U.S. spot XRP ETPs see $5.15M outflow on Sept. 17

U.S. spot XRP exchange-traded products recorded about $5.15 million of net outflows on Sept. 17, interrupting roughly $192 million of net inflows for the rolling month. The flow data were compiled by Maketo and reflect disclosures published by the funds.

Maketo’s cumulative net-flow total fell from $1,715,570,157 on Sept. 16 to $1,710,416,747 on Sept. 17, a decline of $5,153,410. The tracker attributed approximately $1 million of that decline to Canary Capital’s XRPC and about $4 million to 21Shares’ TOXR. Bitwise, Franklin Templeton and Grayscale showed little or no same-day change in their reported holdings for the Sept. 17 snapshot.

Canary’s shares outstanding moved from 23.4 million to 23.3 million on Sept. 17, a drop of 100,000 shares. Canary’s prospectus defines a basket as 10,000 shares, so the share-count change equaled 10 baskets. Canary reported $319.86 million in net assets and a $13.73 net asset value per share on Sept. 17. Bitwise’s published snapshot from Sept. 16 showed 33.69 million shares outstanding, 376.29 million XRP in trust and about $486.85 million in net assets; that snapshot predates the Sept. 17 outflow and does not provide a same-day check.

Across the five products Maketo tracks, the funds held about 1.08 billion XRP, with a combined dollar value near $1.39 billion at the tracker’s cutoff. Maketo’s five-fund series was about $10 million positive for the rolling week through Sept. 17 and recorded inflows on 16 days and outflows on two days during the rolling month.

Fund creations and redemptions can change the amount of XRP held in a trust. In a cash creation, an authorized participant provides cash and the issuer or a liquidity provider may buy XRP to back new shares. A cash redemption can require the trust or its agents to sell XRP to fund withdrawals. In-kind transfers move XRP into or out of a trust without a contemporaneous trust-level market order, though authorized participants may still trade or hedge in other venues.

XRP traded around $1.30 on Sept. 17 and reached an intraday high of $1.41 on Sept. 18. The Sept. 17 redemptions occurred two calendar days after the Senate rejected cloture on a motion to proceed to the CLARITY Act by a 49-50 vote; the timing is factual and not presented as evidence of causation.

Fund-level disclosures in the coming sessions will show whether the Sept. 17 redemptions persist or whether inflows resume across the tracked products.