Key Takeaways
- Goldman Sachs leads institutional XRP ETF holdings.
- Most XRP ETF capital remains outside institutional filings.
- XRP price remains under pressure despite inflows.
Wall Street bank Goldman Sachs has emerged as the largest disclosed institutional holder of spot XRP exchange-traded funds (ETFs), according to recent regulatory filings, highlighting limited but notable institutional participation in the product.
U.S. 13F disclosures show dozens of asset managers reporting positions in XRP ETFs, with combined holdings valued at about $211 million at the end of 2025.
Institutional XRP ETF Holdings Remain Limited
As of Dec. 31, 2025 — the latest reporting snapshot — XRP ETFs held roughly $1.2 billion in total assets.
That means only a small share of the funds’ capital can be directly linked to institutions required to disclose their holdings.
Goldman Sachs accounted for the largest share of those reported investments, holding more than $150 million across several XRP ETF products.
Most of the remaining investment likely comes from participants outside the reporting threshold, including smaller advisory firms, family offices and retail brokerage clients.
The dynamic highlights a gap between ETF inflows and the visibility of institutional participation.
While the funds collectively attracted more than $1 billion in inflows during 2025, XRP’s price has struggled to sustain upward momentum in recent months.
Because these non-reporting investors make up the bulk of ETF capital, their activity often plays a larger role in shaping overall fund flows.
Bloomberg Analysts Say Demand May Come From XRP Loyalists
Bloomberg Intelligence analyst James Seyffart said the available filings provide only a partial picture of ETF ownership.
Posting on X, Seyffart said only a “small portion” of investors in spot XRP ETFs appear in 13F disclosures because most investors are not required to submit the filings.
The data showed the largest disclosed holders controlled about $211 million worth of ETF shares at the end of 2025.
Bloomberg Intelligence colleague Eric Balchunas suggested the investor base may lean toward committed supporters of the cryptocurrency rather than broad retail participation.
“My guess is this is largely XRP super fans versus casual retail,” Balchunas wrote.
XRP Withdrawals Rise
Market observers have also pointed to signs of renewed activity surrounding XRP, even as broader crypto markets navigate tough macroeconomic conditions.
Crypto analyst Darkfrost shared on X that the Total3 index — which tracks the market capitalization of crypto excluding Ethereum — has been consolidating between roughly $640 billion and $740 billion, gaining about 11% since early February.
Within that environment, XRP has shown several signals of increasing investor interest.
Blockchain data indicates that withdrawal transactions from Binance involving XRP have spiked multiple times in recent days, including a surge of more than 14,000 transactions recorded on March 6.
Such movements are often interpreted by analysts as a sign that investors could be accumulating.
Why XRP’s Price Has Yet to Reflect Institutional Adoption
Despite growing institutional exposure and rising ETF inflows, XRP’s price has not shown a comparable upward response.
One key reason is that a large portion of ETF capital may originate from smaller investors rather than major asset managers.
Because most ETF participants fall below the $100 million reporting threshold, their trading activity can drive flows without necessarily creating sustained buying pressure.
However, despite the nearly $154 million in shares held by Goldman Sachs, market conditions have also limited the impact of institutional participation.
Liquidity across the altcoin sector remains constrained, and capital inflows into crypto have been concentrated primarily in Bitcoin and Ethereum.
In addition, institutional exposure to XRP structured through ETF shares means not every inflow immediately translates into spot market demand at the same scale.
Analysts Warn XRP Price Could Face Further Downside
Technical indicators suggest the cryptocurrency could still face additional downside pressure if key support levels fail.
According to CCN analyst Abiodun Oladokun, XRP is currently trading inside a descending channel pattern that signals continued selling pressure.
If the token falls below support around $1.16, the move could accelerate declines and potentially send the price toward $0.48, he said.
However, the recent capitulation among short-term holders may also signal that weaker market participants are exiting.
If selling pressure eases and new buyers step in, XRP could instead break out of the channel and attempt a rebound toward roughly $1.69, Oladokun added.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
