Why Did XRP ETF Net Assets Fall During 13 Weeks of Inflows?

XRP exchange-traded funds took net inflows for 13 straight weeks and still ended up holding less. Cumulative net inflows reached about $1.80 billion by the week to October 9, 2026, per SoSoValue data, while the funds' net assets slipped to $1.47 billion from $1.57 billion a week earlier. Inflows count the dollars paid in; net assets count what the XRP those dollars bought is worth now, and XRP fell over the same stretch.

The streak broke in mid-October with a $1.84 million weekly outflow, 0.1% of the $1.47 billion the funds held at the time.

Key Facts

• XRP ETFs took weekly net inflows every week from the week ended July 17 to the week ended October 9, 2026, lifting cumulative net inflows to about $1.80 billion, per SoSoValue data.
• Net assets fell to $1.47 billion from $1.57 billion over the week to October 9, and had peaked near $1.70 billion on October 6.
• The 13-week streak ended with a $1.84 million weekly outflow in mid-October, 0.1% of the funds' assets.
• By October 30, cumulative net inflows stood at $1.81 billion against $1.42 billion of net assets, per SoSoValue.
• US spot XRP ETFs took in $530,000 less than they paid out on November 2, then recorded zero net flows from November 3 through November 6.

Inflows Are Dollars In; Net Assets Are Market Value

A net inflow is the money that moves into the funds on a given day: share creations minus redemptions, tallied in dollars and added up since inception. Net assets are a different measure. They are the number of XRP the funds hold multiplied by the current price, so they rise and fall with the market even on days when not a dollar moves.

That distinction explains how the funds can take in about $1.80 billion and hold only $1.47 billion. The money bought XRP; the XRP is now worth less than it cost. At the October 18 mark, ETF holders were collectively about $330 million underwater, with $1.80 billion paid in against $1.47 billion of market value. The split ran through the whole streak: 13 weeks of inflows with net assets falling.

It is a mark-to-market gap, not a realised loss. A holder who bought near the top and sold at $1.10 would have crystallised it; a holder who stays carries a paper shortfall that reverses if XRP recovers.

What the Flow and Asset Figures Actually Show

XRP Broke Its 200-Day Average and Kept Falling

XRP closed at $2.32 on the funds' launch day, November 13, 2025, and later traded at $1.25, a 46.1% decline. It broke below its 200-day moving average, the average of the last 200 daily closes, at $1.27. On a later read the 200-day sat near $1.27 and the 50-day near $1.37, leaving XRP about 13% below the long line and about 20% below the short one.

The underperformance was steady. In the week to October 17, XRP fell 8.7% while Bitcoin fell 1.7% and Ethereum 3.4%. The next stretch it fell 7.1% to $1.16, the weakest of the five largest cryptocurrencies, as Ethereum slipped 0.8% to $2,233. It then lost 8.3% in 24 hours to $1.20, its lowest since August 20.

By Monday, November 9, XRP traded near $1.10, 5.3% below the prior morning and 12.4% below the price a week earlier, per CoinGecko, with a market capitalisation near $69.7 billion. XRP's year-to-date low is $0.9847 from August 14; it closed at $1.0011 on August 18 and rallied to $1.70 by August 22. That is the same question the funds face: whether their XRP holdings were leading the price or following it.

Where the Selling Landed: Leveraged Longs

Two liquidation counts measure different things. In the 24 hours to 7:01 p.m. New York time on Sunday, positions worth $604.4 million were liquidated across Binance, Bybit and OKX, of which $558.2 million were long positions, per a TokenPost count covering all assets on those venues. CoinGlass, looking at XRP futures alone, recorded $9.57 million of XRP liquidations over 24 hours, $9.27 million of it from longs, about 96.5% of the total.

The largest single liquidation CoinGlass logged was an XRP long on Hyperliquid worth roughly $952,940. XRP futures open interest, the value of outstanding contracts, stood near $2.75 billion.

A long-heavy split is the shape of a crowded one-way bet unwinding. Falling prices hit longs hardest, and a stretch of zero ETF flows gave that selling no offsetting buying to lean against.

A Launch, a 13-Week Run, and a $1.84 Million Outflow

• November 13, 2025: Canary Capital launches the Canary XRP ETF (NASDAQ: XRPC), the first US spot XRP fund. Bitwise, Grayscale, Franklin Templeton and 21Shares follow.
• Week ended July 17, 2026: the run of 13 consecutive positive weeks begins.
• October 6, 2026: the funds' net assets peak near $1.70 billion.
• Week to October 9: cumulative net inflows reach about $1.80 billion; net assets slip to $1.47 billion from $1.57 billion.
• Mid-October: the streak ends with a $1.84 million weekly outflow.
• Week to October 30: XRP ETFs attract $4.3 million, the only significant spot crypto ETF group to take in money that week, while Bitcoin ETFs lose $203 million and Ethereum and Solana ETFs lose $432 million and $72 million.
• October 30: cumulative net inflows $1.81 billion against $1.42 billion of net assets.
• November 2: the funds take in $530,000 less than they pay out; Canary's XRPC records roughly $530,000 in withdrawals.
• November 3 to 6: zero net flows for four straight sessions; net assets near $1.34 billion on November 6.
• November 13, 2026: first anniversary of the first XRP ETF.

What Would Change the Answer

With flows at or below zero, the funds' value now tracks XRP's price almost one-for-one. Two things break that link.

A return of weekly net inflows would add XRP to the funds independently of price, lifting net assets even on a flat market. The trigger to watch is the weekly flow print. The last positive week was the one to October 30, at $4.3 million; the week that followed had no positive day, and November 2 itself was a $530,000 net outflow.

A price move is the other lever. XRP reclaiming its 200-day average near $1.27 would mark recovery from the level it broke in early November. Losing the year-to-date low of $0.9847 from August 14 would push net assets below the roughly $1.34 billion they held on November 6, because the same token count would be worth less.

Flows alone have not been enough to hold the pile up. About $139.7 million of net inflows came in over the 30 trading days before this reading, a positive figure that still did not stop assets from falling.

The next dated checkpoints are the weekly flow prints and November 13, 2026, the first anniversary of the first XRP ETF, when the funds' one-year total gets set against the $1.81 billion they have drawn since launch.