Solana (SOL) leads institutional investors’ direct crypto allocations, with 36% of respondents reporting SOL investments as of January and 38% planning to expand their holdings. By contrast, XRP and DOGE show lower direct interest, with 18% invested in XRP and 2% in DOGE, and 25% of XRP investors planning additional purchases while only 2% of DOGE holders intend to buy more. The data illustrate a clear tilt toward SOL in direct allocations.
However, the ETF market tells a different story. XRP’s physical ETF assets stand at about $949.15 million, topping SOL ETFs at roughly $849.65 million, while DOGE ETFs sit around $9.12 million. Net inflows follow a different pattern: XRP ETFs attracted roughly $12.10 billion in cumulative inflows, SOL ETFs about $0.99 billion, and DOGE ETFs around $7.64 million, underscoring XRP’s dominance in flows despite SOL’s larger direct holdings.
The broader shift toward indirect exposure appears persistent. ETF-based exposure is increasingly favored, with the ETF share of total digital-asset allocations rising from 64% in 2025 to 66% in 2026, while direct holdings dip from 39% to 36%. Indirect investment via Digital Asset Treasuries (DAT) also edges upward, with institutions allocating 53% to such vehicles in 2026 versus 51% in the prior year. Taken together, the data point to a structural tilt toward ETF-based and indirect exposure strategies among institutions, with SOL dominating direct allocations and XRP driving ETF inflows.
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