be interpreted as outright long-term bullish bets on XRP. Trading firms can hold ETF shares for market-making, arbitrage, hedging and other strategies.
Read also: XRP Price’s Latest Dump May Be Hiding a Bigger Move!
What Does This Mean for XRP Price?
The ETF trend is encouraging for XRP, but there is an important distinction between investment demand and an immediate price catalyst.
Persistent ETF inflows can create underlying demand for XRP as funds obtain exposure to the asset. But that doesn’t mean every dollar entering an ETF translates directly into a dollar of upward price pressure. Broader crypto-market conditions, existing holders selling, derivatives positioning and available liquidity can all offset that demand.
That’s arguably what makes Seyffart’s observation interesting.
XRP is around $1.38, yet cumulative ETF flows have continued trending toward $1.8 billion instead of collapsing alongside periods of price weakness.
If XRP price eventually begins strengthening while ETF demand remains persistent, those two trends would finally be moving in the same direction.
For now, though, there is a clear divergence: XRP’s price has struggled, while capital flowing into XRP ETFs has proved much harder to shake.
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