The variety of XRP holders has almost doubled between October 2024 and Could 2025, increasing from 1.29% to 2.42%, whereas Solana (SOL) skilled the alternative, falling 35% from 2.72% to 1.76%.
In line with Bybit’s “H1 2025 asset allocation report,” the rebalancing stems from a shift in sentiment as each retail and institutional buyers have begun to favor XRP over Solana.
XRP has gained momentum in current months as its years-long authorized battle with the SEC involves an in depth, setting the stage for a possible spot exchange-traded fund tied to Ripple’s token.
The sentiment shift has propelled XRP to the third-largest cryptocurrency by market cap after Bitcoin (BTC) and Ethereum (ETH). It overtook Solana in November 2024.
In January, XRP allocations registered the most important proportion of the interval, representing 5% of the entire. In the identical month, the token touched $3.31, its highest worth for the reason that all-time excessive registered on January 7, 2018.
ETF expectations drove the pivot
The report linked the allocation swing to exchange-traded fund (ETF) expectations, noting that Polymarket merchants assign a 90% likelihood of approval by year-end 2025.
It added that the redirection of SOL publicity to XRP was not a transfer made solely by retail buyers, as establishments additionally made the identical determination through the first half of the 12 months.
The research lined lively merchants between October 2024 and Could 2025. Energetic merchants had been those that executed no less than 20 transactions per thirty days.
Moreover, the report categorized members into institutional, VIP, and common retail tiers to trace pockets habits throughout market segments.
Bitcoin and Ethereum nonetheless reign
Stablecoin allocations additionally declined in Could, as customers allotted recent capital to Bitcoin and Ethereum. But, XRP maintained its expanded share.
The report highlighted that Bitcoin managed almost 31% of belongings, whereas BTC and ETH mixed reached 58.8% of non-stablecoin holdings throughout the identical month.
XRP’s development, coupled with Solana’s retreat, caps a interval by which altcoins total ceded floor to Bitcoin. Altcoin share peaked at 35.22% in November 2024 earlier than easing to 23.46% in Could 2025, the identical month that Bitcoin registered its newest all-time excessive.
Lastly, merchants pulled stablecoin balances off the sidelines and redeployed them into BTC and ETH in Could.
Institutional accounts lower their stablecoin share by 14% from April, steering roughly 6% every to Bitcoin and Ether and one level to Solana, with smaller flows rounding out the rest.
This motion reversed the defensive build-up that adopted earlier market dips.
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