As of mid-month, XRP-linked ETFs have gathered roughly $1.12 billion in net assets, a figure that stands out not because it rivals Bitcoin’s record-breaking debut, but because it has arrived amid a weakening crypto market. This contrast is shaping a new narrative around XRP’s role in institutional portfolios. “I think it’s sort of this third path which is really interesting,” said Matt Hougan, referring to the divergence between XRP’s rollout and earlier ETF launches.
Hougan noted that XRP has been much better received than Ethereum was, with Ethereum ETFs initially moving out of the gate quietly. By contrast, XRP funds crossed the billion-dollar mark quickly despite unfavorable market conditions. “To see a billion dollars in a down market is really exceptional,” he said, adding that a stronger crypto market would likely push the number higher.
McClurg contrasted XRP with Ethereum, where he previously opted not to launch a spot product because of crowded competition and weaker early demand. Bitcoin’s ETF debut was a singular event, the culmination of nearly a decade of regulatory battles and perfect timing during a bull cycle. Ethereum’s experience followed a quieter path before momentum built, while XRP is emerging as a divergent asset that may decouple from Bitcoin’s familiar four-year rhythm.
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