While bitcoin and ether ETFs bled billions at the end of May, U.S.-listed spot XRP ETFs quietly pulled in fresh capital — a small but notable divergence that traders and strategists are watching.
SoSoValue data show spot XRP ETFs posted $11.88 million in net inflows on May 29, extending a week of positive flows for the category. By contrast, spot bitcoin ETFs recorded $125.31 million in net outflows that day — the tenth consecutive day of redemptions — and ether funds lost another $17.91 million after bleeding $121.35 million the prior day.
Leading the XRP inflows on May 29 were Bitwise’s XRP ETF with $7.36 million, Canary’s XRPC with $2.38 million, and Franklin’s XRPZ with $2.14 million. Total net assets in the U.S. XRP ETF cohort stood at roughly $1.12 billion, about 1.37% of XRP’s market capitalization, and cumulative net inflows into the product line have hit about $1.42 billion since inception. By comparison, bitcoin ETFs still dominate with more than $94 billion in net assets.
Looking at the week of May 20–29, the contrast is stark: U.S. spot XRP ETFs added roughly $35 million, while bitcoin ETFs saw approximately $1.70 billion of outflows and ether ETFs shed about $309 million. The divergence highlights cooling institutional appetite for bitcoin and ether after months of volatile price action, even as some investors continue to add XRP exposure.
Part of XRP’s current narrative is clearer policy and product messaging around U.S. market structure and ETF adoption, which may be helping flows. There’s also an older, unresolved story that could represent a second potential institutional demand channel: a Bloomberg report from October 2025 said Ripple Labs was leading plans for a SPAC to raise at least $1 billion to build a digital asset treasury that would accumulate XRP, with Ripple expected to contribute some tokens. If that structure moves forward, it would rank among the largest known XRP treasury vehicles.
CoinDesk has reached out to Ripple for confirmation and an update on whether that SPAC plan advanced, changed or was shelved. The broader crypto-market backdrop matters: treasury-style token accumulators and public companies buying crypto via SPACs, reverse mergers, and equity issuance were a big theme in 2025, flourishing while token prices rose and investors paid premiums for balance-sheet exposure.
Bottom line: XRP is now showing two potential demand channels — public-market ETF inflows and the possibility of a large treasury-style accumulation — even as larger bitcoin and ether funds experience significant redemptions.
UPDATE (May 30, 12:08 UTC): An earlier version of this story emphasized the October 2025 Bloomberg report about Ripple’s planned $1 billion XRP treasury raise. CoinDesk has reached out to Ripple for confirmation on whether the plan remains active.
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