Key Takeaways
- • XRP traded near $1.29 on Oct. 29, roughly 24-25% below the estimated $1.71 acquisition cost of exposure accumulated in US-listed XRP funds, according to data tracker XRP Insights.
- • Measured XRP ETF holdings declined only about 0.26% between Oct. 23 and Oct. 28, a net reduction of roughly 2.96 million XRP over Oct. 26-28, leaving most existing exposure in place.
- • XRP Insights estimated about 1.17 billion XRP across six products, rising to 1.19 billion including the XRP sleeve of the Bitwise 10 Crypto Index Fund (BITW).
- • The Oct. 28 session was positive, with about 174,140 XRP added, partially reversing the earlier decline.
- • The $1.71 figure is a modeled cost basis, not a shareholder loss measure or price floor; the data cannot establish that ETF investors are collectively down 25%.
Summary
XRP traded near $1.29 on Oct. 29, roughly a quarter below the estimated acquisition cost of exposure accumulated in US-listed XRP funds, according to data tracker XRP Insights. The tracker puts modeled acquisition cost at about $1.71 per XRP for the six-product portfolio and $1.712 including BITW, implying gaps of about 24.4% and 24.6% against the Oct. 29 price. Replacing stored daily prices with prices implied by fund net asset values lifts the combined estimate to $1.7458, about 2% higher, which would still leave XRP roughly 26% below that level.
The settled flow data, however, show only a small, concentrated reduction. XRP Insights recorded a net outflow of about 2.96 million XRP over Oct. 26-28, and comparing Oct. 23 and Oct. 28 balances for the same measured cohort puts the decline at roughly 0.26%. The cohort excludes Grayscale's GXRP because of a historical data-capture gap. At fund level, Bitwise's holdings fell from about 416.61 million XRP on Oct. 23 to 413.82 million on Oct. 26 and then stayed flat, while Franklin Templeton and 21Shares were flat across the three sessions. The final session was positive, with about 174,140 XRP added.
The tracker estimates roughly 1.17 billion XRP of exposure across six products, rising to 1.19 billion when the XRP sleeve of the diversified Bitwise 10 Crypto Index Fund is included. REX Osprey's XRP Fund (XRPR) held 19,885,382 direct XRP and 362,750 CoinShares Physical XRP securities on Oct. 28; because those securities are not individual tokens, tracker exposure can exceed coins directly held by the fund.
The model has clear limits. It starts each fund's position at its first observation in a dataset beginning in December 2025, values the opening balance at that day's price, and removes decreases at average cost. It does not track shareholders' purchase prices, premiums or discounts to NAV, or fees, and some historical holdings were reconstructed. As a result, the estimate cannot establish that ETF shareholders are collectively down 25%, nor does $1.71 represent a price floor or contractual liquidation threshold.
A clearer signal of renewed demand would be sustained increases in both XRP holdings and shares outstanding across several issuers on matching dates, with creation records distinguishing cash-funded purchases from in-kind transfers. Persistent reductions across multiple funds, accompanied by falling share counts and redemptions, would weaken the current picture of a largely retained portfolio. Through Oct. 28, the measured reduction remains small, and further settled issuer data will show whether net holdings resume expanding.
The settled flow data, however, show only a small, concentrated reduction. XRP Insights recorded a net outflow of about 2.96 million XRP over Oct. 26-28, and comparing Oct. 23 and Oct. 28 balances for the same measured cohort puts the decline at roughly 0.26%. The cohort excludes Grayscale's GXRP because of a historical data-capture gap. At fund level, Bitwise's holdings fell from about 416.61 million XRP on Oct. 23 to 413.82 million on Oct. 26 and then stayed flat, while Franklin Templeton and 21Shares were flat across the three sessions. The final session was positive, with about 174,140 XRP added.
The tracker estimates roughly 1.17 billion XRP of exposure across six products, rising to 1.19 billion when the XRP sleeve of the diversified Bitwise 10 Crypto Index Fund is included. REX Osprey's XRP Fund (XRPR) held 19,885,382 direct XRP and 362,750 CoinShares Physical XRP securities on Oct. 28; because those securities are not individual tokens, tracker exposure can exceed coins directly held by the fund.
The model has clear limits. It starts each fund's position at its first observation in a dataset beginning in December 2025, values the opening balance at that day's price, and removes decreases at average cost. It does not track shareholders' purchase prices, premiums or discounts to NAV, or fees, and some historical holdings were reconstructed. As a result, the estimate cannot establish that ETF shareholders are collectively down 25%, nor does $1.71 represent a price floor or contractual liquidation threshold.
A clearer signal of renewed demand would be sustained increases in both XRP holdings and shares outstanding across several issuers on matching dates, with creation records distinguishing cash-funded purchases from in-kind transfers. Persistent reductions across multiple funds, accompanied by falling share counts and redemptions, would weaken the current picture of a largely retained portfolio. Through Oct. 28, the measured reduction remains small, and further settled issuer data will show whether net holdings resume expanding.
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