The crypto XRP is going through a tough time, but investors in US crypto ETFs appear to be in no rush to reduce their exposure. On October 29, the token was trading around $1.29, almost 25% below the estimated average acquisition price of the funds. Yet their tracked holdings decreased by only 0.26% between October 23 and 28. Six spot ETFs still held around 1.17 billion XRP.
In brief
- XRP is trading approximately 25% below the ETF’s estimated acquisition price.
- The assets of the funds monitored fell by only 0.26% in three sessions.
- Bitwise concentrates most of the withdrawals, but its positions rise again on October 29.
XRP ETFs hold 1.17 billion tokens
The latest figures from XRP Insights reveal some rather unusual resistance. Between October 26 and 28, crypto funds tracked by the platform recorded a net decrease of 2.96 million XRP, or approximately $3.9 million.
The decline remains limited. As of early October, XRP ETFs had already suffered $3.28 million in withdrawals concentrated on Bitwise. The total value of their assets then fell by $37 million, mainly due to price.
The current situation has similarities. As of October 28, the six US spot XRP ETFs owned approximately 1.17 billion tokens, representing $1.56 billion in assets. Adding the XRP held in the diversified Bitwise 10 Crypto Index Fund (BITW), the exposure reached 1.19 billion tokens.
This represents almost 1.2% of the 100 billion XRP created. However, the flow data deserves clarification. The calculation of 2.96 million XRP includes BITW, but excludes Grayscale GXRP due to a historical hiatus in data collection.
Grayscale’s holdings are nevertheless counted in the total tokens held. These movements therefore do not allow us to assert that all crypto ETF holders refuse to sell. They simply indicate that the observed aggregate positions have decreased little.
Bitwise concentrates withdrawals from crypto funds
Most of the movement comes from Bitwise. Its XRP ETF owned approximately 416.61 million tokens as of October 23. Three days later, that total had fallen to 413.82 million.
Nearly 2.79 million XRP thus disappeared from its holdings. Franklin Templeton and 21Shares, for their part, recorded no change over the three sessions studied. On October 28, tracked funds even added around 174,140 XRP, breaking two consecutive days of net withdrawals.
The movement remains modest, but more recent data deserves attention. Based on holdings published by issuers, Bitwise held 416.05 million XRP on October 29, approximately 2.23 million more tokens than its previous reading.
The fund therefore recovered a large part of the tokens withdrawn a few days earlier. However, the complete data for all crypto ETFs for this session was not yet consolidated.
Flows remain irregular. On October 8, XRP ETFs were already continuing to attract capital despite the low price. Weekly entries had nevertheless slowed down significantly.
Another precaution: variations in the reserves of a crypto ETF do not automatically correspond to purchases or sales made by investors on the stock market. Creations and redemptions of shares, fees or certain rebalancing may also modify assets.
XRP remains far from the average price of ETFs
Holding strength does not protect funds against crypto market declines. XRP Insights estimates their average acquisition price at around $1.71 per token. This calculation is based on the funds’ initial positions and daily variations in their holdings since December 2025.
With XRP close to $1.29 on October 29, the gap was around 24.6%. This is not a 25% loss experienced by every investor. Shares of crypto ETFs are bought and resold on different dates, sometimes at prices very far from this theoretical average cost.
XRP’s decline continued. On October 30, around 8:32 UTC, the token was trading around $1.255 on Binance. Compared to the estimated average cost of $1.71, the gap was now around 26.5%.
The pressure on prices therefore remains present. At the end of August, XRP ETFs had attracted $110.49 million in one week, their best weekly performance of the year to that date. The amounts observed today are significantly lower. To measure a true return of buyers, the next data will have to show net share creations over several sessions. The stability of reserves remains encouraging for holders, without being enough to announce a rebound in XRP.
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