TL;DR:
- The XRP spot ETF, XRPC from Canary Capital, reached $336 million in AUM, surpassing the combined value of all its competitors.
- The XRPC ETF outperforms the competition by recording consistent leadership and concentrating investor demand.
- This unusual growth in a secondary asset occurs while the main market focus remains on Bitcoin and Ethereum.
The market for digital asset Exchange-Traded Products (ETFs) has witnessed a surprising phenomenon, focused not on Bitcoin or Ethereum, but on XRP. Nate Geraci’s analysis of the XRP ETF, XRPC, reveals figures that leave no room for interpretation, compelling Canary Capital to disclose a key fact: XRPC ETF surpasses the combined size of all other spot XRP ETFs in the United States.
The figure is compelling: XRPC crossed $336 million in Assets Under Management (AUM). The other products, even when added together, do not reach that line. For a product launched into an already crowded segment, the magnitude of this separation is significant.
McClurg, CEO and founder of Canary Capital, noted that this result is a “validation of where investor demand is heading,” indicating that capital did not disperse, but instead concentrated in XRPC.
Consistent and Concentrated Capital Flow
The latest flow sheets reflect this unusual pattern. While XRPC added $9.07 million in just 24 hours, other competitors like Franklin Templeton’s XRPZ and Bitwise’s XRP ETF registered inflows of $10.68 million and $2.93 million, respectively. However, the hierarchy has not shifted. XRPC remains the only product with consistent leadership.
It is worth noting that this growth occurs while the market’s attention is heavily focused on the main assets, namely Bitcoin and Ethereum. Typically, secondary ETFs slow down when the focus shifts. But XRP has not. Capital allocations have continued to arrive at a pace that forces competitors to react rather than set their own growth rhythm.
In summary, the market does not perceive this as a launch-week anomaly, but as a trend durable enough to define the segment. The fact that the XRPC ETF so drastically outperforms its competition places other issuers in an awkward position, forcing them to respond to a pattern they did not anticipate in their initial forecasts.
