Spot XRP ETFs Pull In $11.88M as Bitcoin and Ether Funds Extend Late-May Outflows
The flow split revived attention on an unconfirmed Ripple-linked $1B SPAC plan to build an XRP treasury vehicle.
U.S.-listed spot XRP ETFs took in $11.88 million of net inflows on May 29 as spot bitcoin and ether ETFs posted net outflows, extending a late-May divergence in allocation. The split has also put fresh attention on an unresolved October 2025 report of a Ripple-led plan to raise at least $1 billion via a SPAC to accumulate XRP in a treasury vehicle.
Key Takeaways
- U.S.-listed spot XRP ETFs logged $11.88 million of net inflows on May 29, while spot bitcoin ETFs saw $125.31 million of net outflows and spot ether ETFs lost $17.91 million, per SoSoValue.
- Over May 20–29, spot XRP ETFs added about $35 million as bitcoin ETFs shed roughly $1.70 billion and ether ETFs lost $309 million, based on SoSoValue data.
- Bitwise’s XRP ETF led May 29 inflows with $7.36 million, with Canary’s XRPC at $2.38 million and Franklin’s XRPZ at $2.14 million.
- Total net assets across U.S. XRP ETFs were near $1.12 billion with cumulative net inflows cited at $1.42 billion, versus more than $94 billion in net assets held by bitcoin ETFs.
XRP ETFs Take In Cash as BTC and ETH Funds Keep Bleeding
Late-May ETF flow data showed a clean split in risk appetite: XRP exposure kept attracting net new money while the much larger bitcoin and ether complexes continued to see redemptions.
On May 29, U.S.-listed spot XRP ETFs recorded $11.88 million in net inflows, according to SoSoValue. The same day, spot bitcoin ETFs posted $125.31 million in net outflows, described as the 10th straight day of redemptions, while spot ether ETFs saw $17.91 million in net outflows.
The divergence was not a one-day print. From May 20 through May 29, U.S. spot XRP ETFs took in about $35 million, while bitcoin ETFs lost roughly $1.70 billion and ether ETFs shed $309 million, per SoSoValue. For traders, that’s the signal: a rare allocation split where flows favored a smaller, higher-beta category while the benchmark products leaked capital.
Which XRP Funds Drove the Bid—and How Small the Category Still Is
The May 29 inflow was concentrated in a handful of products. Bitwise’s XRP ETF led the group with $7.36 million of inflows, followed by Canary’s XRPC at $2.38 million and Franklin’s XRPZ at $2.14 million, according to SoSoValue.
Even with that bid, the category’s scale still caps how much flows can do on their own. Total net assets across U.S. XRP ETFs stood near $1.12 billion, equal to about 1.37% of XRP’s market value, with cumulative net inflows cited at $1.42 billion. Bitcoin ETFs, by comparison, held more than $94 billion in net assets.
That size mismatch matters for market structure. XRP ETF inflows can be directionally informative, but they are not yet the kind of balance-sheet force that routinely overwhelms broader crypto liquidity the way bitcoin ETF flows can.
The Unconfirmed $1B SPAC Treasury-Vehicle Story Back in Focus
The flow divergence has also revived an older catalyst that remains unresolved. In October 2025, Bloomberg reported that Ripple Labs was leading an effort to raise at least $1 billion through a SPAC to accumulate XRP inside a new digital asset treasury vehicle, with Ripple expected to contribute some of its own XRP.
As of May 30, 2026, that plan was still unconfirmed in the available record, with outreach for clarification on whether the effort advanced, changed, or was shelved. Until there is documentation or direct confirmation, the SPAC angle functions more as narrative fuel than as a verified demand source.
The context is straightforward: “digital asset treasury companies” became a major equity-market trade in 2025, using SPACs, reverse mergers, and equity issuance to buy tokens and offer balance-sheet exposure. If an XRP-focused vehicle of that size were real and active, it would represent a second demand channel alongside ETFs. Right now, the market only has the story, not the proof.
Signals Traders Are Watching Next: Flows, Filings, and XRP’s Stalled Price
The next SoSoValue daily prints matter more than the May 29 headline number. The real test is whether XRP ETF inflows persist or flip negative after a week of positive flow.
On the bitcoin side, traders will be watching whether redemptions continue after the May 29 print was described as the 10th straight day of outflows. A break in that streak would change the relative-flow setup that has favored XRP in late May.
The other binary is corporate confirmation. Any confirmation, denial, or updated status from Ripple regarding the reported $1 billion SPAC treasury-vehicle plan would quickly reprice the narrative premium.
Price action has not validated the flow signal yet. XRP was described as “stuck in the low-$1.30s,” with a snapshot showing $1.34, despite the category taking in net new money. If inflows continue, traders will be watching whether that low-$1.30s area stops acting like a ceiling and starts behaving like a base.
Marcus Hale’s Take: A Flow-Led XRP Narrative Without Price Follow-Through
I don’t see this as “XRP is winning” so much as a late-May allocation oddity that’s hard to ignore: XRP ETFs stayed green while BTC and ETH ETFs bled across the same window. That kind of split can be a positioning tell, but the category is still small at $1.12 billion in net assets, so it’s not automatically a market-moving engine.
The threshold that matters is whether flows can persist long enough to force price to respond, because so far XRP is still pinned in the low-$1.30s even with net inflows. If the SPAC treasury-vehicle story gets confirmed, the setup starts to look structural rather than narrative-driven, and the practical impact would be a credible second demand channel that can compete with ETF flows for marginal XRP supply.
