XRP ETFs Extend 11-Day Inflow Streak to $170M as Goldman Leads Institutional Holders

U.S. spot XRP ETFs have recorded inflows for 11 consecutive trading sessions, while second-quarter regulatory filings identify Goldman Sachs, Jane Street and Millennium Management among the largest disclosed institutional holders.

The 11-day streak has brought roughly $170 million into the funds, even as XRP has surrendered some of the gains from its late-August rally.

The ETFs attracted another $14.38 million on Tuesday, bringing total net inflows since their launch in November to approximately $1.68 billion, according to SoSoValue data. Franklin Templeton’s XRP ETF accounted for the largest share of Tuesday’s inflows at $6.63 million, while Grayscale’s fund drew $4.72 million.

The current inflow streak started Aug. 18 and has persisted despite considerable volatility in XRP. The token was trading near $1.33 early Wednesday, down from around $1.45 on Aug. 27 but still above the roughly $1 level seen in mid-August.

XRP’s ETF demand remains modest compared with bitcoin. U.S. spot bitcoin ETFs attracted $2.26 billion over just six sessions toward the end of August, exceeding the total amount XRP ETFs have collected since their debut.

Goldman Leads Disclosed Holders

Goldman Sachs ranked as the biggest disclosed institutional holder at the end of the second quarter, with approximately $87.4 million in XRP ETF exposure, according to Bloomberg Intelligence data based on 13F filings.

However, the size of Goldman’s reported ETF position should not automatically be interpreted as a long-term bullish bet on XRP by the bank.

The holdings could instead reflect activities such as market-making, basis trades or executing orders for wealth-management clients. As a result, the position does not necessarily represent a single corporate decision to gain directional exposure to XRP.

Jane Street was the next-largest disclosed holder, with $16.6 million, followed by Millennium Management at $16.2 million.

Quarterly 13F filings provide one of the limited public sources for identifying professional investors holding U.S.-listed stocks and ETFs. They offer insight into which institutional firms are participating in the new XRP funds, but they do not show whether those positions are being hedged through other markets.

Investment advisers represented the largest category of reported holders, with roughly $120 million of the $183 million disclosed in the filings. Hedge funds accounted for about $25 million, brokerages held approximately $17 million and banks had around $14 million.

Advisers also recorded the largest increase during the quarter, adding roughly $90 million to their reported holdings. Across all investor categories, disclosed positions increased by about $103 million.

ETF Inflows and Holdings Tell Different Stories

The institutional holdings reported in 13F filings and the recent ETF inflow streak should not be treated as the same measure.

The filings capture positions held as of June 30, whereas the 11-session inflow streak reflects new capital entering XRP ETFs during late August and early September.

The disclosed positions also represent gross ETF holdings rather than an investor’s full XRP exposure. Goldman Sachs, Jane Street and Millennium could hold XRP ETFs while simultaneously offsetting some or all of their price exposure through futures or other derivatives.

CoinDesk highlighted a similar situation involving Goldman’s bitcoin ETF holdings in 2025. At the time, the bank had more than $1.5 billion in disclosed spot bitcoin ETF exposure while also holding substantial put positions and other related trades.

The latest XRP inflow streak began two months after the June 30 reporting date covered by the latest 13F filings. Whether the institutions identified in those reports continue to hold the ETFs will not be known until the next round of filings is released in November.

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