Key takeaways
- XRP ETF paper losses approach $489 million
- Cumulative inflows remain near $1.81 billion
- Canary Capital investors face largest estimated losses
US spot XRP exchange-traded funds have attracted approximately $1.81 billion in cumulative net inflows, but investors are now sitting on nearly $489 million in estimated unrealized losses as XRP continues trading below their average entry price.
According to CryptoETF Today's latest dataset, the five tracked funds had an estimated average acquisition price of $1.72 per XRP, compared with approximately $1.24 on October 30. The tracker calculated a $488.7 million paper loss, representing a 27.6% decline from the modeled entry level.
The figures reveal a widening disconnect between institutional investment activity and XRP's market performance, even as regulated products continue holding more than one billion tokens.
XRP ETF Losses Rise by More Than $100 Million
The latest estimate marks a substantial deterioration from October 20, when Coinpaper reported approximately $375 million in losses.
That means estimated unrealized losses have increased by roughly $113 million in ten days, largely reflecting XRP's continued decline rather than a comparable wave of investor withdrawals.
Canary Capital's XRPC accounts for the largest estimated shortfall, at $179.3 million. Its modeled average entry price stands at $1.99, approximately 37% above the latest reference price.
Bitwise follows with $141.6 million in estimated losses, while Franklin Templeton's XRPZ accounts for another $131.6 million.
Grayscale's GXRP shows approximately $35.7 million in paper losses, while 21Shares' TOXR has a smaller estimated loss of about $459,000.
Importantly, these calculations are reconstructed from historical fund creations, redemptions and XRP prices. They do not represent official investor profit-and-loss disclosures.
Individual ETF shareholders may have purchased their shares at different prices, while institutional investors can also use hedging strategies that alter their overall exposure.
Why $1.8 Billion in XRP ETF Inflows Hasn't Supported the Price
The five XRP ETFs currently hold approximately $1.42 billion in assets, despite attracting $1.81 billion in cumulative net investment since November 2025.
That difference reflects the impact of changing market prices, subscriptions and redemptions. It should not be treated as an exact measure of investor losses.
Coinpaper previously examined the $1.8 billion inflow gap when XRP ETF assets stood at approximately $1.48 billion on October 23.
The latest figures show that fund valuations have deteriorated further.
Meanwhile, investment momentum has slowed considerably since September, when XRP ETFs regularly attracted tens of millions of dollars during individual sessions.
Earlier ETF flow data showed daily subscriptions falling to approximately $740,000 by October 14.
The October 30 dataset currently indicates a preliminary $700,000 outflow, although only two of five funds had reported when the tracker was checked.
Can XRP Recover Enough to Erase ETF Investors' Losses?
The estimated $1.72 acquisition price provides a useful reference for evaluating the scale of XRP's decline.
From $1.24, XRP would need to gain approximately 39% to return to that level, assuming the modeled average entry price remains unchanged.
However, $1.72 is not necessarily a technical resistance level or a guaranteed selling target for ETF investors.
Institutional participation remains significant. Earlier filings identified Goldman Sachs as a major reported XRP ETF holder, with approximately $87 million in exposure.
Nevertheless, institutional ownership cannot guarantee price appreciation, especially when broader cryptocurrency markets experience heavy selling.
Recent XRP exchange activity has also raised questions about potential selling pressure, although transfers to exchanges do not necessarily indicate completed sales.
