According to a recent cross-asset analysis by JPMorgan, the XRP spot ETF has attracted a cumulative net inflow of $1.4 billion since its launch in November 2025. Meanwhile, Bitcoin, gold, and silver funds have experienced outflows during the same period.
In a report authored by JPMorgan analyst Nikolaos Panigirtzoglou, this phenomenon is noted to be significantly different from historical patterns, where investors typically gravitate towards gold in times of geopolitical uncertainty. The $1.4 billion inflow represents approximately 1.16% of XRP's current total market capitalization of $83.5 billion.
XRP Spot ETF Net Inflow Situation
Considering XRP's recent price performance, the inflow is particularly noteworthy. The token has dropped about 33% in the past 90 days and is down 24% year-to-date, trading close to $1.36 at the time of writing. The cryptocurrency fear and greed index stands at just 10, indicating an “extreme fear” sentiment.
Gold, Silver, and Bitcoin Funds Experience Capital Outflows
JPMorgan's data paints a broad picture of risk aversion, covering nearly all major asset classes. Gold ETFs have seen approximately $11 billion in outflows over three weeks, with the SPDR Gold Shares (GLD) alone experiencing outflows equivalent to 2.7% of its managed assets.
Capital Flow Divergence (According to JPMorgan Data)
- XRP Spot ETF
- Bitcoin • Gold • Silver
Compared to gold and silver, Bitcoin ETFs have performed slightly better, but still lag behind XRP. JPMorgan's analysis shows that since the escalation of tensions in the Middle East, Bitcoin funds have attracted about 1.5% in new net assets. During this period, Bitcoin's trading price has ranged between $68,000 and $70,000.
Why XRP? Institutional Demand Meets New Product Access
The most likely explanation for the divergence in XRP's capital flow is product maturity. Following the resolution of Ripple's protracted legal dispute with the SEC, the XRP spot ETF was approved for listing in November 2025. This dispute had long hindered the launch of institutional XRP products. The inflow of up to $1.4 billion likely reflects pent-up institutional demand finally gaining compliant exposure to XRP.
In contrast, Bitcoin's spot ETF was launched earlier and had already absorbed an initial wave of new funds. The inflow pattern for XRP's ETF resembles that of Bitcoin's ETF in its early stages, where the availability of new products drove significant inflows, while short-term price movements had little impact.
Panigirtzoglou's analysis does not provide a forward-looking prediction for XRP ETF fund flows. However, the data suggests that the XRP ETF narrative is still in an accumulation phase, with institutional inflows continuing despite significant weakness in spot prices. In the coming quarter, the ETF market will closely monitor whether this demand for funds will bridge the gap with token prices through a price rebound or narrow due to a slowdown in inflows.
The historical high of $3.65 for XRP, reached on July 18, 2025, remains about 63% above current levels, leaving ample room for the ETF-driven narrative if institutional demand can be sustained.