Bitwise’s spot XRP exchange-traded fund (ETF) has come to manage more than $500 million in assets.

Blockchain media outlet U.Today reported on Oct. 17 (local time) that the Bitwise XRP ETF’s net assets totaled $541.12 million as of that day.

Sosovalue data showed cumulative net inflows of $684.73 million for the product. The report said the Bitwise XRP fund has seen steady inflows since launch and attracted the most money on most trading days. That has helped Bitwise strengthen its presence in the spot XRP ETF ecosystem.

The value of XRP held by Bitwise has topped $541 million. The company is expanding access to investing in XRP in traditional financial markets through the ETF. The product is designed to let investors gain exposure to price moves without directly buying or storing XRP. That convenience is seen as a factor drawing investors who feel burdened by direct ownership to the ETF.

From a market perspective, the report pointed to an indicator that could be taken as a sign of rising institutional demand for XRP. In particular, the fact that net inflows have continued since launch is closer to an accumulated demand trend than a short-term event.

Still, the scale of net assets and net inflows cannot be seen as identical to the actual amount of XRP purchased, which is a limiting factor. Net assets and inflows recorded by the ETF do not mean the fund bought XRP in the same amount, and depending on the holding structure, the fund could directly hold more XRP.

Against that backdrop, the key point to watch is whether inflows into Bitwise will continue. So far, the figures show spot XRP ETFs are absorbing investment demand within traditional financial markets, but the market impact could vary depending on the actual holding structure and future flows. That leaves Bitwise’s net inflow trend and the pace of asset growth across spot XRP ETFs as the next variables.