The number of XRP holders almost doubled between October 2024 and May 2025, expanding from 1.29% to 2.42%, and Solana (SOL) It experienced opposition and fell 35% from 2.72% to 1.76%.
Bybit’s “H1 2025 Asset Allocation ReportThe rebalance stems from a shift in emotions as both retail and institutional investors began to support XRP over Solana.
XRP has gained momentum in recent months as it set the stage for funds traded on potential spot exchanges associated with Ripple’s tokens, nearing the end of its long-standing legal battle with the SEC.
Due to a change in sentiment, XRP has driven its third largest cryptocurrency, following Bitcoin (BTC) and Ethereum (ETH) by market cap contraction. He overtook Solana in November 2024.
In January, XRP allocations registered the maximum percentage of the period, accounting for 5% of the total. In the same month, the token touched $3.31, making it the highest price ever on January 7th, 2018.
ETF expectations have driven pivots
The report linked allocation swings to Exchange-Traded Fund (ETF) expectations, noting that polymer traders are assigning a 90% chance of approval by the end of 2025.
The redirection of SOL exposure to XRP added that it was not a move made solely by retail investors, just as the institutions made the same decision earlier in the year.
This survey targets active traders between October 2024 and May 2025. Active traders were those who executed at least 20 trades a month.
Additionally, the report categorized participants into institutions, VIPs and general retail classes, tracking wallet behavior across market segments.
Bitcoin and Ethereum still govern
Stablecoin allocations also fell in May as users allocated fresh capital to Bitcoin and Ethereum. However, XRP maintained its expanded share.
The report highlighted that Bitcoin managed almost 31% of its assets, with the total BTC and ETH reaching 58.8% of its unstable coin holdings in the same month.
XRP advances, coupled with Solana’s retreat, reduce the time altcoin has given up on the ground overall to Bitcoin. Altcoin Share peaked at 35.22% in November 2024 and eased to 23.46% in May 2025.
Finally, traders pulled out the Stablecoin balance from the bystanders and repositioned them in May to BTC and ETH.
The institution’s accounts have reduced Stablecoin’s share by 14% from April, bringing about 6% to Bitcoin and Ether, and one point to Solana, with little remaining flow.
The move overturned a defensive build following the previous market decline.