The cryptocurrency ETF landscape is showing signs of significant maturation, with two major developments highlighting institutional engagement. Firstly, speculation is growing that asset management giant BlackRock could file for a spot XRP exchange-traded fund (ETF) by late 2026 or early 2027, according to a prediction from Canary Capital CEO Steven McClurg.
McClurg's outlook hinges on several market signals. He believes BlackRock is unlikely to move unless existing XRP ETF assets demonstrate robust and durable demand, suggesting a threshold of around $3 billion. Currently, the six approved XRP ETFs collectively manage approximately $1 billion in assets, having peaked at $1.6 billion in January 2026 before experiencing about $500 million in outflows. McClurg notes that BlackRock pays close attention to market capitalization and investor appetite, and a tripling of current assets would make the commercial rationale "far more compelling."
Competitive dynamics and institutional client demand are also key factors. McClurg suggested that if a rival large firm files for a spot XRP ETF, it could pressure BlackRock to accelerate its timeline. Furthermore, demand from state pension funds, university endowments, or sovereign wealth funds allocating to XRP would serve as a decisive signal. Notably, BlackRock already has a connection to Ripple's ecosystem through its tokenized treasury fund, BUIDL, which utilizes Ripple's RLUSD stablecoin as collateral, indicating a degree of familiarity with the infrastructure.
Concurrently, U.S. spot Bitcoin ETFs are demonstrating powerful momentum, securing a second consecutive day of substantial net inflows exceeding half a billion dollars. On February 25, 2025, total net inflows reached $505.89 million, according to data from analyst Trader T.
The inflows were broad-based across major issuers. BlackRock's iShares Bitcoin Trust (IBIT) led with a single-day net inflow of $296.75 million. Other significant contributors included Fidelity's Wise Origin Bitcoin Fund (FBTC) with $30.09 million, Bitwise Bitcoin ETF (BITB) with $39.37 million, VanEck Bitcoin Trust (HODL) with $15.61 million, and Ark 21Shares Bitcoin ETF (ARKB) with $2.29 million. A particularly noteworthy development was Grayscale's converted GBTC fund posting a net inflow of $102.49 million, a reversal from its earlier period of substantial outflows post-conversion. Its newer Grayscale Bitcoin Mini Trust product also saw $19.29 million in inflows.
Industry experts view this consistent inflow pattern as a "foundational shift." The data underscores a maturing market where traditional finance is moving beyond initial volatility into a pattern of steady capital allocation. These inflows directly require ETF issuers to purchase equivalent amounts of physical Bitcoin, creating consistent buy-side pressure. Analysts cite a stabilizing U.S. regulatory landscape, Bitcoin's perceived role as a hedge, and growing infrastructure—including options trading and retirement account inclusion—as key drivers behind the trend.
As of the report, XRP was trading at $1.34, down 8% over the past week. The future trajectory of both asset classes appears increasingly tied to the depth and sustainability of institutional demand flowing through these regulated investment vehicles.
