US spot XRP ETFs have recorded capital inflows for 11 consecutive trading days. Meanwhile, second-quarter regulatory filings show that Goldman Sachs, Jane Street, and Millennium Management are among the institutional investors with the largest disclosed holdings.
This streak of 11 days of inflows brought approximately $170 million into the relevant funds, even as XRP has given back some of its gains from late August.
Data from SoSoValue shows these ETFs attracted another $14.38 million in inflows on Tuesday, bringing their total net inflows to about $1.68 billion since their launch in November last year. Franklin Templeton's XRP ETF attracted the largest Tuesday inflow, at approximately $6.63 million, while Grayscale's fund saw inflows of $4.72 million.
The current inflow streak began on August 18th and has persisted during significant volatility for XRP. Earlier on Wednesday, the token was trading around $1.33, down from its price of around $1.45 on August 27th, but still above its mid-August level of around $1.
Compared to Bitcoin, demand for XRP ETFs remains relatively modest. US spot Bitcoin ETFs attracted $2.26 billion in just six trading days in late August, surpassing the total inflows for XRP ETFs since their inception.
Goldman Sachs Leads Disclosed Institutional Holders
Data compiled by Bloomberg Intelligence from 13F filings shows Goldman Sachs was the largest disclosed institutional holder at the end of the second quarter, with an XRP ETF exposure of approximately $87.4 million.
However, Goldman Sachs' disclosed ETF holdings should not automatically be interpreted as the bank's long-term bullish bet on XRP.
These holdings could also stem from market-making, basis trading, or executing orders for wealth management clients. Therefore, this position does not necessarily represent a single, company-wide decision by Goldman Sachs to actively gain directional exposure to XRP.
Jane Street is the second-largest disclosed holder, with a $16.6 million position, followed by Millennium Management with $16.2 million.
Quarterly 13F filings are one of the few public sources to identify professional investors holding US-listed stocks and ETFs. They provide market insight into which institutions are participating in the newly launched XRP funds but cannot reveal whether these institutions have hedged their positions in other markets.
Investment advisers were the largest category within the disclosed holdings, accounting for about $120 million of the total $183 million. Hedge funds held approximately $25 million, brokers about $17 million, and banks about $14 million.
Investment advisers also showed the largest quarterly increase in disclosed holdings, rising by about $90 million. All investor categories combined increased holdings by about $103 million.
ETF Inflows and Institutional Holdings Tell Two Different Stories
Institutional holdings from 13F filings and the recent consecutive ETF inflows should not be considered the same metric.
The 13F filings record holdings as of June 30th, while the 11 consecutive days of inflows reflect new money entering XRP ETFs in late August and early September.
The disclosed positions are also total ETF holdings, not investors' complete XRP risk exposure. Goldman Sachs, Jane Street, and Millennium could have partially or fully offset their price exposure through futures or other derivatives while holding XRP ETFs.
CoinDesk highlighted a similar situation in its 2025 coverage of Goldman Sachs' Bitcoin ETF holdings. At that time, the bank disclosed over $1.5 billion in spot Bitcoin ETF exposure while also holding a significant number of put options and other related trades.
The latest round of XRP inflows began two months after the June 30th 13F reporting date. Whether the institutions identified by those filings still hold the ETFs will only be known in November with the release of the next round of filings.
