US exchange-traded funds linked to Solana (SOL) and XRP (XRP) are attracting investors despite falling cryptocurrency prices, although the two products attract very different types of buyers.
Solana ETFs are seeing increased participation from institutional crypto investors, while XRP funds appear to rely more on retail demand, according to a new report from Bloomberg Intelligence analysts James Seyffart and Sharoon Francis.
“Initial demand for Solana ETFs is largely being driven by industry-native capital rather than broader institutional adoption,” the analysts wrote about Solana ETFs.
About 49% of the assets in Solana’s U.S. spot ETFs were identifiable through 13F filings as of Dec. 31, a regulatory disclosure required for large institutional investment managers. Investment advisors accounted for the largest proportion of reported holdings, with approximately $270 million in exposure. Hedge funds followed with around $186 million.
“The initial holder base remains very large and skewed toward cryptocurrency-focused investment firms and market makers, suggesting that 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 cryptocurrency trading and decentralized finance.
Some of the initial capital likely reflects investors moving existing exposure to Solana into the ETF structure rather than entirely new purchases. Still, the data suggests that doesn’t tell the whole picture. Because about half of ETF assets are disclosed through 13F filings, even assuming those positions represented exchanged exposure would leave a significant proportion of the 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 around $1.45 billion since their launch. That’s about 2.5% of the amount sold in bitcoins. ETFs have piled up, but it’s still a relatively solid number for such young products.
The products debuted in a difficult market environment. Solana has fallen more than 50% since October, when new spot ETFs were launched under the Securities Act of 1933.
Some common ETF trading strategies also seem limited. Futures basis returns (often used by hedge funds to arbitrage trades) have compressed, leaving less incentive for those positions. “With core yields now compressed, hedge funds and market makers have little incentive to take new positions in Solana spot ETFs,” the analysts wrote.
XRP ETFs feature a different ownership pattern.
Only about 16% of the XRP ETF’s assets were identifiable through 13F filings as of late December, suggesting a smaller institutional footprint. Advisors again led among declared holders with about $165 million in exposure, while hedge funds accounted for about $37 million.
The remaining shares are likely held by non-File 13F investors, including retail buyers.
“We believe a large portion is held by retail investors, who are not required to file Form 13F,” according to the report.
XRP is the native token used on the XRP Ledger, a blockchain focused on cross-border payments and 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 accumulated significant assets. The funds attracted more than $1.4 billion in the six weeks after launching in November and have largely maintained those gains through 2026, even with XRP falling about 26% this year.
Analysts said the asset’s stability despite weaker futures activity suggests demand may reflect direct market sentiment rather than derivative-driven arbitrage.
“ETF assets have largely maintained their gains, suggesting that demand may become increasingly directional rather than mechanical,” they wrote.
Taken together, the findings show how newer crypto ETFs are still developing their investor bases.
While bitcoin funds have gained widespread institutional adoption, Solana and XRP products appear to be blazing different trails as the market matures, with Solana attracting more crypto-native institutional capital and XRP attracting a greater proportion of retail investors.
