Bitwise Asset Management has reached an important milestone. The company’s XRP exchange-traded fund (ETF) has become the largest XRP fund in the United States. That happened after the fund attracted millions of dollars in new investments this week.
Bitwise XRP ETF Now the Largest in the US
Bitwise now officially has the largest XRP exchange fund in the United States. This happened after the fund attracted approximately ten million dollars in new investments this week. That influx grew its total assets under management to about $289 million, according to data from SoSoValue.
This means that Bitwise is now just above competitor Canary Capital. That company launched the first XRP spot ETF in the United States on November 13 and now manages approximately $285 million in assets. Bitwise’s fund debuted on the stock exchange on November 21.
Bitwise CEO Hunter Horsley responded satisfied to the news in an X-post. He wrote: “The Bitwise XRP ETF is now the largest XRP ETF in America. Ten million dollars in inflows so far this week. Grateful for investors who trust Bitwise to manage their assets.”
Demand for XRP ETFs is growing rapidly
A total of five XRP spot funds are currently active in the United States. Together, these funds manage approximately $1.26 billion. Data from XRP Insights shows that together they hold more than 810 million XRP coins.
Although this amount is still clearly lower than the major crypto ETFs for Bitcoin (BTC) and Ethereum (ETH), the XRP funds stand out for their strong performance.
The Bitcoin ETFs, which launched in January 2024, currently collectively manage approximately $55.64 billion. For the Ethereum ETFs, which launched in July 2024, that total is around $11.76 billion. Yet these funds have regularly seen large outflows of capital since November.
The XRP ETFs show a different picture. Since their launch, these funds have not recorded a single month of net outflows.
Crypto market on the rise
For the first three trading days of March, XRP funds are currently at net inflows of approximately $18.68 million. This influx coincides with growing optimism in the crypto market.
The XRP price is currently at $1.44. That’s an increase of about 2.4 percent in the past 24 hours.
Other major crypto coins are also showing an increase. The Bitcoin price is about 2.5 percent higher than a day earlier, while Ethereum has risen by about four percent.
Source: https://newsbit.nl/dit-is-nu-de-grootste-xrp-etf-ter-wereld/
