After Bitcoin, Ethereum and “Maybe” Solana, Investors See a Big Drop-Off

BTC and ETH remain the core pair, with Solana as a potential next candidate and XRP needing higher network velocity to join as a core asset.

Rich by Coin

2025-11-17

Institutional investors still view Bitcoin and Ethereum as the core pair for crypto portfolios, according to Anthony Bassili, president of Coinbase Asset Management. Beyond BTC and ETH, consensus quickly breaks down, with Solana appearing as a possible third candidate and a wide gap before a fourth slot opens. For XRP, Bassili said that investors require higher network velocity and deeper integration into global liquidity before treating it as a core asset.

Bassili noted that most institutional and high-net-worth investors remain undecided on other cryptos beyond BTC and ETH. Speaking at The Bridge conference in New York, he said there is a “very, very clear view” that Bitcoin is the starting point for a crypto allocation, followed by Bitcoin and Ethereum together as a core pair. Beyond that, consensus quickly breaks down, with Solana as a potential next candidate but investor confidence dropping sharply beyond that point. The notional fourth slot remains open and will go to whichever network can prove durable product-market fit and sustained activity.

Ripple’s XRP is discussed in the context of ongoing progress, with Bassili citing Ripple’s acquisitions of Palisade (custodian), Rail (stablecoin orchestration layer), and Hidden Road (broker-dealer, now Ripple Prime). Still, investors want to see higher network velocity and deeper integration into global liquidity before XRP can be considered a core asset.

There is also notable ETF activity: Canary Capital’s XRP ETF posted a first-day volume of about US$58 million (AU$87 million), and four Solana spot ETFs have been approved, led by the Bitwise Solana Staking ETF (BSOL) with around US$470 million (AU$720 million) in assets under management. More than ten submissions remain pending with the SEC from issuers such as CoinShares, Grayscale, Canary, and VanEck.

Delays in review processes are linked to the US government shutdown, which lasted over 40 days and was lifted after a stopgap funding bill was signed. The disruption has implications for ongoing ETF launches and regulatory reviews in the crypto space.