Crypto investors refuse to sell XRP ETF tokens despite a 25% price crash

XRP traded near $1.29 on Oct. 29, roughly a quarter below the estimated acquisition cost of the exposure accumulated in US-listed XRP funds.

Yet the latest settled data show only a small, concentrated decline in the group of funds with published flows.

Data tracker XRP Insights puts modeled acquisition cost at about $1.71, with its flow series recording a net reduction of about 2.96 million XRP over Oct. 26-28. Comparing Oct. 23 and Oct. 28 balances for the same group puts the decline at roughly 0.26%, leaving most existing exposure in place.

A large existing ETF portfolio shows how much exposure the channel has accumulated, but the cost estimate alone says little about whether that expansion will resume.

In its Oct. 28 snapshot, XRP Insights estimated approximately 1.17 billion XRP of exposure across six products, rising to 1.19 billion when the XRP sleeve of the diversified Bitwise 10 Crypto Index Fund (BITW) was included.

REX Osprey's XRP Fund (XRPR’s) Oct. 28 holdings included 19,885,382 direct XRP alongside 362,750 CoinShares Physical XRP securities. The securities are not individual tokens, explaining why a tracker’s XRP-equivalent exposure can exceed the coins directly held by the US fund.

The flow calculation includes BITW but excludes Grayscale’s GXRP because of a historical data-capture gap. The 0.26% decline compares the same measured cohort from Oct. 23 through Oct. 28, excluding GXRP at both ends.

Large creations and redemptions could offset each other within a net figure, and not all three sessions were negative: Oct. 28 added about 174,140 XRP, partially reversing the earlier decline.

In the tracker’s fund-level history, Bitwise’s fund moved from about 416.61 million XRP on Oct. 23 to 413.82 million on Oct. 26, then stayed flat through Oct. 28. Franklin Templeton and 21Shares were flat across those three sessions.

This follows reports on inventory and new flows and an Oct. 19 report on the ended weekly inflow streak, which add depth to the movement.

XRP Insights estimates acquisition cost at roughly $1.707 per XRP for the six-product portfolio and $1.712 including BITW. Against the XRP price of roughly $1.29 displayed on Oct. 29, those figures imply gaps of about 24.4% and 24.6%, respectively.

The model starts with each fund’s first holdings observation in its dataset, beginning in December 2025. It values that opening balance at the day’s XRP price, adds subsequent increases at each day’s reference price, and removes decreases at the portfolio’s average cost.

A reduction lowers the modeled cost total without changing the average acquisition price for the remaining tokens.