XRP exchange-traded funds in the U.S. have attracted fresh capital for 11 consecutive trading sessions, with the streak now totaling roughly $170 million. At the same time, second-quarter filings show Goldman Sachs, Jane Street and Millennium Management among the biggest disclosed institutional investors in the products.
The funds received $14.38 million on Tuesday, lifting their cumulative net inflows since launching last November to approximately $1.68 billion, according to SoSoValue. Franklin Templeton’s XRP ETF recorded the strongest daily inflow at $6.63 million, while Grayscale’s fund brought in $4.72 million.
The uninterrupted inflow run began Aug. 18, despite a pullback in XRP following its late-August advance. XRP was trading near $1.33 early Wednesday, compared with about $1.45 on Aug. 27. The token nevertheless remains above the approximately $1 level seen in mid-August.
Demand for XRP ETFs still trails far behind bitcoin products. Spot bitcoin ETFs in the U.S. collected $2.26 billion across six sessions late last month alone, exceeding the amount XRP ETFs have attracted since they entered the market.
Goldman Has Largest Reported Position
Goldman Sachs held the largest disclosed institutional position at the end of the second quarter, with approximately $87.4 million invested in XRP ETFs, based on Bloomberg Intelligence’s analysis of 13F filings.
That figure does not necessarily mean Goldman was making a long-term bullish call on XRP. Large ETF positions at banks can arise from market-making operations, basis trades or transactions carried out on behalf of wealth-management clients.
Jane Street reported the second-largest position at $16.6 million, while Millennium Management disclosed $16.2 million.
The quarterly 13F reports provide an important but incomplete view of institutional participation in the emerging XRP ETF market. They disclose many U.S.-listed securities held by major investment managers but do not indicate whether the reported ETF positions are hedged elsewhere.
Investment advisers represented the largest group among the disclosed holders, with roughly $120 million in positions out of $183 million reported across the filings. Hedge funds accounted for around $25 million, brokerages for $17 million and banks for approximately $14 million.
Advisers also drove most of the quarterly increase. Their reported holdings climbed by about $90 million, compared with an overall increase of approximately $103 million across all categories.
Two Different Sets of Data
The latest ETF inflow figures and the institutional ownership data describe different periods and should not be directly equated.
The 13F filings show positions as of June 30, while the current 11-session inflow streak reflects money entering the ETFs in late August and early September.
The reported holdings also represent gross ETF positions, not an institution’s total exposure to XRP. Firms such as Goldman Sachs, Jane Street and Millennium may hold XRP ETFs while using futures or other instruments to hedge some or all of their market exposure.
A similar situation emerged with Goldman’s bitcoin ETF positions in 2025. The bank disclosed more than $1.5 billion in spot bitcoin ETF holdings while also reporting substantial put positions and other related trades.
The current XRP inflow streak started roughly two months after the June 30 cutoff for the latest 13F reports. Investors will have to wait until the next filings are released in November to determine whether the institutions named in the second-quarter disclosures remain invested in the funds.
