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XRP XRP ETF bucked the trend and rose surprisingly.
Exchange-traded funds (ETFs) related to XRP in the U.S. market showed significant price differentiation, and their gains in intraday trading were almost twice that of the XRP token itself. In the past 24 hours, XRP prices have risen by about 7% to 8%, while shares of some regulated funds have risen by as much as 16% to 17%.
The reasons behind price divergence
This unusual phenomenon has attracted the attention of CryptoQuant analyst Xaif_Crypto. During the trading session, all seven spot XRP ETFs on the U.S. market recorded gains, with trading volume reaching US$19.7 million during the period, showing outstanding performance. CryptoQuant, known for its on-chain data and market flow analysis, has become an important platform for obtaining such insights.
How do liquidity imbalances affect prices?
This price divergence appears to stem from a localized imbalance between supply and demand on the U.S. exchange order book. Sharp fluctuations in underlying assets can lead to temporary shortages of sellers, especially in funds with less liquidity. This situation drives up the price of the ETF shares, causing them to trade at a price significantly higher than the net asset value of the underlying asset.
The strength of ETF shares in the market is partly due to liquidity imbalances. While funds such as Bitwise and Franklin Templeton moved closer to spot prices, funds such as Grayscale showed higher gains. It is worth noting that Grayscale's XXRP and other related fund shares rose by more than 17%.
Xaif_Crypto, analyst at CryptoQuant, pointed out: "A temporary shortage of sellers in illiquid funds has caused the price of ETF shares to rise above their net asset value, significantly exceeding the daily increase in underlying assets."
Despite the sharp rise in prices, there were no new inflows to these funds. SoSoValue data showed that the net outflow in the previous trading day reached US$7.2 million, mainly concentrated in Bitwise funds. No other issuer recorded any net inflow.
The total daily trading volume of theETF was US$27.22 million. The assets of XRP ETF reached US$1.42 billion, accounting for 1.67% of XRP's market value. Since the launch of the market, cumulative net inflows have exceeded US$1.68 billion.
The rapid volatility of ETF shares portends a new development: derivative financial products may temporarily affect prices more quickly than underlying assets. The change suggests that U.S. exchanges may gain more dominance in short-term price movements in the XRP market.
