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.”
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 fund’s 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.
Bitwise’s 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 $XRP’s Growing Supply?
Heavy trading says nothing about the separate test facing the token, which is whether buyers can absorb the $XRP entering circulation. $XRP’s 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 owner’s 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.
How the Bitwise $XRP ETF Works
Bitwise launched the $XRP fund in November 2025, giving investors access to $XRP through traditional brokerage accounts. The product trades under the ticker $XRP on NYSE Arca and holds the underlying digital asset through Coinbase Custody Trust Co.
$XRP serves as the native digital asset of the public $XRP Ledger, which supports payments, asset exchange, and tokenization. The $XRP Ledger uses validators rather than proof-of-work mining to confirm transactions and update its distributed ledger.
Shares represent proportional exposure to the $XRP held by the trust, less operating expenses and liabilities. The fund’s Securities and Exchange Commission prospectus states that authorized participants create or redeem shares in blocks of 10,000.
