Trading in the Bitwise XRP ETF exceeded $200 million across the three sessions ending Aug. 24, its busiest stretch since the fund began trading in November 2025, Bitwise Asset Management President Teddy Fusaro said. More than $80 million traded in the final session and over $60 million in each of the two preceding sessions, according to Fusaro. The figures measure secondary-market turnover rather than net inflows, meaning existing shareholders may have traded among themselves without new shares being created or additional XRP being purchased. The fund’s net asset value reached $15.36 on Aug. 20, a gain of 11.71%, during a sharp recovery in XRP. Crypto prices turned higher after the U.S. Department of the Treasury said Aug. 19 that it would at least double long-end buyback operations to $4 billion each, effective Sept. 9. As of Aug. 23, the fund held approximately 328.2 million XRP valued at $484.6 million, with about $484.5 million in net assets, 29.38 million shares outstanding and a 0.34% expense ratio. XRP’s circulating supply grew 5.5% year over year through escrow releases, while 21Shares estimated that U.S. spot XRP exchange-traded products absorbed 14.8% of the increase during the first half of 2026. T54 co-founder Chandler Fang said AI agents could choose the XRP Ledger as settlement infrastructure without users directly selecting the network. Ripple CEO Brad Garlinghouse said businesses added through acquisitions process approximately $16 trillion in annual payments and clearing activity, but digital assets represent close to zero percent of that volume.