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$70,816.15 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.