US spot XRP exchange-traded funds (ETFs) have accumulated about $1.81 billion in net inflows, yet current data shows investors are sitting on roughly $489 million in unrealized losses as the XRP price remains below their average purchase points.
Disconnect Grows Between XRP ETF Inflows and Price Performance
Data compiled by CryptoETF Today reveals that the five major US-listed XRP ETFs have a modeled average acquisition price of $1.72 per XRP. As of October 30, XRP traded near $1.24, reflecting a significant drop from the entry price and resulting in a paper loss of approximately $488.7 million. This decline represents a 27.6% decrease from the modeled initial investment level.
Comparing this to earlier estimates, losses have accelerated in recent weeks. On October 20, Coinpaper reported unrealized ETF losses totaling $375 million. The gap has widened by about $113 million in just ten days, a trend attributed to ongoing price declines rather than increased investor withdrawals.
Despite these losses, regulated XRP products collectively hold over one billion tokens, underscoring continued institutional presence in the asset. However, the divergence between inflows and price gains for ETF participants has continued to grow.
| ETF | Estimated Loss | Average Entry Price | Current Reference Price |
|---|---|---|---|
| Canary Capital’s XRPC | $179.3 million | $1.99 | $1.24 |
| Bitwise | $141.6 million | Not specified | $1.24 |
| Franklin Templeton’s XRPZ | $131.6 million | Not specified | $1.24 |
| Grayscale’s GXRP | $35.7 million | Not specified | $1.24 |
| 21Shares’ TOXR | $459,000 | Not specified | $1.24 |
The largest estimated deficiency is in Canary Capital’s XRPC fund, which shows a modeled average entry price of $1.99, about 37% higher than the latest reference price. Bitwise and Franklin Templeton’s XRPZ also account for sizable portions of the overall unrealized losses. Grayscale’s and 21Shares’ XRP ETFs show relatively smaller shortfalls.
ETF holders may have bought shares at varying price levels, and some institutional investors use hedging strategies that can impact their portfolio risk. These estimates do not necessarily reflect realized losses on an individual basis.
Mini dictionary: Canary Capital is an asset management company that focuses on creating and managing exchange-traded funds (ETFs) offering exposure to digital assets such as XRP.
ETF tracker data shows that the disconnect between investor inflows and XRP’s market price has widened significantly, resulting in nearly half a billion dollars in estimated paper losses for ETF participants.
ETF Asset Values Drop Despite Large Inflows
The five XRP ETFs currently manage a total of roughly $1.42 billion in assets, despite having attracted $1.81 billion in cumulative net inflows since November 2025. This discrepancy stems from ongoing price changes as well as routine ETF share subscriptions and redemptions, rather than an exact calculation of investor losses.
This declining asset valuation trend was evident earlier in October when Coinpaper described a similar gap, noting ETF assets stood at $1.48 billion after the influx of $1.8 billion. Since then, fund values have deteriorated further alongside XRP’s continued decline.
Additionally, ETF inflow momentum has dropped since September, when daily figures regularly reached tens of millions of dollars. By October 14, daily net subscriptions had decreased to about $740,000. Preliminary data for October 30 suggests a net outflow of nearly $700,000, according to early fund reports.
Regulated XRP ETFs continue to attract institutional interest, but asset values have contracted as the underlying token’s price declines persist, and inflows have slowed markedly since their September peak.
Will XRP Recover Enough to Offset Losses?
The modeled average entry price of $1.72 per XRP serves as a benchmark for the ETF sector’s collective exposure. For the current price of $1.24 to return to the average acquisition cost, XRP must climb about 39%, assuming that inflows do not significantly alter the average price in the interim.
However, there is no indication that $1.72 is a technical resistance level or a firm liquidation target for ETF investors; it is primarily a numerical marker. Investors’ individual strategies and time horizons may differ.
Goldman Sachs, a leading global investment bank and financial services provider, has previously reported an $87 million holding in XRP ETFs. Such institutional involvement remains notable, but does not ensure upward price movement, especially with persistent selling pressures in the wider cryptocurrency market.
Increased XRP transfers to exchanges have drawn attention to potential selling activity, but these transactions do not necessarily confirm completed sales.
