US exchange-traded funds linked to Solana (SOL) and XRP (XRP) are attracting investors despite falling crypto prices, although the two products attract very different types of buyers.
Solana ETFs are seeing higher 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.
“Early demand for Solana ETFs is largely driven by industry-native capital rather than broader institutional adoption,” the analysts wrote of Solana ETFs.
About 49% of Solana U.S. cash ETF assets were identifiable through 13F filings as of Dec. 31, a regulatory disclosure required for large institutional investment managers. Investment advisors accounted for the largest share of reported holdings, with exposure of approximately $270 million. Hedge funds followed with around $186 million.
“The primary holder base remains very large and skewed toward crypto-focused investment firms and market makers, suggesting that broader institutional participation is still developing,” the analysts wrote. The largest known holders are 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 inexpensively, making it a popular platform for crypto trading and decentralized finance.
Some of the initial capital likely reflects investors moving their existing Solana exposure into the ETF structure rather than new purchases. Yet the data suggests that this doesn’t explain the whole picture. Given that approximately half of the ETF’s assets are disclosed via 13F filings, even assuming these positions represent traded exposure, a significant portion of inflows would come from new buyers.
Solana ETFs have attracted $173 million in net inflows so far in 2026, even though the token has fallen sharply. The report notes that cumulative inflows into the funds have reached approximately $1.45 billion since their launch. This represents approximately 2.5% of the amount of bitcoin spotted. ETFs have been accumulating, but this is still a relatively high number for such young products.
The products debuted in a difficult market environment. Solana has fallen more than 50% since October, when new cash ETFs were launched under the Securities Act of 1933.
Some common ETF trading strategies also appear limited. Yields on futures contracts – often used by hedge funds to make arbitrage trades – have compressed, leaving less incentive for these positions. “With core yields now compressed, there is little incentive for hedge funds and market makers to take new positions in Solana spot ETFs,” the analysts wrote.
XRP ETFs feature a different ownership model.
Only about 16% of XRP ETF assets were identifiable through 13F filings at the end of December, suggesting a smaller institutional footprint. Advisors once again led among disclosed holders with exposure of about $165 million, while hedge funds accounted for about $37 million.
The remaining shares are likely held by investors who do not file 13Fs, including retail buyers.
“We believe a large portion is held by retail investors, who are not required to file 13Fs,” the report said.
XRP is the native token used on 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 channels.
Despite this retail trend, XRP ETFs have amassed significant assets. The funds attracted more than $1.4 billion in the six weeks since their November launch and have largely held onto those gains through 2026, even with XRP down about 26% this year.
Analysts said the assets’ stability despite weaker futures activity suggests demand could reflect direct market views rather than derivatives-driven arbitrage.
“ETF assets have largely held onto their gains, suggesting that demand may become increasingly directional rather than mechanical,” they write.
Together, the results show how new crypto ETFs continue to grow their investor bases.
While Bitcoin funds have seen widespread institutional adoption, Solana and XRP products appear to be charting different paths as the market matures, with Solana attracting more crypto-native institutional capital and XRP attracting a larger share of retail investors.
