XRP ETFs Outpace Solana with $587M Inflows in 10 Days

The unprecedented inflow velocity into XRP ETFs is largely attributable to a structural ‘race to the bottom’ on costs that has reshaped institutional allocation decisions. Franklin Templeton established the most aggressive pricing benchmark in the crypto ETF sector with its XRPZ fund carrying a 0.19% sponsor fee that’s fully waived on the first $5 billion in assets through May 31, 2026. For institutional allocators and model portfolios where basis-point friction dictates selection, this effectively creates a zero-cost carry trade for the next six months.

Grayscale’s GXRP fund adopted a similar posture, waiving its standard fees for the first three months. This aggressive issuer subsidization coincided with peak demand, as evidenced by the November 24 session when the entry of these heavyweight firms triggered a massive $164 million capital injection in a single day. The timing suggests that significant institutional capital was sidelined, waiting specifically for these low-cost, brand-name wrappers before deployment.

While Solana ETFs also utilized fee waivers for funds like Bitwise’s BSOL, the sheer scale of Franklin Templeton’s $5 billion waiver cap appears to have unlocked a larger tier of institutional flow immediately upon listing. On a capital-intensity basis, XRP is now absorbing institutional dollars at almost double the daily rate of its Solana rival, compressing Solana’s month-long accumulation trajectory into a hyper-accelerated window.

The most telling divergence between the two altcoin ETF complexes lies in their relationship between fund flows and underlying price action. Solana’s $568 million in inflows arrived amid a 30% price correction from recent highs, making the SOL ETF performance essentially a defensive accumulation story where flows acted as a dampener, absorbing sell-side pressure from existing holders but failing to reverse the downward trend.

In stark contrast, XRP flows are fueling a genuine breakout. Despite experiencing a 17% drawdown in the previous 30 days, XRP rose approximately 10% following the November 24 session, breaking above the critical $2 level and trading as high as $2.27. This price region represents a ‘major psychological zone’ where legacy holders typically sell to break even on losses from early 2025, according to on-chain analysis from Glassnode.

Whereas previous cycles saw this supply wall cap rallies, the ETF bid is fundamentally changing the calculus. With funds absorbing $50 million to $100 million daily, the XRP ETFs are creating a non-price-sensitive demand sink capable of digesting legacy supply. Unlike Solana, where flows are fighting gravity, XRP flows are acting as a battering ram, turning historical resistance into an accumulation floor and demonstrating how institutional products can alter market microstructure.

With four issuers now live and the $500 million milestone cleared in under 15 trading days, market observers are rapidly recalibrating their year-end projections for XRP ETFs. The current run rate places XRP on a trajectory that significantly outpaces many analyst expectations for non-Bitcoin crypto assets. If the current trend persists—characterized by daily inflows normalizing in the $40 million to $60 million range following the initial launch hype—the complex is on pace to challenge the $1.5 billion mark by year-end.

However, a more ambitious ‘bull case’ scenario is emerging. If the fee waivers from Franklin Templeton successfully court registered investment advisors (RIAs) and the rotation out of underperforming traditional assets continues, the XRP ETF complex could theoretically approach $2 billion in assets under management before the books close on 2025. This would represent a remarkable achievement for an altcoin product in a market otherwise characterized by outflows and defensive positioning, cementing XRP’s position as the dominant venue for non-Bitcoin and Ethereum institutional risk appetite.