Current XRP ETFs hold $240M but are futures-based — zero real tokens purchased.
Spot ETFs require real $XRP bought and custodied per share. That changes supply dynamics entirely.
Coinbase supply dropped 90%, leaving roughly 100M tokens. Institutional capital via spot products would absorb directly from this thin pool.
The gap between $240M paper exposure and billions in potential spot demand is the signal.
Bullish setup.
