U.S. spot XRP exchange-traded funds have taken in fresh money for eleven straight trading sessions, extending a run that has added about $170 million even as XRP has given back part of its late-August rally.
The funds pulled in another $14.38 million on Tuesday, taking cumulative net inflows since their launch last November to about $1.68 billion, according to SoSoValue data. Franklin Templeton's XRP fund led Tuesday with $6.63 million, followed by Grayscale with $4.72 million.
The streak began on Aug. 18 and has continued through a volatile stretch for XRP. The token traded around $1.33 early Wednesday, down from roughly $1.45 on Aug. 27 but still well above the $1 area it traded around in mid-August.
Still, that is small next to bitcoin. U.S. spot bitcoin funds took in $2.26 billion over six sessions in late August alone, more than XRP's ETFs have gathered since they started trading.
Goldman Sachs was the largest disclosed institutional holder at the end of the second quarter, with about $87.4 million of exposure, according to Bloomberg Intelligence data compiled from 13F filings.
While Goldman's large ETF holdings might seem like the bank's own long-term directional bet, that is not necessarily the case. These holdings may have stemmed from market-making, basis trading, and the facilitation of client orders from wealth management accounts, rather than from a unified corporate strategy to back XRP.
Jane Street followed with $16.6 million and Millennium Management with $16.2 million.
13F filings are quarterly disclosures that show many of the U.S.-listed stocks and funds held by large investment managers. They offer one of the few public windows into which professional firms are using the new XRP ETFs, although they do not reveal whether those firms are also hedging the positions elsewhere.
Investment advisers were by far the largest category of reported holders, accounting for about $120 million of the $183 million disclosed across the filings. Hedge funds held about $25 million, brokerages held $17 million, and banks around $14 million.
Advisers also accounted for most of the increase during the quarter. Their holdings rose by about $90 million, compared with a $103 million increase across all categories.
As such, the institutional holdings and the inflow streak measure different things. The filings show who held the ETFs on June 30, while the nine-day run records fresh money entering the funds in late August and early September.
These are also a measure of gross ETF positions rather than an investor's complete exposure to XRP — so Goldman, Jane Street and Millennium can all hold an XRP ETF while hedging some or all of the price risk through futures or other instruments.
CoinDesk made a similar distinction with Goldman's bitcoin ETF holdings in 2025, when more than $1.5 billion of disclosed spot ETF exposure sat alongside substantial put positions and other trades.
XRP’s current nine-day streak began two months after the date those filings cover. Whether the firms named in them are still holding will not be visible until the next round lands in November.