The US $XRP spot ETF had a net inflow of 38.04 million USD yesterday, indicating that after BTC and ETH, traditional funds are gradually increasing their allocation to "non-mainstream assets" through compliant channels.
Structurally, of this 38.04 million USD, Franklin's XRPZ alone accounted for 31.7 million USD, and Bitwise XRP also had 4.2 million USD inflow, indicating that the funds actively betting on the XRP story are no longer just "testing the waters" but are beginning to form a relatively concentrated institutional buy. Currently, the total net asset value of the XRP spot ETF is approximately 924 million USD, but the net asset ratio is only 0.73%, making it still a "small player" in the entire crypto ETF landscape. This implies two things: first, every additional dollar of marginal funds coming in will have a significantly greater amplification effect on price and sentiment compared to BTC and ETH; second, if inflows slow down or reverse, the slope of volatility and drawdowns will also be more extreme than that of leading assets.
From a trading perspective, this continuous net inflow can be viewed as a strengthening phase of the "XRP ETF narrative" rather than the conclusion: in the short term, it leverages price and community sentiment, and in the medium to long term, whether it can go further still depends on the activity level of the XRPL ecosystem, the regulatory environment, and whether the application implementation can keep up with this new funding story's script.
