U.S. spot XRP exchange-traded funds (ETFs) have attracted net inflows for 11 consecutive trading sessions, bringing in $170 million since Aug. 18, according to SoSoValue data reported by CoinDesk. The latest daily inflow was $14.38 million on Sept. 1, lifting cumulative net inflows since the products launched last November to $1.68 billion. Second-quarter 13F filings showed Goldman Sachs with the largest reported institutional position, valued at approximately $87.4 million. Analysts caution that the position may include market-making, basis trading (arbitrage between related markets), and client order inventory, rather than a direct bet on XRP rising. Spot XRP ETFs hold XRP directly and provide exposure through traditional brokerage accounts, without requiring investors to manage direct custody. The products followed similar Bitcoin and Ethereum ETF launches and remain smaller than those segments. Sustained flows indicate demand, but investors must distinguish long-term allocations from arbitrage and hedging activity. Regulatory clarity, transparency and broader institutional participation will continue to shape the market and could improve product depth and liquidity.