Goldman Sachs Leads XRP ETF Race as Bitcoin Spot Funds Pull in $251M

While Bitcoin led the pack, the broader altcoin ETF landscape told a more fragmented story. Ether ETFs snapped a three-day outflow streak, recording a modest $12.6 million in net inflows on Tuesday. Solana-based funds posted flat flows with zero inflows for the session.

XRP ETFs continued their losing run, logging approximately $3.9 million in outflows, extending the asset's redemption streak to a fourth consecutive session. However, the pace of selling decelerated meaningfully compared to Monday's larger withdrawals, hinting at possible stabilization.

Goldman Sachs Emerges as Top XRP ETF Holder

Despite the ongoing outflow pressure, Bloomberg ETF analyst James Seyffart noted on X that XRP ETFs have held up surprisingly well in context: the funds have absorbed a cumulative $1.4 billion since their launch, signaling solid underlying demand from a distinct investor base.

"They've taken in a cumulative $1.4 billion since launch."

— James Seyffart, Bloomberg ETF Analyst

The most striking revelation came from 13F filings for the period ending December 31, 2025. Goldman Sachs emerged as the single largest institutional holder of XRP ETFs, with approximately $154 million in disclosed assets. Millennium Management followed at $23 million, while Logan Stone Capital held around $5.3 million.

Institutional vs. Retail Ownership Split

A broader 13F ownership breakdown shared by Seyffart reveals that XRP ETFs remain a predominantly retail-driven product. Only 15.9% of XRP ETF assets appear in institutional filings, a stark contrast to Solana ETFs, where nearly 48.8% of assets under management are institutionally reported. Bitcoin and Ether ETFs fall in between, at 24% and 27%, respectively.

This distinction matters: while XRP ETF outflows grab headlines, the relatively thin institutional footprint means that flow data is heavily influenced by retail sentiment, which tends to be more reactive to short-term price movements. XRP has lost roughly 5% over the past 30 days, trading near $1.38 at the time of writing.

Can the Rally Sustain?

With Bitcoin ETFs posting back-to-back inflow days and monthly totals accelerating, momentum appears firmly on the bulls' side at least in the ETF arena. Whether XRP can reverse its outflow trend will likely hinge on price stabilization and further regulatory clarity. Goldman Sachs' dominant position as a top holder adds an institutional credibility signal that could attract more capital over the medium term.