I think the market cap of ETFs is important, but honestly, what concerns me even more is the total amount of XRP that has disappeared from the market— the cumulative net inflow, measured in XRP tokens, not dollars. When funds flow into an ETF, it means physical XRP is being bought and locked up. That reduces the circulating supply and lowers selling pressure. What matters more than how much is held is how much never returns to the market. From this perspective, the changes in supply and demand become much clearer. #XRP
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