According to Woofun AI, Ripple-related ETFs and Zcash ETFs are showing a striking contrast in fund performance: the former has a large overall scale but is experiencing share dilution from top institutions, while the latter rapidly captured market attention with explosive growth in its early listing period.

The XRP ETF space is currently dominated by Bitwise (NYSE: XRP), Franklin (NYSE: XRPZ), and Canary (Nasdaq: XRPC), which hold the highest proportion of assets. In comparison, Grayscale's XRP fund (whose parent company Digital Currency Group also owns GBTC.US) has lagged, with its assets accounting for only 5.8% of the category's total — a proportion even lower than the $1 billion that ZCSH raised in its first month of listing. This gap did not stem from a lack of initial interest, but rather from large-scale redemptions earlier this year. A single-day redemption of $98.39 million in assets caused the entire XRP ETF category to see net outflows that day. Filings submitted by Grayscale to the U.S. Securities and Exchange Commission show that after being affected in the first half of 2026, GXRP's asset scale gradually recovered, and Maketo estimates that as of October 7, its holdings of Ripple tokens were approximately 65 million.

Data compiled by Woofun AI shows that as of October 7, the total assets of five ETFs tracking Ripple's performance amounted to approximately $1.61 billion. The investor profile reveals differences in demand structure. Bloomberg Intelligence analyst Eric Balchunas noted earlier this year that investors buying XRP ETFs are "mostly die-hard fans of Ripple, not ordinary retail investors." This means that the main drivers of net inflows are loyal holders rather than Wall Street financial institutions, which poses a key test for the long-term sustainability of demand.

In contrast, according to Grayscale's September 8 announcement, its Zcash ETF surpassed the $1 billion mark in assets within 30 days of listing, ranking in the top 1% of all ETFs launched over the past decade by first-month fundraising scale. In the first two weeks, the fund's assets reached $500 million, accompanied by approximately $70 million in net inflows. Additionally, an institution affiliated with DCG invested approximately $100 million to purchase ZEC shares of the fund through publicly disclosed related-party transactions. It is worth noting that Zcash's $1 billion in total assets includes value gains from token price appreciation, rather than purely external new capital injections. As the market fluctuated, by October 7, ZCSH's asset scale had declined to approximately $767 million. As of the same date, the total assets of five ETFs tracking Ripple's performance amounted to approximately $1.61 billion. Although Zcash's scale shrank in the short term, its strong early momentum stands in sharp contrast to the existing-asset competition among XRP ETFs, reflecting a divergence in market preferences for different crypto asset ETFs.