Solana, XRP ETFs take different paths as crypto investors pile in
Solana funds are seeing more institutional demand, while the XRP products are retail investor favorites, according to a Bloomberg report.
By Helene Braun|Edited by Stephen Alpher Mar 10, 2026, 3:20 p.m.
Make us preferred on Google
What to know:
- U.S. Solana ETFs are drawing strong interest from crypto-native institutional investors, according to Bloomberg.
- SOL spot ETFs have amassed roughly $1.45 billion in cumulative inflows, indicating resilient demand despite more than a 50% plunge in the price.
- XRP ETFs show a contrasting investor base: only about 16% of assets are tied to 13F filers, with the rest likely held by retail investors.
U.S. exchange-traded funds tied to Solana (SOL) and XRP (XRP) are attracting investors despite falling crypto prices, though the two products are drawing very different types of buyers.
Solana ETFs are seeing stronger participation from institutional crypto investors, while XRP funds appear to rely more heavily on retail demand, according to a new report from Bloomberg Intelligence analysts James Seyffart and Sharoon Francis.
“Early Solana ETF demand is being driven largely by industry-native capital rather than broader institutional adoption,” the analysts wrote about Solana ETFs.
About 49% of assets in U.S. spot Solana ETFs were identifiable through 13F filings as of Dec. 31, a regulatory disclosure required for large institutional investment managers. Investment advisers accounted for the largest share of reported holdings, with roughly $270 million in exposure. Hedge funds followed with about $186 million.
“The early holder base remains top-heavy and skewed toward crypto-focused investment firms and market makers, suggesting broader institutional participation is still building,” the analysts wrote. The largest known holders include Electric Capital, Goldman Sachs and Elequin Capital.
Solana is a blockchain network designed to support decentralized applications such as trading platforms, lending services and NFT marketplaces. The network aims to process transactions quickly and cheaply, making it a popular platform for crypto trading and decentralized finance.
Some of the initial capital likely reflects investors shifting existing Solana exposure into the ETF structure rather than entirely new buying. Still, the data suggests that does not explain the full picture. Because about half of the ETF assets are disclosed through 13F filings, even assuming those positions represented swapped exposure would leave a significant share of inflows coming from new buyers.
Solana ETFs have attracted $173 million in net inflows so far in 2026, even as the token has fallen sharply. The report notes that cumulative inflows into the funds have reached about $1.45 billion since launch. That is about 2.5% of the amount that spot bitcoin BTC$71,151.70 ETFs have amassed, but it is still a relatively strong figure for such young products.
The products debuted during a difficult market environment. Solana has dropped more than 50% since October, when new spot ETFs launched under the Securities Act of 1933.
Some common ETF trading strategies also appear limited. Futures basis yields — often used by hedge funds to run arbitrage trades — have compressed, leaving fewer incentives for those positions. “With basis yields now compressed, hedge funds and market makers have little incentive to enter new positions in spot Solana ETFs,” the analysts wrote.
XRP ETFs present a different ownership pattern.
Only about 16% of XRP ETF assets were identifiable through 13F filings at the end of December, suggesting a smaller institutional footprint. Advisers again led among disclosed holders with about $165 million in exposure, while hedge funds accounted for around $37 million.
The remaining shares are likely held by investors who do not file 13Fs, including retail buyers.
“We believe a large portion are held by retail investors, who aren’t required to file 13Fs,” according to the report.
XRP is the native token used on the XRP Ledger, a blockchain focused on payments and cross-border money transfers. The network is designed to help financial institutions move funds between countries quickly and at a lower cost than traditional banking rails.
Despite that retail tilt, XRP ETFs have gathered significant assets. The funds attracted more than $1.4 billion in the six weeks after launching in November and have largely held those gains into 2026, even with XRP down about 26% this year.
The analysts said the stability in assets despite weaker futures activity suggests demand may reflect direct market views rather than derivatives-driven arbitrage.
“ETF assets have largely held their gains, suggesting demand may become increasingly directional rather than mechanical,” they wrote.
Together, the findings show how newer crypto ETFs are still developing their investor bases.
While bitcoin funds have drawn broad institutional adoption, Solana and XRP products appear to be carving out different paths as the market matures, with Solana attracting more crypto-native institutional capital and XRP drawing a larger share of retail investors.
Solana NewsXRP NewsMore For You
Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race
By CoinDesk ResearchFeb 27, 2026
Commissioned byPudgy Penguins
CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.
What to know:
- Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.
More For You
Bitcoin climbs past $71,000 as oil shock fears continue to ease
By Krisztian Sandor, James Van Straten|Edited by Stephen Alpher2 minutes ago
The International Energy Agency (IEA) on Tuesday said it will convene an extraordinary meeting of its member countries to consider releasing emergency oil reserves.
What to know:
- Cryptocurrencies rallied as easing fears of an oil supply shock, helped by the IEA’s move toward a possible release of emergency reserves, lifted risk sentiment across global markets.
- Bitcoin climbed above $71,500 at one point during Tuesday morning U.S. trading hours and major tokens like XRP, dogecoin, SUI and HYPE also advanced.
- Bitcoin is showing signs of decoupling from software and tech stocks, holding up better than equities during recent macro turbulence — a "cautiously optimistic" sign, one analyst said.
Bitcoin climbs past $71,000 as oil shock fears continue to ease
2 minutes agoCFTC chair highlights wide crypto agenda, including rules on DeFi, prediction markets
15 minutes agoVitalik Buterin pushes ‘DVT-Lite’ to make Ethereum validator setup easier
31 minutes ago
Kraken's tokenized stock venue starts points program, hinting at possible ecosystem token
1 hour ago
Stablecoin market hits $312 billion as banks, card networks embrace onchain dollars
1 hour ago
CoinDesk 20 Performance Update: Stellar (XLM) Gains 5.1%, Leading Index Higher
2 hours agoTop StoriesU.S. requests October retrial for Tornado Cash developer Roman Storm
3 hours ago
A single crypto trader is sitting on a $194 million bet that bitcoin and ether will keep climbing
4 hours ago
Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show
4 hours ago
Anthropic is suing the U.S. government for allegedly blacklisting its AI
2 hours ago
Bhutan sells $42.5 million of bitcoin in 2026 as national stack drops 58% from peak
10 hours ago
Nvidia's Huang argues AI creates jobs, not destroys them, in rare official blog post
4 hours agoIn this article
BTCBTC$71,151.70◢3.29%
