U.S. spot XRP exchange-traded funds recorded their first day of net outflows since launching, marking a pause in what had been a steady run of investor inflows. The shift comes amid a wider pullback across major crypto-linked ETFs, as digital asset prices softened following recent rallies.
Data from SoSoValue shows that the five U.S.-listed spot XRP ETFs posted combined net outflows of $40.8 million on Wednesday. The reversal ended a 36-day streak without outflows. Most of the movement came from 21Shares’ TOXR fund, which saw $47.25 million leave the ETF. By contrast, funds offered by Canary, Bitwise, and Grayscale recorded modest net inflows of roughly $2 million each, partially offsetting the losses.
Despite the daily decline, the broader picture remains positive. Since the launch of Canary’s XRPC ETF on Nov. 13, spot XRP ETFs have attracted a total of $1.25 billion in net inflows.
Rachael Lucas, crypto analyst at BTC Markets, described the development as notable but not alarming. She pointed out that the outflows represent less than 3% of cumulative inflows since launch. According to Lucas, the move appears tied to short-term profit-taking after XRP climbed from $1.8 to $2.4 in the span of a week, alongside a broader market pullback.
Lucas added that on-chain data continues to show signs of resilience. Exchange reserves remain historically low, while transaction volumes are elevated, suggesting ongoing network activity. If ETF inflows resume, she said XRP could retest the $3 level.
The trend was not limited to XRP. Spot bitcoin and ether ETFs also experienced significant outflows on the same day. Bitcoin ETFs recorded $486 million in net outflows, led by Fidelity’s FBTC with $247.6 million and BlackRock’s IBIT with $130 million. In total, more than $700 million has exited bitcoin ETFs over the past two days.
Ethereum ETFs saw combined net outflows of $98.5 million, with $52 million leaving Grayscale’s ETHE. This marked the first net outflow day for ether ETFs in 2026, following $457 million in inflows during the year’s first three trading sessions.
Lucas characterized the broader ETF movements as typical after strong price gains. She noted that bitcoin’s recent surge to $94,000 likely triggered portfolio rebalancing and unwinding of leveraged positions. Even so, cumulative assets held in bitcoin ETFs remain above $100 billion, while Ethereum continues to show healthy on-chain activity, including steady accumulation and cross-chain flows.
Market prices reflected the cautious tone. Bitcoin was down 2.44% over the past 24 hours, trading near $90,290. Ether fell 3.76% to around $3,125, while XRP declined 5.54% to $2.13. Lucas said a near-term recovery is possible if bitcoin holds above $90,000 and ether remains above the $3,100 level.
Broader investor sentiment also appears to be shifting. Min Jung, research associate at Presto Research, noted that crypto has underperformed other asset classes recently, with investors showing greater confidence in equities. That preference, she said, is visible in both price action and ETF flow data.
