The market’s largest XRP ETF just delivered one of the most unusual daily results this month, with net inflows of $0, even as the rest of the sector continues to absorb new capital. Canary’s XRP ETF, which is listed on the Nasdaq and has the largest asset base in its category, closed unchanged as its peers added millions of dollars.
According to SoSoValue, the Spot XRP ETF has nearly $930 million in total net assets, with cumulative inflows of nearly $971 million. Day-to-day activity across the group remained strong, with transaction volumes exceeding $25 million and several issuers posting positive works. Only the canary showed nothing. There was no negativity, no help, just zero.
This is important because Canary has one of the highest commission profiles in the lineup at around 0.5%, compared to products from Grayscale, Bitwise, and Franklin that are less than 0.35%.
In a market where XRP prices have compressed from around $2 to $2.05 and ETF buyers have become price sensitive, the impact of fees is no longer theoretical. This is obvious when you look at the daily flow chart.
XRP demand and reality match
Canary still manages over $340 million in net assets, more than a single competitor, and its XRP share remains the largest in the ETF market. But flat days suggest a pause. Major allocators are active elsewhere while waiting for price confirmation or clear incentives to pay premium rates.
In the short term, this creates a win-win situation. If XRP breaks out of its current price range, Canary could quickly regain brand recognition. But if prices stall and competitors continue to lower fees, investors may continue to avoid market leaders.
The message for investors is simple. Demand for XRP ETFs is alive and well. Capital is selective. Fees now compete with confidence, and even the largest products are unlikely to see an absolute zero day.
