Key Takeaways
- •Solana and XRP ETFs continue to attract institutional inflows despite the broader cryptocurrency downturn.
- •XRP's ETF launch has already become the strongest of the year across all markets.
- •More XRP ETFs are preparing to launch, indicating expanding Wall Street demand rather than waning interest.
Even as Bitcoin continues to drag the entire sector lower, two assets are attracting steady Wall Street attention — and it has nothing to do with hype cycles or social sentiment. Solana and XRP have quickly emerged as favorites in the ETF arena, drawing institutional capital on nearly every trading day since launch.
A Rally That Isn’t Coming From Price Action
What makes this trend striking is that it’s forming during a downturn. Under normal market behavior, ETFs slow when traders retreat. Instead, the Solana ETF has continued to gather new money day after day. Data compiled from Farside Investors shows that Bitwise’s SOL fund took in another $12 million on November 14. That’s not a one-off — weekly inflows have now climbed to $46 million, and the products have yet to see a single day of outflows since hitting the market three weeks ago.
This pattern suggests institutions aren’t treating Solana as a speculative bet, but as a sector exposure worth accumulating into weakness.
XRP Steals the Spotlight
Then there’s XRP — and this is where the story becomes explosive. Canary’s XRP ETF didn’t just launch well; it set a record. The first day brought $245 million in net inflows, and the second day almost mirrored it at $243 million, supported by $58.5 million in trading volume. For perspective, analysts expected between $17 million and $34 million on opening day, meaning the launch didn’t just beat forecasts — it annihilated them.
XRP’s performance also dethroned Solana, making Canary’s fund the strongest ETF debut of 2025 across the entire financial market, not just crypto.
The Next Wave Starts in Days
The story isn’t ending with a single issuer. A much larger lineup is preparing to go live as early as next week. Thanks to the SEC clarifying that S-1 filings without delaying amendments automatically go effective after 20 days, multiple giants — including Franklin Templeton, 21Shares and Bitwise — now have green lights for their own XRP ETFs.
Behind the scenes, several issuers that haven’t yet filed Form 8-A are expected to rush it through next so they can activate their ETFs under the same timeline. If even half of these listings attract flows similar to Canary’s launch, Wall Street could be on the verge of its biggest crypto ETF expansion since Bitcoin.
Why the Inflows Matter More Than the Market Mood
Crypto Twitter is screaming fear; institutional order books are not. The capital entering Solana and XRP ETFs is arriving precisely while the market looks weakest — which historically has been a sign of accumulation by money that plans years ahead, not weeks.
The picture becomes simple: retail is selling into volatility, yet institutions are buying into the downturn and treating it as a window rather than a warning. If the inflow trend continues even moderately once the second wave of XRP funds begins trading, this month may be remembered as the point when Wall Street decided where it wanted exposure for 2025 — and it wasn’t just Bitcoin.
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