21Shares is set to launch its spot XRP ETF in the U.S. on Monday under the ticker TOXR, marking the fifth such product in the market. The launch coincides with strong institutional demand, as XRP ETFs have recorded $666 million in net inflows within a month. Exchange balances for XRP have also dropped 29% since February, signaling shifts in liquidity.
The 21Shares XRP ETF will begin trading on Monday on the Cboe BZX Exchange. It tracks the CME CF XRP-Dollar Reference Rate, enabling investors to gain exposure to XRP's price without directly holding the cryptocurrency. This approval follows a recent SEC regulatory filing and 21Shares' Form 8-A registration, one of the final steps for U.S.-listed ETFs.
21Shares joins other issuers like Grayscale, Franklin Templeton, and Canary in the U.S. XRP ETF market. Grayscale's GXRP and Franklin Templeton's XRPZ ETFs saw $67.36 million and $62.59 million in first-day flows, respectively. Canary's launch on November 14 recorded the largest single-day inflow to date.
According to SoSoValue data, XRP ETFs have attracted $666 million in net inflows since their launches, with no outflows recorded. Net assets now stand at $687.81 million, representing 0.52% of XRP's circulating market cap. Yesterday, $22.68 million entered the funds, highlighting sustained interest.
Meanwhile, on-chain data shows significant XRP outflows from exchanges. Total exchange-held XRP fell to 15.86 billion tokens, a 29% decline or 6.5 billion XRP since February. Major platforms reported heavy withdrawals: Upbit lost 6.22 billion XRP, Binance 2.56 billion, and Bithumb 1.77 billion. Coinbase saw a 99.97% drop in holdings over the period, while others like Uphold, eToro, Bybit, and Bitbank experienced about 50% reductions. These movements suggest users are shifting to self-custody or institutional products like ETFs, reducing liquid supply.
As of the latest reports, XRP traded at $2.19, up 0.75% in the last 24 hours and 13.61% over seven days, with a market cap of $132 billion. Separately, CoinShares withdrew its XRP ETF filing amid a merger into Odysseus Holdings Limited, potentially delaying its entry.
This surge in ETF activity and exchange outflows underscores growing institutional adoption of XRP through regulated channels.