XRP exchange-traded funds are attracting fresh capital at a pace that puts them at odds with the rest of the market, as investors abandon gold and silver ETFs while maintaining steady allocations to Bitcoin products amid geopolitical tensions and higher rates.
Summary
- XRP spot ETFs have accumulated around $1.4 billion in net inflows since their launch in November 2025, even as the price of XRP fell more than 30% from recent highs.
- By contrast, gold ETFs have seen nearly $11 billion in capital outflows in three weeks, while silver products also bled capital as rising rates and a stronger dollar pressured precious metals.
- JPMorgan says Bitcoin ETFs are retaining net inflows and showing “greater resilience” than gold and silver, underscoring a shift in how investors hedge geopolitical and macro risk.
Since its launch in November 2025, XRP (XRP)-Linked ETFs have attracted more than $1.4 billion in cumulative net inflows, according to data highlighted by Bloomberg analyst James Seyffart, even as XRP has fallen about 33% over the past 90 days and 24% year-to-date to around $1.38. Meanwhile, JPMorgan reports that gold ETFs have suffered nearly $11 billion in outflows over a three-week period through March, and silver products saw similarly large withdrawals as rising interest rates and a stronger dollar undermined traditional safe havens.
In a recent note on ETF flows, Nikolaos Panigirtzoglou, managing director at JPMorgan, said that Bitcoin spot funds “have attracted approximately 1.5% in new assets” since the latest flare-up in the Middle East began, while the largest gold ETF, SPDR Gold Shares (GLD), “has experienced outflows totaling around 2.7% of its assets under management.” He argued that this divergence “represents a significant departure from historical patterns in which investors typically flock to gold during geopolitical uncertainty,” suggesting that BTC is increasingly viewed as “a viable alternative to traditional safe haven assets.” According to CoinDesk, Bitcoin briefly fell into the $60,000 range along with other risk assets at the start of the conflict, but quickly stabilized and is now trading between $68,000 and $70,000, a range that JPMorgan interprets as evidence that “long-term capital is re-entering the market to support prices after the panic.”
For XRPThe contrast between price action and demand for ETFs has become increasingly stark. Data compiled by SoSoValue and cited by Seyffart shows a cumulative XRP ETF tickets going from around $150 million in mid-November to around $1.44 billion in early March, even as the token fell from recent peaks to the low $1.30s. Bloomberg Senior ETF Analyst Eric Balchunas called the performance “really impressive given these launched at a brutal 45% drawdown,” adding that such consistent buying is rare for newly listed products that trade via “reverse shiny object momentum.” “I assume this is largely due to XRP superfans vs. casual retail,” Balchunas wrote, signaling concentrated conviction rather than broad speculative froth.
Ripple CEO Brad Garlinghouse has framed the flows as a structural change in how investors access the token, saying the ETFs are “a sign of XRP’s long-term payments potential” after the company’s court victory against the US Securities and Exchange Commission paved the way for regulated products. According to a previous crypto.news article, broader crypto complex cooled.
JPMorgan’s latest work on cross-asset positioning suggests that institutional traders have been steadily trimming their exposure to gold and silver, leaving Bitcoin allocations largely untouched. The bank notes that positions in precious metals futures have “declined significantly since the beginning of the year,” and trend-following funds moved from “overbought” to “below neutral,” which has “exacerbated their downward pressure” as ETF outflows accelerated. In comparison, Bitcoin has emerged from an “oversold” momentum regime and selling pressure has eased as ETF demand has stabilized, helping to support the $68,000 to $70,000 trading band.
Liquidity indicators on JPMorgan’s framework now show gold market breadth falling below that of Bitcoin, while silver liquidity has weakened further, a reversal of the hierarchy typical in traditional macroeconomic stress episodes. The bank maintains that this shift “highlights Bitcoin’s gradually emerging performance characteristics that differ from traditional safe-haven assets in the current macro and geopolitical environment,” with deeper ETF markets and institutional participation helping to compress volatility relative to previous cycles.
XRP ETF complex, although much smaller in absolute terms, appears to follow a similar arc of institutionalization. As of mid-March, total net assets of XRP ETFs stood at just under $1 billion, representing approximately 1.16% of the token’s market capitalization, while some estimates suggest that custodians are removing close to 1% of circulating supply from exchanges each month to support new creations. A previous crypto.news article on
For JPMorgan, the divergence in ETF flow sits atop a macro mix that still appears hostile to precious metals. The bank points to rising real yields and a firmer dollar as key reasons why gold and silver have struggled to maintain their recent highs, even as geopolitical risk has soared. CoinMarketCap data cited in the note shows that gold corrected from a record peak, while SPDR Gold Shares lost about 2.7% of its assets during the crisis window, against positive net inflows to BlackRock’s iShares Bitcoin Trust of about 1.5% of assets under management. In total, gold ETFs have lost nearly $11 billion in three weeks, JPMorgan estimates, and silver funds also saw “significant” redemptions.
Bitcoin’s ability to stabilize after an initial risk-off push and continue to attract capital into ETFs has led JPMorgan to reiterate its long-term price target of $266,000, derived from a volatility-adjusted comparison to the gold market structure. While XRP lacks that kind of formal target, the resilience of its ETF flows relative to price has led to similar interpretations from market participants who see the regulated products as a bridge to institutional money. In previous crypto.news coverage, analysts noted that the XRP ETF’s trajectory and regulatory clarity following the SEC case could help the token close its underperforming gap versus peers if macroeconomic headwinds ease and capital rotates back into higher beta assets.
Amid ETF outflows from gold and silver, deteriorating liquidity in those markets, and continued institutional deleveraging, JPMorgan’s conclusion is stark: Bitcoin is holding up better than traditional safe havens, and regulated crypto wrappers are no longer a sideshow. For XRP, early data suggests that even on a choppy treadmill, a committed ETF offering can quietly reconfigure the supply-demand balance and position the token as one of the key beneficiaries if risk appetite returns.
