Solana, XRP ETFs take different paths as crypto investors pile in

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, according to a Bloomberg Intelligence report by analysts James Seyffart and Sharoon Francis.

“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”

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The report says Solana ETFs are seeing stronger participation from institutional crypto investors, while XRP funds appear to rely more heavily on retail demand.

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The analysts wrote that “early Solana ETF demand is being driven largely by industry-native capital rather than broader institutional adoption.”

Solana ETFs show a significant institutional footprint: about 49% of assets in U.S. spot Solana ETFs were identifiable through 13F filings as of Dec. 31, with investment advisers accounting for roughly $270 million in reported holdings and hedge funds about $186 million.

The analysts noted the largest known holders include Electric Capital, Goldman Sachs and Elequin Capital, and they wrote that “the early holder base remains top-heavy and skewed toward crypto-focused investment firms and market makers, suggesting broader institutional participation is still building.”

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Solana ETFs have attracted $173 million in net inflows so far in 2026 and cumulative inflows of about $1.45 billion since launch, even as Solana has dropped more than 50% since October when new spot ETFs launched under the Securities Act of 1933.

XRP ETFs display a contrasting ownership pattern: only about 16% of XRP ETF assets were identifiable through 13F filings at the end of December, with advisers leading disclosed holders at about $165 million and hedge funds at around $37 million, leaving the remainder likely held by retail investors.

“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”

@coindesk

The report states, “We believe a large portion are held by retail investors, who aren’t required to file 13Fs.”

Despite a retail tilt, XRP ETFs 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 highlight market-structure implications: compressed futures basis yields have reduced incentives for hedge funds and market makers to run arbitrage trades in spot Solana ETFs.

They add that the stability of ETF assets despite weaker futures activity suggests demand may be more directional and reflect direct market views rather than derivatives-driven arbitrage.

@coindesk

Overall, the findings show newer crypto ETFs are still developing distinct investor bases—while bitcoin funds have drawn broad institutional adoption, Solana is attracting crypto-native institutional capital and XRP is drawing a larger share of retail investors.