XRP ETFs continued attracting capital while larger bitcoin and ether products faced sustained redemptions, according to data from SoSoValue tracking U.S.-listed spot funds from May 20 through May 29.

Market Context

The divergence in fund flows comes as major cryptocurrencies lagged a broader macro rally. The S&P 500 posted its longest weekly winning streak since 2023, and Brent crude stabilized near $92 per barrel on U.S.-Iran ceasefire hopes. Bitcoin, ether and other large-cap tokens fell between 2% and 6% over the period, weighed by cooling institutional appetite that has plagued digital asset funds for ten consecutive sessions.

Analysis

XRP's relative outperformance reflects a specific policy and product narrative absent from its larger peers. Traders are closely watching U.S. market-structure legislation and whether institutional demand for XRP can sustain momentum even as bitcoin and ether products see redemptions. The token benefits from two potential demand channels: ETF buyers adding exposure in public markets, and an unresolved October 2025 report suggesting Ripple Labs was leading a planned $1 billion treasury raise through a SPAC structure to accumulate XRP. CoinDesk has reached out to Ripple for confirmation on whether that plan remains active, changed or was shelved.

On May 29 alone, spot XRP ETFs posted $11.88 million in net inflows, extending a week of positive flows while the broader crypto ETF market continued bleeding capital. Spot bitcoin funds recorded $125.31 million in net outflows—their tenth consecutive day of redemptions—while ether funds lost another $17.91 million following $121.35 million in outflows the prior session.

Bitwise's XRP ETF led all XRP products with $7.36 million in inflows on May 29, followed by Canary's XRPC at $2.38 million and Franklin's XRPZ at $2.14 million. The category's total net assets stand near $1.12 billion, representing approximately 1.37% of XRP's market value.

Key Numbers

- $35 million: Net inflows into U.S. spot XRP ETFs from May 20 to May 29

- $11.88 million: Single-day XRP ETF net inflows on May 29

- $125.31 million: Single-day bitcoin ETF net outflows on May 29 (10th straight day of redemptions)

- $17.91 million: Single-day ether fund net outflows on May 29

- $1.42 billion: Cumulative XRP ETF net inflows since launch

- $94 billion+: Net assets held by bitcoin ETFs

- $1.12 billion: Total U.S. XRP ETF net assets (1.37% of XRP market cap)

What to Watch

Traders should monitor whether Ripple confirms or walks back the reported $1 billion treasury vehicle plan, as a completed deal would represent one of the largest known XRP treasury structures to date. Institutional appetite for bitcoin and ether ETFs will be key—if redemptions persist through year-end rebalancing season, XRP's relative strength could intensify. Watch for any movement on U.S. market-structure legislation that could shift sentiment across crypto assets.

XRP's current ETF demand channel is modest next to bitcoin's $94 billion in fund assets but growing. Whether the token can maintain positive flows while larger products correct will depend on continued ETF adoption and resolution of the pending Ripple treasury narrative.