Grayscale Updates Spot XRP ETF Index as XRP ETFs Top $2B in Volume
Grayscale amended its Form 8-K for its Spot XRP ETF (GXRP) to revise the index calculation and the list of trading platforms used to determine the Index Price. The CoinDesk Indices originally included Bitstamp, Robinhood, Crypto.com, Gemini, Kraken, LMAX Digital, OKX and Bitfinex for XRP-USD pairs and Bitstamp, Bullish, Bybit, Kraken and OKX for XRP-USDC pairs. The January 20 amendment adds Binance, Gate and HashKey to the index and removes Bitfinex for failing to meet the Index Provider’s inclusion criteria. Market analysts say the change should improve NAV accuracy on NYSE Arca and reflect a shift toward higher-liquidity venues. Separately, US spot XRP ETFs have surpassed $2 billion in cumulative trading volume since October 2025, with steady institutional inflows and about $9.16 million in net positive flows reported on the latest day. Observers note quiet, consistent capital rotation into XRP ETFs, which may support upward price pressure if institutional demand continues. Key keywords: Grayscale, Spot XRP ETF, GXRP, index amendment, Binance, Gate, HashKey, Bitfinex removal, $2 billion volume, institutional inflows.
Bullish
Two developments point toward a bullish bias for XRP in both trading sentiment and product integrity. First, Grayscale’s amendment broadens its index to include larger, higher-liquidity venues (Binance, Gate, HashKey) while removing Bitfinex — a move that should improve NAV accuracy and reduce pricing discrepancies for GXRP on NYSE Arca. Improved pricing reliability typically increases institutional confidence and can boost ETF demand. Second, spot XRP ETFs surpassing $2 billion in cumulative volume and showing ongoing positive net inflows signal steady institutional participation. Historically, when spot ETF volumes and inflows rise (e.g., early BTC/ETH ETF adoption), the affected asset often experiences upward price pressure as new institutional capital enters. Short-term impact: increased trading volumes and intraday volatility as traders respond to flows and index changes; potential price uptick on renewed buying interest. Long-term impact: greater institutional adoption and deeper liquidity for XRP products, narrowing spreads and supporting sustained demand if regulatory clarity remains. Risks: removal of a venue for index diversity and potential regulatory or liquidity shifts at included exchanges could reverse sentiment; macro risk or crypto-wide sell-offs could still produce bearish episodes despite ETF inflows.