U.S. exchange-traded funds tied to Solana (SOL) and $XRP ($XRP) are attracting buyers regardless of falling crypto costs, although the 2 merchandise are drawing very various kinds of consumers.
Solana ETFs are seeing stronger participation from institutional crypto buyers, whereas $XRP funds seem to rely extra closely on retail demand, in keeping with a brand new report from Bloomberg Intelligence analysts James Seyffart and Sharoon Francis.
“Early Solana ETF demand is being pushed largely by industry-native capital reasonably than broader institutional adoption,” the analysts wrote about Solana ETFs.
About 49% of belongings in U.S. spot Solana ETFs have been identifiable by means of 13F filings as of Dec. 31, a regulatory disclosure required for big institutional funding managers. Funding advisers accounted for the biggest share of reported holdings, with roughly $270 million in publicity. Hedge funds adopted with about $186 million.
“The early holder base stays top-heavy and skewed towards crypto-focused funding corporations and market makers, suggesting broader institutional participation continues to be constructing,” the analysts wrote. The biggest identified holders embrace Electrical Capital, Goldman Sachs and Elequin Capital.
Solana is a blockchain community designed to assist decentralized purposes reminiscent of buying and selling platforms, lending providers and NFT marketplaces. The community goals to course of transactions shortly and cheaply, making it a preferred platform for crypto buying and selling and decentralized finance.
A number of the preliminary capital doubtless displays buyers shifting present Solana publicity into the ETF construction reasonably than solely new shopping for. Nonetheless, the information suggests that doesn’t clarify the complete image. As a result of about half of the ETF belongings are disclosed by means of 13F filings, even assuming these positions represented swapped publicity would depart a big share of inflows coming from new consumers.
Solana ETFs have attracted $173 million in internet inflows thus far in 2026, even because the token has fallen sharply. The report notes that cumulative inflows into the funds have reached about $1.45 billion since launch. That’s about 2.5% of the quantity that spot bitcoin BTC$70,816.15 ETFs have amassed, however it’s nonetheless a comparatively sturdy determine for such younger merchandise.
The merchandise debuted throughout a troublesome market setting. Solana has dropped greater than 50% since October, when new spot ETFs launched underneath the Securities Act of 1933.
Some frequent ETF buying and selling methods additionally seem restricted. Futures foundation yields — typically utilized by hedge funds to run arbitrage trades — have compressed, leaving fewer incentives for these positions. “With foundation yields now compressed, hedge funds and market makers have little incentive to enter new positions in spot Solana ETFs,” the analysts wrote.
$XRP ETFs current a distinct possession sample.
Solely about 16% of $XRP ETF belongings have been identifiable by means of 13F filings on the finish of December, suggesting a smaller institutional footprint. Advisers once more led amongst disclosed holders with about $165 million in publicity, whereas hedge funds accounted for round $37 million.
The remaining shares are doubtless held by buyers who don’t file 13Fs, together with retail consumers.
“We consider a big portion are held by retail buyers, who aren’t required to file 13Fs,” in keeping with the report.
$XRP is the native token used on the $XRP Ledger, a blockchain targeted on funds and cross-border cash transfers. The community is designed to assist monetary establishments transfer funds between nations shortly and at a decrease value than conventional banking rails.
Regardless of that retail tilt, $XRP ETFs have gathered important belongings. The funds attracted greater than $1.4 billion within the six weeks after launching in November and have largely held these features into 2026, even with $XRP down about 26% this yr.
The analysts stated the soundness in belongings regardless of weaker futures exercise suggests demand might mirror direct market views reasonably than derivatives-driven arbitrage.
“ETF belongings have largely held their features, suggesting demand might develop into more and more directional reasonably than mechanical,” they wrote.
Collectively, the findings present how newer crypto ETFs are nonetheless creating their investor bases.
Whereas bitcoin funds have drawn broad institutional adoption, Solana and $XRP merchandise seem like carving out totally different paths because the market matures, with Solana attracting extra crypto-native institutional capital and $XRP drawing a bigger share of retail buyers.
