Trading volume in Bitwises XRP exchange-traded fund (ETF) exceeded $200 million across three consecutive sessions. Each session established a new high for the fund, culminating in more than $80 million on Aug. 24.
Key Takeaways
- Bitwises XRP fund traded more than $200 million across three sessions.
- The fund held about 328 million XRP worth $484.6 million on Aug. 23.
- Trading volume measures activity and does not represent net inflows.
Bitwise XRP ETF Sets Three Consecutive Volume Records
Trading activity in the Bitwise XRP ETF accelerated sharply during the three sessions ending Aug. 24, according to Bitwise Asset Management President Teddy Fusaro. The three-day run marked the fund‘s busiest stretch since it began trading in November 2025, and it landed during a sharp August recovery in XRP’s price.
Fusaro shared on X:
“Volumes in the Bitwise XRP ETF have really popped over the last 3 sessions. Over $80 million traded today, and over $60 mm each of the prior two days – each of which would have been its highest volume day since inception.”
“Volumes in the Bitwise XRP ETF have really popped over the last 3 sessions. Over $80 million traded today, and over $60 mm each of the prior two days – each of which would have been its highest volume day since inception.”
Bitwise XRP ETF trading volume exceeded $80 million on Aug. 24 after topping $60 million in each of the prior two sessions. Source: Bloomberg, Teddy Fusaro.
The three sessions produced more than $200 million in combined trading volume. The figures represent secondary-market turnover, not net inflows into the fund.
The volume records followed a sharp recovery in XRP, which lifted the funds net asset value to $15.36 on Aug. 20, an 11.71% gain, according to Bitwise. Crypto prices turned higher after the U.S. Department of the Treasury said Aug. 19 it would at least double its long-end buyback operations to $4 billion each, effective Sept. 9.
Bitwises official data show that the XRP fund held approximately 328.2 million XRP valued at $484.6 million as of Aug. 23. The fund had about $484.5 million in net assets, 29.38 million shares outstanding, and a 0.34% expense ratio. Trading volume measures the value of fund shares exchanged during a session, not capital entering the product. Record turnover can reflect existing shareholders buying and selling from each other, without a single new share being created or an extra token bought.
Does ETF Demand Offset XRPs Growing Supply？
Heavy trading says nothing about the separate test facing the token, which is whether buyers can absorb the XRP entering circulation. XRPs circulating supply grew 5.5% year over year through escrow releases, according to 21Shares. During the first half of 2026, U.S. spot XRP exchange-traded products absorbed 14.8% of the increase. The firm estimated that their annualized inflow rate equaled approximately one-seventh of annual net supply growth.
Demand could also come from software that spends money on its owners behalf, inside budgets, merchant limits, and approval rules the user sets. T54 co-founder Chandler Fang argued that AI agents could select XRPL as settlement infrastructure without users choosing the network directly. He emphasized useful economic activity rather than transaction counts alone.
Institutional payments offer another route, though digital assets barely register in the flows Ripple has already acquired. Ripple CEO Brad Garlinghouse said businesses added through acquisitions handle approximately $16 trillion in annual payments and clearing activity, while digital assets account for “close to zero percent” of that volume.