XRP ETF Wrappers Diverge: Brazil’s First-Mover Down 54% as US Funds Absorb 1% of Supply
XRPH11 has shed over half its value since April 2025 even as seven US spot XRP ETFs pull in $1.05B and 971M tokens, with price still range-bound.
Two regulated XRP wrappers, launched seven months apart, now show almost opposite trajectories. Hashdex’s XRPH11, the world’s first spot XRP ETF, has lost 54.3% of value since its April 25, 2025 debut in Brazil, while the newer US complex of seven spot XRP ETFs has accumulated $1.05 billion in assets and roughly 971 million XRP — about 0.97% of circulating supply.
Brazil’s pioneer bleeds AUM and price
A $1,000 position in XRPH11 at launch would be worth roughly $457 today. Per Finbold, the fund closed at 9.14 reais ($1.74) on July 3, translating to a one-year return of -53.77% and a six-month return of -43.23%.
Assets under management have contracted to an estimated $22-25 million, down from roughly $40 million shortly after launch — a fall that tracks both XRP’s own price decline and apparent redemption activity. The fund holds nearly all assets in physical XRP and tracks the Nasdaq XRP Reference Price Index, but at launch Brazil’s entire crypto ETF sector represented under 1% of global crypto ETP assets, limiting XRPH11’s capacity to generate meaningful spot-buying pressure.
US complex scales to $1.05B, $1.4B cumulative inflows
–>The scale calculus shifted once US-listed spot XRP ETFs went live in November 2025. Issuers Canary Capital, Bitwise, Franklin Templeton, Grayscale, 21Shares and REX-Osprey collectively built products that outsized the Brazilian pioneer within months.
The seven active US funds now hold approximately $1.05 billion combined and roughly 971 million XRP, per Finbold data. Cumulative net inflows since launch have topped $1.4 billion, with May 2026 alone contributing $118 million. Canada has its own vehicle in the mix: the Purpose XRP ETF, launched June 2025, now manages roughly C$72 million.
Flow without breakout: what the data implies for positioning
Despite the ETF-side buildup, XRP has stayed largely range-bound between $1.15 and $1.40 over recent months, tracking broader crypto beta rather than showing ETF-driven decoupling. At press time the token traded near $1.14, up about 1% on the day and 8.5% on the week.
The gap is the key data point for desks: over $1.4 billion in cumulative US inflows and near 1% of supply locked into ETF custody has not yet produced a sustained break above the established range. That suggests spot, derivatives or macro flow — not ETF custody accumulation — continues to set near-term price discovery, even as the wrapper landscape itself splits sharply between a shrinking first-mover and a rapidly scaling US cohort.
Read more: XRP’s Binance Scarcity Index Hits 0.77, Highest Since Mid-2024, Leverage Stays Muted
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