The XRP ETF buyers stopped. What remains is the anatomy

Eight months ago the XRP ETFs launched faster than any product since Ethereum. The bid has since decayed 99%, from $200 million weeks to zero-flow days, leaving $1.49 billion invested, $997 million remaining, and a recovery thesis outsourced entirely to a Senate vote. Here is the full autopsy of a bid, and what its flatline actually prices. Summary US spot XRP ETFs launched in November with $667 million in their first month, reaching $1 billion faster than any crypto product since Ethereum’s funds, on an eight-week inflow streak that ran even while Bitcoin funds bled. The bid then decayed by roughly 99%: weekly flows fell from above $200 million to low single-digit millions, the streak ended July 13, and July’s tape shows zero-flow days punctuated by one $7.29 million outflow, the largest since March. The wreckage is precise: $1.49 billion in cumulative inflows now marks against roughly $997 million in net assets, an unrealized deficit near $493 million, with 82% of assets concentrated in three funds and several products flatlined entirely. The one institutional trophy, Goldman Sachs’s $153.8 million position across four funds, is a December-dated 13F snapshot that Bloomberg analys...