Canary XRP ETF Clients Buy $3.96 Million Worth of XRP

On September 28, U.S. spot crypto ETFs recorded another steady session of inflows, and for XRP ETF inflow, the session carried an unusual signal.

Every dollar that entered the XRP ETF complex that day came through a single fund: Canary Capital’s XRPC.

The Nasdaq-listed product absorbed the entire $3.96 million net creation, while every other XRP issuer posted flat flows. For institutional allocators watching concentration as a demand indicator, that is a meaningful print.

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Canary XRPC Takes the Full Print as Rivals Sit Flat

SoSoValue flow data confirmed the $3.9585 million figure after U.S. markets closed. Canary was the only issuer in the green.

Bitwise, Franklin Templeton, and the rest of the XRP ETF complex recorded no net movement that session.

That result pushed Canary’s cumulative net inflows to approximately $493 million. The broader U.S. XRP spot ETF complex now sits at roughly $1.79 billion in lifetime net inflows, with total assets under management near $1.68 billion.

To put the Sept. 28 print in context, Bitcoin ETFs added $31.07 million, Ethereum $17.10 million, and Solana $12.70 million the same day. The XRP figure is smaller, but its concentration tells the real story.

The week prior painted a different picture. Between September 21 and 25, spot XRP ETF inflows topped $75.6 million, led by Bitwise and Franklin.

September 25 alone brought in $22.65 million. That the XRPC ETF inflow held positive, even when peers went quiet, confirms residual institutional demand rather than a one-week novelty.

XRPC launched on Nasdaq in November 2025 as the first U.S. spot XRP product. It debuted with $245 million in day-one inflows, topping Solana’s own ETF debut and marking one of the strongest crypto ETF launches of that year.

The fund charges a 0.50% sponsor fee and holds actual XRP through custodians BitGo and Gemini.

It is now available through Charles Schwab and Vanguard, which matters more than any single daily creation: once a product sits on those platforms, small flows can persist through consolidation cycles.

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Wall Street’s XRP Wrappers Are Now Plumbing, Not Just Products

The Sept. 28 XRP ETF inflow did not move the market on its own. XRP traded near $1.50 after tagging $1.60–$1.65 the prior week.

Yet the taker-buy/sell ratio turned cautious even as ETF creations stayed positive, a decoupling that seasoned allocators should note.

Beneath the surface, the institutional infrastructure has deepened significantly. Goldman Sachs returned as the largest XRP ETF holder, disclosing 1.76 million XRPC shares in recent 13F filings.

Ken Griffin’s Citadel built a large bullish options book across XRP ETFs, including 79,500 XRPC call contracts. These are not retail plays. They are Wall Street firms treating XRP wrappers as part of standard portfolio plumbing.

On the derivatives side, CME overtook Binance as the largest XRP futures venue, with open interest crossing $4.1 billion.

Meanwhile, XRPL recorded 11,432 new accounts on September 24, 320% above average, and Ripple is actively pitching cross-border payment rails at Sibos, eyeing a $155 trillion market.

The honest investor caveat comes from 21Shares, which has flagged that institutions can settle on XRPL rails without holding XRP itself.

That means XRP ETF inflow data proves wrapper demand, not automatic token value capture. Canary’s Sept. 28 print keeps the institutional bid alive. Whether spot price follows is a separate trade.