Good morning. 👋 The money flowing into spot ETFs for $XRP has surpassed $BTC, $ETH, and $SOL for the past six weeks. People think this is a demand race. Actually, it’s a supply race. Money entering the ETF does not buy price—it removes sellable $XRP from the market. Every coin entering the fund is taken out of daily circulation and moved to another wallet. Before the chart moves, the product on the shelf diminishes. That’s why the ETF effect doesn’t appear as a headline on day one—it emerges through weeks of gradual absorption. A whale comes in, takes profits, and leaves. The sustained flow over six weeks is something else entirely. But the same mechanism works in reverse. The $XRP withdrawn from the market today could return through the same door tomorrow. ETF flows don’t tell you where the price is headed. They only tell you who currently holds the sellable supply.