US spot XRP ETFs closed the first week of March with a net loss of $4.09 million. This marks the first negative weekly balance since January 30, 2026. On Friday alone, investors withdrew $16.62 million from the funds.
XRP's price fell in parallel from a weekly high of $1.47 to $1.34. Combined assets under management (AUM) of the seven active XRP ETFs dropped accordingly from $1.26 billion at midweek to $1.24 billion. These funds have now ended an inflow streak that began in late February.
Subscribe to our newsletter
The best articles of the week, directly delivered into your mailbox.
21Shares leads the outflows
The outflows concentrated in the last two trading days of the week. On Thursday, $6.15 million flowed out initially. On Friday, the trend accelerated to $16.62 million. It marked the largest single-day outflow since January 29, when $92.92 million left the funds.
A breakdown by provider reveals a clear pattern. 21Shares lost $10.60 million on Friday, accounting for nearly two-thirds of the day's outflows. Bitwise followed with $3.65 million, Grayscale with $2.37 million. Canary Capital and Franklin Templeton recorded zero movement.
The race for market leadership remains tight regardless. Canary Capital's XRPC holds the top position with $266 million. Bitwise sits less than a million behind at $265 million. Franklin Templeton, meanwhile, is pursuing an aggressive fee strategy. With an expense ratio of 0.19 percent and a full fee waiver up to $1 billion in AUM, the provider significantly undercuts the competition. Canary Capital charges 0.50 percent per year by comparison.
Conflicting signals from the market
The ETF outflows stand in contrast to on-chain data. Between March 5 and 9, large investors increased their XRP holdings from 10.87 billion to 11.01 billion tokens. This increase of roughly 140 million XRP represents a value of approximately $200 million. Notably, the so-called whale flow metric on a 30-day average turned positive for the first time in over three months. Institutional ETF investors are selling while crypto-native whales are accumulating. Such divergences have occurred frequently with Bitcoin ETFs in the past and resolved in both directions.
The macroeconomic backdrop puts additional pressure on risk assets. Geopolitical tensions weigh on sentiment. At the same time, declining trading volume and falling open interest signal weakening market momentum for XRP. Sellers rejected the price at $1.45 on Wednesday, and it subsequently fell to $1.34 by Sunday. The $1.30 level therefore stands as the next relevant support.
From legal battle to regulated product
The existence of XRP spot ETFs in the US would have been unthinkable three years ago. In July 2023, a US court ruled that XRP does not constitute a security when traded on public exchanges. In August 2025, the out-of-court settlement between Ripple Labs and the SEC followed.
Canary Capital was the first to capitalize on the regulatory clarity. On November 13, 2025, XRPC launched on the Nasdaq as the first US spot XRP ETF. First-day inflows of roughly $250 million were remarkable. Bitwise followed eight days later on the NYSE. Seven US spot XRP ETFs are now active. Since launch, approximately $1.22 billion in net inflows have entered the funds. That represents 1.16 percent of XRP's total market capitalization.
In a week when XRP ETFs achieved record volumes, Bitcoin and Ethereum funds saw combined outflows of $750 million. The rotation between crypto assets within the ETF market points to an increasingly differentiated positioning by institutional investors.
Whales buy, ETF investors sell
The current week raises questions about the medium-term trajectory. Overall, the numbers paint a mixed picture. Cumulative net inflows of $1.22 billion since November 2025 demonstrate sustained institutional interest. Meanwhile, whale accumulation of $200 million within just a few days signals confidence among large investors. At the same time, the XRP price at $1.34 sits roughly nine percent below its weekly high.
The first negative weekly balance in five weeks does not necessarily signal a trend reversal. After all, the $4 million outflow is marginal relative to total AUM of $1.24 billion. On January 29, $93 million left the funds in a single day. Inflows recovered within a week at that time. The decisive factor will be whether the $1.30 support holds and whether whale accumulation continues.
