In the middle to late February 2026, Eastern Eight District time, the XRP spot ETF has continued to record net inflows under an overall weak capital sentiment environment, attracting significant attention from institutions and traders. According to SoSoValue and single-source data, the net inflow on February 24 was approximately 3.042 million US dollars, with the weekly net inflow from February 16 to 20 being about 1.8446 million US dollars, and another week's net inflow in mid-February being around 7.65 million US dollars, pushing the historical cumulative net inflow of related products to approach 360-370 million US dollars, with total managed assets of approximately 981 million US dollars. In contrast to the consecutive net outflows observed in Bitcoin and Ethereum spot ETFs, XRP has achieved a significant contrarian expansion, regarded as one of the most contrasting changes in the current capital structure of cryptocurrency asset ETFs.
Contrasting Signals of Capital Flow
● Capital differentiation: According to research reports, during the February 16-24 time window, the overall US Bitcoin and Ethereum spot ETFs were in a state of net capital outflow, reflecting that mainstream top asset-related products have encountered capital withdrawals amid high turbulence and macro uncertainties. During the same period, the XRP spot ETF did not follow the mainstream assets into losses; instead, it continued the inflow rhythm established since mid-February, creating a significant contrast.
● Contrarian capital absorption: In an overall weak ETF liquidity environment, the XRP spot ETF has maintained continuous net subscriptions, indicating that new or increased allocation capital is choosing to "swim upstream" with this asset. This performance of recording net inflows while the leading products in the industry are generally under pressure has allowed XRP to stand out from various tracking fund flows, viewed by the market as one of the few representatives of "contrarian capital absorption" in the current phase.
● Interpretation of asset rotation: Some market participants proposed the idea of "capital rotating between cryptocurrency assets", believing that some funds withdrawn from BTC and ETH ETFs are attempting to seek new cost-effective targets among sub-mainstream asset-related products. This interpretation can currently only be seen as a subjective market opinion, not equivalent to a definitive linkage of funds' sources and destinations, but it does indicate that there is a structural differentiation in the funding direction between XRP ETFs and BTC, ETH ETFs, making it a window to observe changes in capital preferences.
Breaking Down Data from Daily to Cumulative
● Daily and weekly rhythm: SoSoValue data shows that at Eastern Eight District time on February 24, the XRP spot ETF recorded a net inflow of approximately 3.042 million US dollars, reflecting that there was still incremental capital entering before the end of the month. Meanwhile, according to single-source statistics, during the February 16-20 week, the XRP spot ETF had a net inflow of approximately 1.8446 million US dollars, demonstrating a moderate and stable subscription rhythm maintained over several consecutive trading days, rather than relying entirely on individual large capital injections to boost the data.
● Phase-wise volume increase week: The research report further mentions that during one week in mid-February, the XRP spot ETF had a net inflow of about 7.65 million US dollars (according to a single source), which appeared more remarkable compared to other weekly data, showing phase-wise volume increase characteristics. It is important to emphasize that this figure comes from a single statistical source and needs to be cross-verified with more data sources. Therefore, it should be viewed as a reference range rather than an absolute value, but the rhythm of "mid-month volume increase and continuation into the late month" it presents still has analytical value.
● Cumulative funds and management scale: From a longer perspective, the Bitwise XRP ETF has a historical cumulative net inflow of approximately 364-367 million US dollars, dominating among all XRP spot ETF products. Combined with SoSoValue's data showing the total managed assets of the XRP spot ETF at approximately 981 million US dollars, it is evident that although recent incremental inflows might not change the overall pattern, they still constitute a considerable marginal addition on top of existing stock, keeping the XRP ETF sector relatively stable in both capital stock and incremental dimensions.
Structural Constraints of Size and Proportion
● Meaning of 1.18% proportion: The research report cites a single source indicating that the current XRP spot ETF holdings account for approximately 1.18% of the total XRP market capitalization. Although this proportion has not yet reached the magnitude of a "decisive holding force" found in traditional mature markets, it is already sufficient for the ETF to be recognized as an indispensable component of XRP's supply structure. For cryptocurrency assets whose liquidity is mainly concentrated in exchange and over-the-counter institutional wallets, having more than one percent of the market cap locked in the ETF indicates that some shares are being removed from high-frequency trading ecosystems.
● Constraints on circulating capital: Under the 981 million US dollars in managed assets, even without extrapolating specific locking ratios and holding concentration, it is reasonable to assume that ETF holdings have added a certain rigidity constraint to the immediately circulating capital in the spot market. Especially when short-term capital flows in heavily, if new subscriptions are completed mainly through spot purchases and holding, it may elevate the competition level for available trading capital, marginally enhancing the sensitivity of prices to incremental buy orders.
● Direction of marginal impact: With the current 1.18% market cap proportion and net inflows still maintaining, a more robust judgment is that ETF funds' impact on the XRP spot market mainly manifests in marginal capital absorption and optimization of holding structure, rather than providing a definite upward pressure on prices. As the proportion increases, the impact of new net inflows on the supply side will be relatively amplified; however, the specific extent still depends on various variables such as the active trading volume of spot transactions and the flow of over-the-counter capital, making it impossible to simply extrapolate the strength and slope of future trends based on this.
The Amplification Effect of the Main Product Bitwise
● Dominance of leading products: Among the existing XRP spot ETFs, the Bitwise XRP ETF is clearly identified in the report as the main contributor, with a historical cumulative net inflow of approximately 364 million US dollars, slightly lower than some statistical estimates of around 367 million US dollars. This scale accounts for a considerable proportion of the total managed assets of approximately 981 million US dollars in XRP ETFs, making Bitwise a core "barometer" for the capital performance of the entire sector, with its subscription and redemption rhythm having a far greater impact on the overall data compared to other smaller products.
● Amplification effect from concentrated capital absorption: When incremental capital mainly pours into a single leading product, its daily or weekly subscription actions will create an amplification effect on the "overall capital flow of the XRP ETF" as an aggregated indicator. In other words, peaks of capital inflow into Bitwise often directly translate into notable performances for the entire XRP ETF sector, and in cases where other products show limited changes, this concentration will lead observers to interpret total data as being substantially about Bitwise's own strategies and capital feedback.
● Risks from high concentration: In a scenario of high product concentration, adjustments in strategy by a single institution may amplify capital flow volatility. If leading products shift from continuous net subscriptions to periodic redemptions, even if other ETFs remain stable or experience slight inflows, the overall data may still show significant withdrawals. Therefore, when observing the funding flows of the XRP spot ETF subsequently, it is essential to be cautious not to equate "overall capital changes" simply with "changes in dispersed institutional consensus," since some fluctuations may more relate to adjustments at the single product level, maintaining the necessary differentiation and caution in information interpretation.
Indications of Capital Rotation and Path Boundaries
● Positioning of market sentiments: The research report cites an opinion from a single source stating that "the daily and weekly capital inflow performance of the XRP spot ETF is relatively strong", and points out that this performance "has been interpreted by some market participants as a certain rotation of capital between cryptocurrency assets". From the expression itself, this is a distinctly subjective observation, more reflecting the emotions and understanding of certain traders and institutions, and should not be regarded as a conclusion that has been verified by on-chain data or detailed tracking of capital sources.
● Boundaries of rotation interpretation: Under current informational constraints, a more prudent expression is that: some capital with a relatively high beta or preference for sub-mainstream assets may have increased interest in XRP ETF allocation during the pressured phases for BTC and ETH. This view is akin to the traditional market experience of "rotating from leading blue chips to next-high liquidity assets," but it still remains at the behavioral pattern inference level, unable to pinpoint specific sources of funds, driving logic, or future continuity. Therefore, in analysis, it is necessary to explicitly limit it to "market interpretation," rather than a factual causal chain.
● Common funding path experiences: From historical experience, when leading asset-related products are in high-level consolidation and volatility slows down, some capital pursuing elasticity and relative returns tends to overflow into sub-mainstream, segmented tracks, or thematic assets. As an asset having a certain liquidity foundation and derivative market depth, XRP, once included in the ETF system in this round, naturally possesses the conditions to carry some overflow capital. However, this "structural preference change" often has phase and reversibility characteristics; in the absence of data to support specific reasons for fund inflow and future sustainability, any extrapolation beyond "preferences having tilted" will fall into the category of over-interpretation.
Short-term Highlights or Long-term Allocation Choices
The XRP spot ETF exhibited a set of highly identifiable phase data in the mid to late February 2026: in the context of overall net outflows from BTC and ETH spot ETFs, XRP-related products recorded 3.042 million US dollars in net inflow on February 24, approximately 1.8446 million US dollars net inflow for the week of February 16-20, and around 7.65 million US dollars net inflow during one week in mid-February (from a single source), combined with Bitwise XRP ETF’s historical net inflow of about 364 million US dollars and total managed assets of approximately 981 million US dollars, giving it a considerable presence in both capital stock and incremental dimensions, with ETF holdings accounting for about 1.18% of XRP's total market capitalization, thus forming an initial constraint on the structure of spot capital.
However, based on the range and quality of data provided in the research report, these phenomena more so prove marginal changes in capital preferences over a period of time, rather than supporting strong conclusions like "long-term trends have reversed." Whether it's the weekly capital increase, concentrated capital absorption by leading products, or market interpretations like "capital rotating into XRP," all still remain in a phase that hasn't undergone verification over a longer cycle, and some key data comes from a single source, raising the possibility of statistical discrepancies and subsequent corrections.
For ordinary investors and institutional participants, a more reasonable approach is to view the current performance of the XRP spot ETF as a window to observe changes in capital structure, rather than directly extrapolating short-term net inflows as a definitive basis for medium to long-term price trends. Before obtaining more comprehensive cross-platform capital flow, holding distribution, and macro liquidity data, it's fine to maintain interest in "contrarian capital absorption," but in operational terms, one must remain sensitive to the limitations of data sources and the need for information verification, to avoid overestimating the sustainability and definiteness of this round of changes in funding flows due to short-term stunning data.
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