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XRP U.S. spot XRP ETF positions reach 1.129 billion, accounting for 1.1293% of the total circulation.
Currently, U.S. spot XRP exchange-traded funds (ETFs) hold 1.129 billion XRP tokens in regulated institutional custody vaults, accounting for approximately 1.1293% of the total supply of the token. According to XRP Insights, the seven tracked funds collectively manage approximately $1.581 billion in assets, reflecting market demand for compliant XRP investment products.
Capital inflows in the 38th week drove an increase in institutional treasury positions
Data showed that a net inflow of 7.02 million XRPs was achieved in the 38th week, with a value of approximately US$9.05 million. As a result, ETF issuers purchased additional tokens for their vaults, increasing the XRP reserves that support the fund's shares. The increase in holdings during the week accounted for approximately 0.62% of the 1.129 billion XRPs held by the seven tracked products.
Although these positions are locked in, the custodian may release the token when investor redemptions cause the issuer to reduce its reserves. Therefore, this number represents an XRP guaranteed for ETF shareholders, rather than a token permanently removed from the circulation supply of cryptocurrency. At the current price of $1.29, the market value of these reserves is close to $1.46 billion.
In addition, XRP prices rose 0.58% in 24 hours, gold prices rose one penny, while the treasury balance remained above a billion pieces. As fund creations exceed redemptions, providers must increase the XRPbacking of their investment products.
Liquidity is highly concentrated in the top three issuers
尽管交易量达到1.125亿美元，但XRP ETF的流动性依然高度集中。Bitwise通过398万份份额贡献了6519万美元的交易额，占比高达58%；富兰克林邓普顿紧随其后，通过202万份份额产生3202万美元交易额，占据近28.5%的交易活动份额。此外，Canary Capital通过827,530份份额产生1285万美元交易额，约占市场成交量的11.4%。
综合来看，Bitwise、富兰克林邓普顿和Canary Capital三家机构占据了近98%的交易周转率，凸显出领先发行商之间的流动性集中度。相比之下，Grayscale排名第四，在测定的交易时段内通过约68,180份份额仅产生193万美元交易额。REX-Osprey记录到33,000份份额产生的393,440美元交易额，远低于前四款大型产品的体量。21Shares则通过约8,290份份额产生118,290美元交易额，位列其他可见ETF之后。
由此可见，小型产品在交易时段内仅吸引有限参与。排名显示，投资者 overwhelmingly（压倒性地）交易规模最大的三只产品，其中Bitwise相较于其他竞争对手保持着显著优势。
