U.S. spot XRP ETFs are continuing to attract institutional and investor interest, posting 11 consecutive sessions of net inflows worth roughly $170 million. Separate second-quarter filings show Goldman Sachs held the largest disclosed institutional position, followed by Jane Street and Millennium Management.
The ETFs brought in $14.38 million on Tuesday, pushing total net inflows since their November launch to about $1.68 billion, according to SoSoValue. Franklin Templeton recorded the biggest inflow among individual funds at $6.63 million, while Grayscale attracted another $4.72 million.
The latest streak began Aug. 18 and has continued despite XRP’s retreat from its late-August peak. XRP was trading around $1.33 early Wednesday, compared with approximately $1.45 on Aug. 27. Even after the pullback, the token remains above its mid-August level near $1.
The scale of XRP ETF demand remains relatively small compared with bitcoin. U.S. spot bitcoin ETFs collected $2.26 billion during six sessions in late August alone, more than XRP funds have attracted since their inception.
Goldman Tops Institutional List
Goldman Sachs reported roughly $87.4 million in XRP ETF exposure at the end of the second quarter, making it the largest disclosed institutional holder, according to Bloomberg Intelligence’s analysis of 13F filings.
The position should not necessarily be interpreted as evidence that Goldman has made a large, long-term bet on XRP. Institutional banks can accumulate ETF shares as part of market-making activity, basis trades or client-order execution, including transactions involving wealth-management customers.
Jane Street reported $16.6 million in holdings, while Millennium Management disclosed $16.2 million.
The 13F reports provide a rare look at professional participation in the relatively new XRP ETF market. However, the filings only disclose certain U.S.-listed securities and do not show whether institutions are using other assets or derivatives to offset the risk associated with their ETF positions.
Investment advisers represented the largest holder category, with approximately $120 million of the $183 million in disclosed positions. Hedge funds accounted for about $25 million, brokerages held $17 million and banks reported around $14 million.
Advisers were also responsible for most of the quarterly increase. Their reported ETF exposure rose by roughly $90 million, compared with a total increase of about $103 million across all investor categories.
Current Flows Are Not Current Holdings
The latest inflow data and the 13F disclosures provide two different snapshots of the XRP ETF market.
The regulatory filings reflect positions held on June 30, while the current 11-session inflow streak represents capital that entered the products during late August and early September.
Moreover, a reported ETF position does not reveal an investor’s overall XRP exposure. Goldman, Jane Street and Millennium could hold XRP ETFs while simultaneously hedging their positions through futures or other financial instruments.
Goldman’s bitcoin ETF activity offers a previous example. In 2025, the bank disclosed more than $1.5 billion in spot bitcoin ETF holdings alongside sizable put positions and other trades, illustrating why gross ETF ownership alone may not reveal an institution’s directional view.
The latest XRP buying streak began about two months after the June 30 cutoff used for the current 13F reports. Whether Goldman, Jane Street, Millennium and other disclosed investors still hold their positions will become clearer when the next quarterly filings arrive in November.
