XRP traded around $1.43 on Oct. 7, down 5.46% over 24 hours. Five tracked US spot XRP ETFs held an estimated $1.7 billion at the previous day's close, according to market data tracker Maketo.
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The holdings total is accumulated exposure. The latest net flows were much smaller, and the ETF sector contained withdrawals as well as additions: Franklin and Canary recorded outflows on Oct. 6, even though the five funds collectively received net inflows. The exchange-wallet decline used to support a supply-squeeze story also includes a storage migration that left coins under the same exchange's control.
ETF inflows and wallet withdrawals tell a smaller story
Maketo estimated that its five tracked funds held $1.7 billion, or about 1.13 billion XRP, at the Oct. 6 close. It values the coins at its own daily closing price and estimates some holdings when issuers do not publish a coin count.
Its flow data for the same date showed $3.14 million of aggregate net inflows. The past-week total was roughly $3.9 million, alongside $112 million over the past month. The weekly and monthly figures cover the tracker's trailing periods.
The rounded daily breakdown showed about $11 million entering Bitwise's fund. Franklin recorded roughly $4.1 million leaving, while Canary lost about $3.3 million. Grayscale and 21Shares were flat. Bitwise's additions outweighed withdrawals elsewhere, leaving the sector positive.
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Canary's shares-outstanding table shows its share count moving from 23.35 million on Oct. 5 to 23.14 million on Oct. 6, consistent with net redemptions. That identifies a fund where exposure was being reduced, without naming the investors or showing where any underlying XRP changed hands.
There is also a distinction between investors selling ETF shares on an exchange and shares being redeemed from the fund. Individual shares trade in the market, while authorized participants handle creation and redemption units.
The exchange picture is also mixed. An Oct. 7 reading from ledger data tracker XRP Insights, taken at 08:00 UTC, counted 21.98 billion XRP in 699 publicly attributed wallets across 24 exchanges. That includes cold storage and some reserves backing wrapped tokens, so it is broader than readily tradable inventory.
Selling can also occur within an exchange's pooled customer accounts. As an accounting matter, XRP moving from one customer's ownership to another's need not alter the exchange's total on the ledger. That lets sellers trade existing exchange inventory even while coins are being withdrawn.
Comparing the same wallets over seven days, the tracker reported a decline of 26.5 million XRP, or 0.13%. Binance-attributed balances fell by 33 million XRP, while Upbit's rose by 11.5 million.
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The monthly figure looked much more dramatic: a 1.63 billion XRP decline. XRP Insights attributed most of that fall to an Uphold storage migration into newer wallets outside its tracked set. Excluding Uphold, the decline was 75 million XRP, or 0.54%.
Even the adjusted measure can include transfers into untracked wallets. A recorded withdrawal may reflect an exchange moving its own storage rather than customers taking coins away.
Related Company Uphold A digital wallet and trading platform
Ripple's Oct. 1 cycle released 1 billion XRP and re-escrowed 700 million, according to XRP Insights' ledger tracker. The remaining 300 million left escrow; that change in availability does not establish that the coins were sold.
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Heavy futures trading leaves price leadership unresolved
At 14:29 UTC on Oct. 7, CoinGlass recorded $3.97 billion of XRP futures turnover over 24 hours against $801.56 million of covered spot turnover. Open interest stood at $3.35 billion. Its XRP price reading was $1.4308, down 5.46% over the same rolling day.
Futures activity was roughly five times the covered spot figure. Gross turnover counts trading activity rather than net bearish exposure, leaving open whether futures sellers led the price move or followed it.
Open interest includes outstanding long and short positions. To distinguish a leveraged unwind from fresh positioning, price, funding and liquidation data need to be considered together. A fall in open interest alone would not establish forced liquidations.
The backdrop also extends beyond XRP. Bitcoin was around $83,100 in CryptoSlate's Oct. 7 snapshot, below its Oct. 6 reference close of $85,557.56.
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The dated redemptions identify where ETF exposure was reduced. The dominant XRP sellers remain unidentified. The next useful signals are stronger net ETF additions, exchange movements traced beyond storage migrations, and derivatives data showing how positions changed during the fall.